Handelsbanken Fonder AB Cuts Stock Position in Nextpower Inc. $NXT

Handelsbanken Fonder AB lessened its holdings in Nextpower Inc. (NASDAQ:NXT) by 0.3% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,013,766 shares of the company’s stock after selling 6,770 shares during the period. Nextpower makes up about 0.7% of Handelsbanken Fonder AB’s investment portfolio, making the stock its 27th largest position. Handelsbanken Fonder AB owned about 1.34% of Nextpower worth $239,920,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of NXT. Jupiter Asset Management Ltd. grew its stake in shares of Nextpower by 0.3% in the 4th quarter. Jupiter Asset Management Ltd. now owns 26,706 shares of the company’s stock worth $2,326,000 after buying an additional 86 shares in the last quarter. Root Financial Partners LLC increased its holdings in shares of Nextpower by 30.0% in the 1st quarter. Root Financial Partners LLC now owns 446 shares of the company’s stock worth $54,000 after buying an additional 103 shares during the last quarter. Signature Equity Partners LLC raised its position in shares of Nextpower by 76.4% during the 1st quarter. Signature Equity Partners LLC now owns 261 shares of the company’s stock valued at $31,000 after buying an additional 113 shares in the last quarter. Janney Montgomery Scott LLC raised its position in shares of Nextpower by 2.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 5,963 shares of the company’s stock valued at $719,000 after buying an additional 119 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Nextpower by 12.2% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,314 shares of the company’s stock valued at $114,000 after acquiring an additional 143 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextpower Stock Down 0.3%

NXT opened at $102.91 on Tuesday. The business has a fifty day moving average of $112.65 and a 200 day moving average of $116.48. Nextpower Inc. has a 52-week low of $52.61 and a 52-week high of $163.13. The stock has a market cap of $15.61 billion, a P/E ratio of 26.66, a PEG ratio of 2.07 and a beta of 1.95.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings data on Thursday, July 30th. The company reported $1.20 EPS for the quarter, beating the consensus estimate of $1.05 by $0.15. Nextpower had a return on equity of 26.29% and a net margin of 16.36%.The company had revenue of $935.17 million for the quarter, compared to the consensus estimate of $935.39 million. Equities analysts anticipate that Nextpower Inc. will post 3.73 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Northland Securities boosted their price objective on Nextpower from $148.00 to $162.00 and gave the stock an “outperform” rating in a research note on Friday, May 29th. Guggenheim raised Nextpower from a “neutral” rating to a “buy” rating and set a $125.00 price objective for the company in a research note on Wednesday, July 15th. Robert W. Baird lifted their target price on Nextpower from $133.00 to $156.00 and gave the stock an “outperform” rating in a report on Wednesday, May 13th. BNP Paribas Exane raised their price target on Nextpower from $177.00 to $182.00 and gave the stock an “outperform” rating in a research report on Friday, May 29th. Finally, BMO Capital Markets raised shares of Nextpower from a “hold” rating to an “outperform” rating and set a $132.00 price objective for the company in a research note on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $146.12.

Insider Transactions at Nextpower

In related news, COO Nicholas Marco Miller sold 24,511 shares of the firm’s stock in a transaction dated 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 transaction, the chief operating officer owned 221,533 shares of the company’s stock, valued at $28,205,581.56. This trade represents a 9.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Daniel S. Shugar sold 26,077 shares of Nextpower stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $134.72, for a total transaction of $3,513,093.44. Following 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 position. 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. In the last quarter, insiders sold 170,863 shares of company stock valued at $22,782,306. Company insiders own 0.84% of the company’s stock.

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.