Castleark Management LLC Decreases Stake in Nextpower Inc. $NXT

Castleark Management LLC reduced its stake in shares of Nextpower Inc. (NASDAQ:NXT) by 9.9% during the 4th quarter, Holdings Channel.com reports. The firm owned 105,484 shares of the company’s stock after selling 11,570 shares during the period. Castleark Management LLC’s holdings in Nextpower were worth $9,189,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in NXT. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Nextpower by 19.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 437,490 shares of the company’s stock worth $18,436,000 after purchasing an additional 71,842 shares in the last quarter. M&T Bank Corp purchased a new stake in shares of Nextpower during the 2nd quarter worth $223,000. EverSource Wealth Advisors LLC boosted its position in shares of Nextpower by 179.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the company’s stock worth $61,000 after purchasing an additional 724 shares in the last quarter. Cerity Partners LLC boosted its position in shares of Nextpower by 154.0% during the 2nd quarter. Cerity Partners LLC now owns 18,539 shares of the company’s stock worth $1,008,000 after purchasing an additional 11,239 shares in the last quarter. Finally, California Public Employees Retirement System boosted its position in shares of Nextpower by 36.5% during the 2nd quarter. California Public Employees Retirement System now owns 222,960 shares of the company’s stock worth $12,122,000 after purchasing an additional 59,573 shares in the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Nextpower Stock Performance

NXT stock opened at $121.88 on Friday. Nextpower Inc. has a 1 year low of $51.69 and a 1 year high of $163.13. The stock’s 50 day moving average price is $124.40 and its 200 day moving average price is $111.17. The firm has a market cap of $18.31 billion, a P/E ratio of 31.82, a PEG ratio of 2.84 and a beta of 1.73.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings data on Tuesday, May 12th. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.16. Nextpower had a net margin of 16.46% and a return on equity of 28.18%. The business had revenue of $880.52 million for the quarter, compared to the consensus estimate of $826.26 million. Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. On average, research analysts predict that Nextpower Inc. will post 3.69 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have commented on NXT. KeyCorp boosted their target price on shares of Nextpower from $152.00 to $164.00 and gave the stock an “overweight” rating in a research report on Friday, May 29th. JPMorgan Chase & Co. boosted their target price on Nextpower from $155.00 to $174.00 and gave the stock an “overweight” rating in a research report on Friday, May 29th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $140.00 target price on shares of Nextpower in a research report on Thursday, May 14th. Northland Securities boosted their target price on Nextpower from $148.00 to $162.00 and gave the stock an “outperform” rating in a research report on Friday, May 29th. Finally, BNP Paribas Exane boosted their target price on Nextpower from $177.00 to $182.00 and gave the stock an “outperform” rating in a research report on Friday, May 29th. Twenty research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $147.77.

Insider Buying and Selling

In other news, CEO Daniel S. Shugar sold 26,077 shares of Nextpower 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 completion of the sale, the chief executive officer owned 931,419 shares of the company’s stock, valued at $125,480,767.68. The trade was a 2.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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. Also, COO Nicholas Marco Miller sold 24,511 shares of the company’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $127.32, for a total value of $3,120,740.52. Following the completion of the transaction, the chief operating officer owned 221,533 shares of the company’s stock, valued at $28,205,581.56. The trade was a 9.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 168,574 shares of company stock worth $22,559,770 in the last three months. 0.56% of the stock is currently owned by insiders.

About Nextpower

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.