NewEdge Advisors LLC Has $766,000 Stock Position in Nextpower Inc. $NXT

NewEdge Advisors LLC boosted its stake in shares of Nextpower Inc. (NASDAQ:NXT) by 908.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,354 shares of the company’s stock after acquiring an additional 5,724 shares during the quarter. NewEdge Advisors LLC’s holdings in Nextpower were worth $766,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank bought a new position in shares of Nextpower in the fourth quarter worth about $170,918,000. Amundi grew its stake in shares of Nextpower by 156.1% during the third quarter. Amundi now owns 2,111,628 shares of the company’s stock valued at $161,600,000 after purchasing an additional 1,287,071 shares during the last quarter. Janus Henderson Group PLC increased its holdings in shares of Nextpower by 134.3% in the first quarter. Janus Henderson Group PLC now owns 1,362,466 shares of the company’s stock valued at $164,488,000 after purchasing an additional 780,958 shares in the last quarter. Electron Capital Partners LLC increased its holdings in shares of Nextpower by 2,017.7% in the third quarter. Electron Capital Partners LLC now owns 566,415 shares of the company’s stock valued at $41,909,000 after purchasing an additional 539,668 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its position in Nextpower by 142.3% in the 4th quarter. Lord Abbett & CO. LLC now owns 848,110 shares of the company’s stock worth $73,879,000 after purchasing an additional 498,110 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextpower Stock Performance

Shares of Nextpower stock opened at $92.12 on Thursday. The firm has a fifty day moving average of $107.84 and a two-hundred day moving average of $116.00. The stock has a market capitalization of $13.98 billion, a price-to-earnings ratio of 23.87, a PEG ratio of 1.83 and a beta of 1.95. Nextpower Inc. has a 52 week low of $63.87 and a 52 week high of $163.13.

Nextpower (NASDAQ:NXT) last posted its quarterly earnings results on Thursday, July 30th. The company reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.15. The business had revenue of $935.17 million for the quarter, compared to analyst estimates of $935.39 million. Nextpower had a return on equity of 26.29% and a net margin of 16.36%. As a group, research analysts forecast that Nextpower Inc. will post 3.73 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Glj Research reaffirmed a “buy” rating and set a $149.00 price objective on shares of Nextpower in a report on Wednesday, August 5th. Susquehanna cut their price target on Nextpower from $168.00 to $157.00 and set a “positive” rating on the stock in a research note on Friday, July 31st. UBS Group reiterated a “buy” rating and issued a $160.00 price target on shares of Nextpower in a report on Monday, August 3rd. Truist Financial lifted their price objective on Nextpower from $140.00 to $145.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Finally, Roth Capital reissued a “buy” rating and set a $175.00 price objective on shares of Nextpower in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Nextpower presently has an average rating of “Moderate Buy” and a consensus target price of $146.12.

Insider Transactions at Nextpower

In related news, CFO Charles D. Boynton sold 4,500 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $151.79, for a total value of $683,055.00. Following the sale, the chief financial officer directly owned 358,500 shares in the company, valued at $54,416,715. This trade represents a 1.24% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Daniel S. Shugar sold 67,636 shares of Nextpower stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $103.07, for a total transaction of $6,971,242.52. Following the transaction, the chief executive officer directly owned 871,131 shares in the company, valued at $89,787,472.17. The trade was a 7.20% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 209,074 shares of company stock valued at $25,755,251. Corporate insiders own 0.84% of the company’s stock.

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.