Granahan Investment Management LLC Purchases 285,362 Shares of Nextpower Inc. $NXT

Granahan Investment Management LLC boosted its position in Nextpower Inc. (NASDAQ:NXT) by 219.8% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 415,166 shares of the company’s stock after purchasing an additional 285,362 shares during the period. Nextpower comprises 1.3% of Granahan Investment Management LLC’s portfolio, making the stock its 24th biggest holding. Granahan Investment Management LLC’s holdings in Nextpower were worth $30,718,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in NXT. California Public Employees Retirement System grew its position in Nextpower by 13.1% during the third quarter. California Public Employees Retirement System now owns 252,065 shares of the company’s stock valued at $18,650,000 after buying an additional 29,105 shares during the period. Boothbay Fund Management LLC purchased a new position in shares of Nextpower during the 3rd quarter worth $482,000. American Trust Investment Advisors LLC bought a new stake in shares of Nextpower during the 3rd quarter valued at $272,000. Algert Global LLC increased its stake in shares of Nextpower by 30.4% in the 3rd quarter. Algert Global LLC now owns 551,625 shares of the company’s stock worth $40,815,000 after purchasing an additional 128,744 shares in the last quarter. Finally, Alliancebernstein L.P. raised its holdings in Nextpower by 7.0% in the 3rd quarter. Alliancebernstein L.P. now owns 389,067 shares of the company’s stock worth $28,787,000 after purchasing an additional 25,430 shares during the period. 67.41% of the stock is currently owned by institutional investors.

Nextpower Stock Up 3.2%

NASDAQ NXT opened at $119.64 on Monday. Nextpower Inc. has a twelve month low of $36.06 and a twelve month high of $131.59. The business has a 50-day moving average price of $108.90 and a 200-day moving average price of $93.52. The firm has a market cap of $17.76 billion, a price-to-earnings ratio of 30.60, a price-to-earnings-growth ratio of 2.84 and a beta of 2.41.

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

Wall Street Analysts Forecast Growth

Several research firms have recently commented on NXT. Jefferies Financial Group downgraded Nextpower from a “strong-buy” rating to a “hold” rating in a research note on Sunday, February 8th. Needham & Company LLC boosted their price objective on Nextpower from $103.00 to $138.00 and gave the company a “buy” rating in a research note on Thursday, January 29th. Glj Research began coverage on shares of Nextpower in a research note on Tuesday, March 10th. They set a “buy” rating and a $147.33 target price on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $119.00 price target on shares of Nextpower in a report on Thursday, January 29th. Finally, Mizuho set a $81.00 price target on shares of Nextpower in a research report on Friday, January 23rd. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $110.01.

Insider Buying and Selling at Nextpower

In related news, Director William D. Watkins sold 5,000 shares of the firm’s stock in a transaction on Friday, January 30th. The shares were sold at an average price of $118.57, for a total transaction of $592,850.00. Following the completion of the transaction, the director directly owned 11,777 shares of the company’s stock, valued at approximately $1,396,398.89. This trade represents a 29.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Daniel S. Shugar sold 59,456 shares of the business’s stock in a transaction on Monday, March 9th. The stock was 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 in the company, valued at approximately $78,492,472.63. The trade was a 7.38% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 104,348 shares of company stock worth $10,876,525 in the last three months. Insiders own 0.56% 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.