Horizon Investments LLC Sells 38,858 Shares of Nextpower Inc. $NXT

Horizon Investments LLC cut its holdings in shares of Nextpower Inc. (NASDAQ:NXT) by 53.9% during the fourth quarter, Holdings Channel.com reports. The firm owned 33,243 shares of the company’s stock after selling 38,858 shares during the period. Horizon Investments LLC’s holdings in Nextpower were worth $2,896,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. New York State Teachers Retirement System boosted its stake in shares of Nextpower by 4.1% during the fourth quarter. New York State Teachers Retirement System now owns 143,526 shares of the company’s stock valued at $12,503,000 after purchasing an additional 5,587 shares in the last quarter. Jennison Associates LLC boosted its stake in shares of Nextpower by 24.9% during the fourth quarter. Jennison Associates LLC now owns 79,777 shares of the company’s stock valued at $6,949,000 after purchasing an additional 15,916 shares in the last quarter. Wealth High Governance Capital Ltda bought a new position in shares of Nextpower during the fourth quarter valued at approximately $21,264,000. Moody Aldrich Partners LLC bought a new position in shares of Nextpower during the fourth quarter valued at approximately $3,749,000. Finally, M&T Bank Corp boosted its stake in shares of Nextpower by 52.2% during the fourth quarter. M&T Bank Corp now owns 6,511 shares of the company’s stock valued at $567,000 after purchasing an additional 2,232 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO Daniel S. Shugar sold 59,456 shares of the stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $105.17, for a total transaction of $6,252,987.52. Following the completion of the sale, the chief executive officer owned 746,339 shares of the company’s stock, valued at $78,492,472.63. This represents a 7.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.56% of the stock is owned by insiders.

Nextpower Stock Down 2.5%

NASDAQ:NXT opened at $116.93 on Tuesday. Nextpower Inc. has a 52 week low of $40.85 and a 52 week high of $131.72. The firm has a 50 day moving average of $114.44 and a 200 day moving average of $103.89. The stock has a market capitalization of $17.36 billion, a price-to-earnings ratio of 29.91, a PEG ratio of 5.70 and a beta of 1.60.

Analysts Set New Price Targets

A number of research firms have recently issued reports on NXT. Wells Fargo & Company increased their price objective on shares of Nextpower from $109.00 to $127.00 and gave the company an “overweight” rating in a research note on Wednesday, January 28th. KeyCorp reiterated an “overweight” rating on shares of Nextpower in a research note on Friday, March 13th. TD Cowen increased their target price on shares of Nextpower from $88.00 to $105.00 and gave the company a “hold” rating in a research report on Wednesday, January 28th. The Goldman Sachs Group set a $140.00 target price on shares of Nextpower and gave the company a “buy” rating in a research report on Tuesday, April 14th. Finally, Bank of America increased their target price on shares of Nextpower from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $117.79.

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.