Legato Capital Management LLC Invests $765,000 in Nextpower Inc. $NXT

Legato Capital Management LLC bought a new stake in Nextpower Inc. (NASDAQ:NXT) in the third quarter, Holdings Channel.com reports. The institutional investor bought 10,345 shares of the company’s stock, valued at approximately $765,000.

A number of other institutional investors have also added to or reduced their stakes in NXT. Hantz Financial Services Inc. grew its stake in Nextpower by 1,737.8% in the second quarter. Hantz Financial Services Inc. now owns 827 shares of the company’s stock valued at $45,000 after acquiring an additional 782 shares during the period. MAI Capital Management raised its position in shares of Nextpower by 309.4% during the second quarter. MAI Capital Management now owns 831 shares of the company’s stock worth $45,000 after purchasing an additional 628 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of Nextpower by 179.7% in 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. Fifth Third Bancorp grew its position in Nextpower by 15.9% in the 3rd quarter. Fifth Third Bancorp now owns 1,264 shares of the company’s stock valued at $94,000 after purchasing an additional 173 shares during the period. Finally, Global Retirement Partners LLC increased its stake in Nextpower by 42,633.3% during the 3rd quarter. Global Retirement Partners LLC now owns 1,282 shares of the company’s stock valued at $95,000 after purchasing an additional 1,279 shares in the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CAO David P. Bennett sold 33,725 shares of the firm’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $88.08, for a total transaction of $2,970,498.00. Following the completion of the sale, the chief accounting officer owned 130,967 shares in the company, valued at approximately $11,535,573.36. This trade represents a 20.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director William D. Watkins sold 5,000 shares of Nextpower stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $118.57, for a total transaction of $592,850.00. Following the completion of the sale, the director directly owned 11,777 shares in the company, valued at approximately $1,396,398.89. This represents a 29.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.56% of the company’s stock.

Nextpower Stock Down 2.5%

Shares of NASDAQ NXT opened at $101.16 on Wednesday. The company has a market capitalization of $15.02 billion, a PE ratio of 25.87, a PEG ratio of 3.05 and a beta of 2.41. The stock’s 50 day moving average price is $105.60 and its 200-day moving average price is $91.08. Nextpower Inc. has a twelve month low of $36.06 and a twelve month high of $131.59.

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

Analyst Ratings Changes

Several research firms have recently commented on NXT. Roth Mkm reissued a “buy” rating and set a $130.00 target price on shares of Nextpower in a research report on Wednesday, January 28th. Jefferies Financial Group downgraded Nextpower from a “strong-buy” rating to a “hold” rating in a research note on Sunday, February 8th. KeyCorp raised Nextpower from a “sector weight” rating to an “overweight” rating and set a $142.00 price objective for the company in a research note on Wednesday, January 28th. Barclays set a $115.00 target price on Nextpower in a research report on Thursday, January 29th. Finally, TD Cowen increased their price target on Nextpower from $88.00 to $105.00 and gave the company a “hold” rating in a research report on Wednesday, January 28th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat, Nextpower presently has an average rating of “Moderate Buy” and a consensus target price of $108.32.

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.