William Blair Investment Management LLC Buys Shares of 1,469,638 Nextpower Inc. $NXT

William Blair Investment Management LLC purchased a new position in Nextpower Inc. (NASDAQ:NXT) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 1,469,638 shares of the company’s stock, valued at approximately $108,739,000. William Blair Investment Management LLC owned about 0.99% of Nextpower at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the company. Natural Investments LLC raised its stake in shares of Nextpower by 0.9% during the 3rd quarter. Natural Investments LLC now owns 16,750 shares of the company’s stock worth $1,239,000 after purchasing an additional 155 shares in the last quarter. Fifth Third Bancorp raised its position in Nextpower by 15.9% during the third quarter. Fifth Third Bancorp now owns 1,264 shares of the company’s stock valued at $94,000 after acquiring an additional 173 shares in the last quarter. Farther Finance Advisors LLC raised its position in Nextpower by 8.3% during the third quarter. Farther Finance Advisors LLC now owns 2,585 shares of the company’s stock valued at $191,000 after acquiring an additional 198 shares in the last quarter. State of Michigan Retirement System lifted its stake in Nextpower by 0.6% in the second quarter. State of Michigan Retirement System now owns 34,600 shares of the company’s stock valued at $1,881,000 after acquiring an additional 200 shares during the last quarter. Finally, Redwood Investment Management LLC grew its position in Nextpower by 4.1% in the second quarter. Redwood Investment Management LLC now owns 5,177 shares of the company’s stock worth $281,000 after acquiring an additional 204 shares in the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on NXT. Barclays set a $115.00 price objective on shares of Nextpower in a research note on Thursday, January 29th. Weiss Ratings reissued a “buy (b-)” rating on shares of Nextpower in a research note on Monday, December 29th. Northland Securities set a $111.00 target price on Nextpower in a research report on Tuesday, January 6th. Robert W. Baird set a $126.00 price target on shares of Nextpower in a research report on Wednesday, January 28th. Finally, TD Cowen upped their price objective on shares of Nextpower from $88.00 to $105.00 and gave the stock a “hold” rating in a report on Wednesday, January 28th. One equities research 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. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $108.32.

Nextpower Trading Down 1.6%

Shares of NXT stock opened at $105.10 on Friday. The firm has a market capitalization of $15.61 billion, a P/E ratio of 26.88, a price-to-earnings-growth ratio of 3.09 and a beta of 2.35. Nextpower Inc. has a 1 year low of $36.06 and a 1 year high of $131.59. The firm’s fifty day simple moving average is $105.17 and its 200 day simple moving average is $90.20.

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

Insider Activity

In related news, Director William D. Watkins sold 5,000 shares of the company’s stock in a transaction on Friday, January 30th. The stock was sold at an average price of $118.57, for a total value of $592,850.00. Following the completion of the transaction, the director directly owned 11,777 shares in the company, valued at approximately $1,396,398.89. This represents a 29.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO David P. Bennett sold 33,725 shares of Nextpower stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $88.08, for a total transaction of $2,970,498.00. Following the sale, the chief accounting officer owned 130,967 shares in the company, valued at $11,535,573.36. This represents a 20.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.56% of the company’s stock.

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.