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

Handelsbanken Fonder AB cut its stake in shares of Nextpower Inc. (NASDAQ:NXT) by 27.7% in the 4th quarter, Holdings Channel reports. The institutional investor owned 1,607,867 shares of the company’s stock after selling 616,732 shares during the quarter. Handelsbanken Fonder AB’s holdings in Nextpower were worth $140,061,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Whittier Trust Co. of Nevada Inc. grew its stake in shares of Nextpower by 268.7% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 306 shares of the company’s stock valued at $28,000 after buying an additional 223 shares during the period. Baillie Gifford & Co. grew its stake in shares of Nextpower by 76.5% during the 4th quarter. Baillie Gifford & Co. now owns 420 shares of the company’s stock valued at $37,000 after buying an additional 182 shares during the period. Foster Dykema Cabot & Partners LLC purchased a new stake in shares of Nextpower during the 3rd quarter valued at $36,000. Northwestern Mutual Wealth Management Co. grew its stake in shares of Nextpower by 511.1% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 495 shares of the company’s stock valued at $37,000 after buying an additional 414 shares during the period. Finally, Rakuten Securities Inc. grew its stake in shares of Nextpower by 324.8% during the 4th quarter. Rakuten Securities Inc. now owns 514 shares of the company’s stock valued at $45,000 after buying an additional 393 shares during the period. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextpower Trading Down 6.8%

Shares of Nextpower stock opened at $134.48 on Tuesday. The company has a fifty day moving average price of $118.60 and a 200 day moving average price of $106.62. Nextpower Inc. has a twelve month low of $51.69 and a twelve month high of $156.78. The stock has a market cap of $19.97 billion, a price-to-earnings ratio of 35.11, a price-to-earnings-growth ratio of 3.52 and a beta of 1.60.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings results on Tuesday, May 12th. The company reported $1.05 earnings per share for the quarter, topping 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 firm 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. Analysts forecast that Nextpower Inc. will post 3.8 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on NXT shares. Loop Capital set a $135.00 price objective on shares of Nextpower in a research note on Wednesday, May 13th. UBS Group boosted their price objective on shares of Nextpower from $125.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, January 28th. Needham & Company LLC boosted their price objective on shares of Nextpower from $103.00 to $138.00 and gave the company a “buy” rating in a research note on Thursday, January 29th. BNP Paribas Exane boosted their price objective on shares of Nextpower from $145.00 to $177.00 and gave the company an “outperform” rating in a research note on Wednesday, May 13th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $145.00 price objective on shares of Nextpower in a research note on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, Nextpower currently has an average rating of “Moderate Buy” and an average target price of $136.54.

Insiders Place Their Bets

In related news, CEO Daniel S. Shugar sold 59,456 shares of the company’s stock in a transaction on Monday, March 9th. The shares were 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 directly owned 746,339 shares of the company’s stock, valued at approximately $78,492,472.63. This represents a 7.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company 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.