Federated Hermes Inc. Acquires 5,964 Shares of Nextpower Inc. $NXT

Federated Hermes Inc. increased its holdings in Nextpower Inc. (NASDAQ:NXT) by 1.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 353,899 shares of the company’s stock after buying an additional 5,964 shares during the period. Federated Hermes Inc.’s holdings in Nextpower were worth $26,185,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Bryce Point Capital LLC bought a new position in shares of Nextpower in the second quarter worth approximately $998,000. Ethic Inc. raised its position in shares of Nextpower by 65.1% during the 2nd quarter. Ethic Inc. now owns 8,469 shares of the company’s stock valued at $494,000 after buying an additional 3,339 shares in the last quarter. Bank of New York Mellon Corp grew its position in Nextpower by 3.2% in the second quarter. Bank of New York Mellon Corp now owns 1,138,496 shares of the company’s stock worth $61,900,000 after acquiring an additional 35,642 shares in the last quarter. Strs Ohio raised its position in Nextpower by 219.8% during the third quarter. Strs Ohio now owns 110,000 shares of the company’s stock valued at $8,139,000 after purchasing an additional 75,600 shares in the last quarter. Finally, Moody National Bank Trust Division purchased a new position in shares of Nextpower in the 3rd quarter worth about $1,278,000. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextpower Stock Performance

Shares of NASDAQ NXT opened at $117.09 on Friday. The company has a 50 day simple moving average of $93.85 and a two-hundred day simple moving average of $81.99. Nextpower Inc. has a fifty-two week low of $36.06 and a fifty-two week high of $131.59. The company has a market capitalization of $17.37 billion, a price-to-earnings ratio of 29.95, a P/E/G ratio of 3.77 and a beta of 2.38.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings data on Tuesday, January 27th. The company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.17. Nextpower had a return on equity of 32.01% and a net margin of 16.43%.The business had revenue of $909.35 million during the quarter, compared to analysts’ expectations of $812.43 million. On average, analysts forecast that Nextpower Inc. will post 3.29 earnings per share for the current fiscal year.

Insider Buying and Selling at Nextpower

In related news, CAO David P. Bennett sold 33,725 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $88.08, for a total value of $2,970,498.00. Following the completion of the transaction, the chief accounting officer directly owned 130,967 shares in the company, valued at $11,535,573.36. The trade was a 20.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William D. Watkins sold 10,000 shares of the stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $91.85, for a total value of $918,500.00. Following the sale, the director owned 16,777 shares in the company, valued at approximately $1,540,967.45. This represents a 37.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 91,468 shares of company stock worth $8,246,979. 0.56% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on NXT. Citigroup upgraded shares of Nextpower from a “neutral” rating to a “buy” rating and increased their price target for the company from $66.00 to $114.00 in a research report on Tuesday, October 21st. UBS Group lifted their price objective on Nextpower to $140.00 and gave the stock a “buy” rating in a report on Wednesday. JPMorgan Chase & Co. raised their price target on Nextpower from $92.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, October 24th. Susquehanna increased their price objective on Nextpower from $76.00 to $100.00 and gave the company a “positive” rating in a research note on Monday, October 13th. Finally, Bank of America lifted their target price on shares of Nextpower from $102.00 to $108.00 and gave the stock a “buy” rating in a research note on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Nextpower presently has an average rating of “Moderate Buy” and a consensus price target of $108.32.

About Nextpower

Nextpower, formerly known as Nextracker, is traded on NASDAQ under the symbol NXT and is a leading provider of advanced solar tracking solutions for utility-scale and distributed energy projects. The company specializes in the design, engineering and manufacturing of single-axis tracker systems that optimize the capture of solar energy by following the sun’s trajectory throughout the day. Nextpower’s core hardware offerings aim to enhance energy yield, reduce balance-of-system costs and simplify installation and maintenance for downstream solar developers and operators.

In addition to its tracker hardware, Nextpower provides a suite of digital software and analytics tools to maximize asset performance.