Globeflex Capital L P Cuts Stock Position in Nextpower Inc. $NXT

Globeflex Capital L P cut its stake in shares of Nextpower Inc. (NASDAQ:NXT) by 7.8% in the 1st quarter, Holdings Channel.com reports. The firm owned 57,495 shares of the company’s stock after selling 4,848 shares during the period. Nextpower makes up 1.0% of Globeflex Capital L P’s portfolio, making the stock its 19th largest holding. Globeflex Capital L P’s holdings in Nextpower were worth $6,931,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Legal & General Group Plc lifted its stake in shares of Nextpower by 4.6% in the 4th quarter. Legal & General Group Plc now owns 414,304 shares of the company’s stock worth $36,090,000 after acquiring an additional 18,380 shares during the period. Assetmark Inc. increased its stake in shares of Nextpower by 342,159.2% during the fourth quarter. Assetmark Inc. now owns 427,824 shares of the company’s stock worth $37,268,000 after acquiring an additional 427,699 shares during the period. Andrew Hill Investment Advisors Inc. raised its holdings in Nextpower by 31.2% during the fourth quarter. Andrew Hill Investment Advisors Inc. now owns 70,025 shares of the company’s stock worth $6,100,000 after purchasing an additional 16,666 shares in the last quarter. Azzad Asset Management Inc. ADV purchased a new position in Nextpower during the fourth quarter worth about $988,000. Finally, Gateway Investment Advisers LLC lifted its position in Nextpower by 215.1% in the fourth quarter. Gateway Investment Advisers LLC now owns 24,006 shares of the company’s stock valued at $2,091,000 after purchasing an additional 16,388 shares during the period. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NXT has been the topic of a number of analyst reports. Weiss Ratings lowered Nextpower from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, June 26th. Zacks Research raised Nextpower from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 13th. Northland Securities raised their price target on Nextpower from $148.00 to $162.00 and gave the company an “outperform” rating in a report on Friday, May 29th. Royal Bank Of Canada set a $179.00 price target on Nextpower in a research note on Tuesday. Finally, Robert W. Baird upped their price objective on Nextpower from $133.00 to $156.00 and gave the stock an “outperform” rating in a report on Wednesday, May 13th. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Nextpower currently has an average rating of “Moderate Buy” and a consensus target price of $150.62.

Insiders Place Their Bets

In related news, COO Nicholas Marco Miller sold 22,427 shares of Nextpower stock in a transaction on Friday, May 29th. The stock was sold at an average price of $156.00, for a total transaction of $3,498,612.00. Following the completion of the transaction, the chief operating officer directly owned 186,194 shares of the company’s stock, valued at approximately $29,046,264. The trade was a 10.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Daniel S. Shugar sold 26,077 shares of the business’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $134.72, for a total value of $3,513,093.44. Following the sale, the chief executive officer owned 931,419 shares in the company, valued at approximately $125,480,767.68. The trade was a 2.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 168,574 shares of company stock worth $22,559,770. 0.84% of the stock is owned by insiders.

Nextpower Trading Down 0.7%

NXT stock opened at $104.96 on Thursday. The company’s 50-day moving average price is $122.35 and its 200 day moving average price is $116.11. Nextpower Inc. has a 52 week low of $52.61 and a 52 week high of $163.13. The company has a market cap of $15.77 billion, a P/E ratio of 27.40, a P/E/G ratio of 2.11 and a beta of 1.86.

Nextpower (NASDAQ:NXT) last issued its earnings results on Tuesday, May 12th. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.16. Nextpower had a net margin of 16.46% and a return on equity of 28.18%. The company had revenue of $880.52 million during the quarter, compared to analysts’ expectations of $826.26 million. Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. On average, equities research analysts expect that Nextpower Inc. will post 3.73 earnings per share 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.