Perpetual Ltd Acquires 281,856 Shares of Nextpower Inc. $NXT

Perpetual Ltd raised its holdings in Nextpower Inc. (NASDAQ:NXT) by 2,865.3% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 291,693 shares of the company’s stock after buying an additional 281,856 shares during the quarter. Perpetual Ltd owned 0.20% of Nextpower worth $25,409,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of NXT. Foster Dykema Cabot & Partners LLC acquired a new stake in shares of Nextpower in the third quarter worth $36,000. Northwestern Mutual Wealth Management Co. raised its stake in 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 purchasing an additional 414 shares during the last quarter. BOKF NA raised its stake in Nextpower by 1,135.7% during the 3rd quarter. BOKF NA now owns 519 shares of the company’s stock valued at $38,000 after purchasing an additional 477 shares during the last quarter. Allworth Financial LP boosted its holdings in Nextpower by 16.8% in the 3rd quarter. Allworth Financial LP now owns 979 shares of the company’s stock valued at $72,000 after purchasing an additional 141 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its holdings in Nextpower by 179.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the company’s stock valued at $61,000 after purchasing an additional 724 shares during the period. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have issued reports on NXT. Wells Fargo & Company boosted their price objective on shares of Nextpower from $109.00 to $127.00 and gave the stock an “overweight” rating in a report on Wednesday, January 28th. Glj Research reiterated a “buy” rating and issued a $147.33 target price on shares of Nextpower in a research note on Monday, March 16th. KeyCorp reissued an “overweight” rating on shares of Nextpower in a report on Friday, March 13th. Jefferies Financial Group lifted their price target on shares of Nextpower from $122.00 to $138.00 and gave the stock a “buy” rating in a research note on Tuesday, March 17th. Finally, Roth Mkm reissued a “buy” rating and issued a $130.00 price target on shares of Nextpower in a report on Wednesday, January 28th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six 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 price target of $111.49.

Nextpower Stock Performance

Shares of NXT opened at $113.08 on Friday. The stock has a market cap of $16.79 billion, a PE ratio of 28.92, a PEG ratio of 2.57 and a beta of 2.02. Nextpower Inc. has a 1 year low of $36.06 and a 1 year high of $131.72. The stock has a 50 day simple moving average of $115.65 and a 200-day simple moving average of $98.48.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings results on Tuesday, January 27th. The company reported $1.10 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 business had revenue of $909.35 million for the quarter, compared to analyst estimates of $812.43 million. On average, sell-side analysts forecast that Nextpower Inc. will post 3.29 EPS for the current fiscal year.

Insider Buying and Selling at Nextpower

In related news, Director William D. Watkins sold 5,000 shares of Nextpower stock in a transaction dated 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 $1,396,398.89. This trade represents a 29.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Daniel S. Shugar sold 59,456 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer owned 746,339 shares in the company, valued at approximately $78,492,472.63. This trade represents a 7.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 104,348 shares of company stock worth $10,876,525 in the last 90 days. 0.56% of the stock is owned by corporate insiders.

Nextpower 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.