ProShare Advisors LLC Sells 4,553 Shares of Nextpower Inc. $NXT

ProShare Advisors LLC reduced its position in Nextpower Inc. (NASDAQ:NXT) by 12.5% in the 3rd quarter, HoldingsChannel reports. The firm owned 31,929 shares of the company’s stock after selling 4,553 shares during the period. ProShare Advisors LLC’s holdings in Nextpower were worth $2,362,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. Cullen Frost Bankers Inc. raised its stake in Nextpower by 122.3% in the second quarter. Cullen Frost Bankers Inc. now owns 589 shares of the company’s stock valued at $32,000 after buying an additional 324 shares during the period. Hantz Financial Services Inc. increased its holdings in shares of Nextpower by 1,737.8% during the 2nd quarter. Hantz Financial Services Inc. now owns 827 shares of the company’s stock worth $45,000 after acquiring an additional 782 shares during the last quarter. MAI Capital Management raised its stake in Nextpower by 309.4% in the 2nd quarter. MAI Capital Management now owns 831 shares of the company’s stock valued at $45,000 after acquiring an additional 628 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Nextpower by 179.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the company’s stock valued at $61,000 after purchasing an additional 724 shares during the last quarter. Finally, Global Retirement Partners LLC boosted its position in Nextpower by 42,633.3% during the third quarter. Global Retirement Partners LLC now owns 1,282 shares of the company’s stock worth $95,000 after purchasing an additional 1,279 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.

Analyst Ratings Changes

NXT has been the topic of several research analyst reports. Northland Securities set a $111.00 price objective on shares of Nextpower in a research report on Tuesday, January 6th. Needham & Company LLC increased their price target on shares of Nextpower from $103.00 to $138.00 and gave the company a “buy” rating in a report on Thursday, January 29th. Wells Fargo & Company boosted their price objective on Nextpower from $109.00 to $127.00 and gave the stock an “overweight” rating in a report on Wednesday, January 28th. Citigroup raised Nextpower from a “neutral” rating to a “buy” rating and upped their target price for the company from $66.00 to $114.00 in a research report on Tuesday, October 21st. Finally, The Goldman Sachs Group lifted their price target on Nextpower from $89.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, October 27th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $108.32.

Insider Activity at Nextpower

In other news, CEO Daniel S. Shugar sold 47,743 shares of the business’s stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $91.28, for a total value of $4,357,981.04. Following the completion of the transaction, the chief executive officer directly owned 624,882 shares in the company, valued at approximately $57,039,228.96. The trade was a 7.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William D. Watkins sold 10,000 shares of the stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $91.85, for a total transaction of $918,500.00. Following the sale, the director owned 16,777 shares in the company, valued at $1,540,967.45. This represents a 37.35% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 96,468 shares of company stock valued at $8,839,829 over the last quarter. 0.56% of the stock is owned by corporate insiders.

Nextpower Trading Up 1.9%

NASDAQ NXT opened at $116.44 on Friday. The company has a market cap of $17.29 billion, a price-to-earnings ratio of 29.78, a PEG ratio of 3.42 and a beta of 2.35. The company has a 50 day moving average of $99.57 and a 200-day moving average of $85.97. Nextpower Inc. has a 1-year low of $36.06 and a 1-year high of $131.59.

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

Nextpower Company Profile

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.