Jupiter Asset Management Ltd. Makes New Investment in Nextpower Inc. $NXT

Jupiter Asset Management Ltd. bought a new stake in Nextpower Inc. (NASDAQ:NXT) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 26,620 shares of the company’s stock, valued at approximately $1,970,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Cullen Frost Bankers Inc. boosted its position in shares of Nextpower by 122.3% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 589 shares of the company’s stock worth $32,000 after buying an additional 324 shares in the last quarter. Hantz Financial Services Inc. raised its position in Nextpower by 1,737.8% during the second 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 lifted its holdings in shares of Nextpower by 309.4% in the second quarter. MAI Capital Management now owns 831 shares of the company’s stock valued at $45,000 after purchasing an additional 628 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Nextpower by 179.7% in the second 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, Fifth Third Bancorp grew its position in shares of Nextpower by 15.9% in the third quarter. Fifth Third Bancorp now owns 1,264 shares of the company’s stock valued at $94,000 after purchasing an additional 173 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

Insider Buying and Selling

In other Nextpower news, CAO David P. Bennett sold 33,725 shares of Nextpower stock in a transaction 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 transaction, the chief accounting officer owned 130,967 shares in the company, valued at $11,535,573.36. This trade represents a 20.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William D. Watkins sold 5,000 shares of the business’s stock in a transaction on Friday, January 30th. The shares were sold at an average price of $118.57, for a total transaction of $592,850.00. Following the sale, the director directly owned 11,777 shares of the company’s stock, valued at $1,396,398.89. This represents a 29.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.56% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Wall Street Zen downgraded Nextpower from a “strong-buy” rating to a “buy” rating in a research report on Sunday, January 25th. Wells Fargo & Company upped their price objective on Nextpower from $109.00 to $127.00 and gave the company an “overweight” rating in a research report on Wednesday, January 28th. Northland Securities set a $111.00 price objective on Nextpower in a research note on Tuesday, January 6th. UBS Group boosted their target price on shares of Nextpower from $125.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, January 28th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Nextpower in a report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, Nextpower presently has a consensus rating of “Moderate Buy” and a consensus target price of $108.32.

Nextpower Trading Up 2.8%

Nextpower stock opened at $119.34 on Friday. The stock has a fifty day moving average price of $102.59 and a 200 day moving average price of $88.16. Nextpower Inc. has a 52 week low of $36.06 and a 52 week high of $131.59. The firm has a market capitalization of $17.72 billion, a P/E ratio of 30.52, a PEG ratio of 3.51 and a beta of 2.35.

Nextpower (NASDAQ:NXT) last posted its quarterly earnings results on Tuesday, January 27th. The company reported $1.10 EPS for the quarter, beating the consensus estimate of $0.93 by $0.17. Nextpower had a return on equity of 32.01% and a net margin of 16.43%.The company had revenue of $909.35 million during the quarter, compared to analysts’ expectations of $812.43 million. As a group, equities analysts predict that Nextpower Inc. will post 3.29 EPS for the current year.

Nextpower 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.