Primecap Management Co. CA Sells 215,370 Shares of Nextpower Inc. $NXT

Primecap Management Co. CA lessened its stake in Nextpower Inc. (NASDAQ:NXT) by 2.8% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,460,451 shares of the company’s stock after selling 215,370 shares during the quarter. Primecap Management Co. CA owned 5.03% of Nextpower worth $551,999,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Hantz Financial Services Inc. lifted its position in Nextpower by 1,737.8% in the 2nd quarter. Hantz Financial Services Inc. now owns 827 shares of the company’s stock valued at $45,000 after acquiring an additional 782 shares in the last quarter. MAI Capital Management raised its stake in shares of Nextpower by 309.4% in the 2nd quarter. MAI Capital Management now owns 831 shares of the company’s stock valued at $45,000 after purchasing an additional 628 shares during the period. EverSource Wealth Advisors LLC raised its stake 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 valued at $61,000 after purchasing an additional 724 shares during the period. Fifth Third Bancorp lifted its holdings in shares of Nextpower by 15.9% in the third quarter. Fifth Third Bancorp now owns 1,264 shares of the company’s stock valued at $94,000 after purchasing an additional 173 shares in the last quarter. Finally, Global Retirement Partners LLC boosted its position in shares of Nextpower by 42,633.3% during the third quarter. Global Retirement Partners LLC now owns 1,282 shares of the company’s stock worth $95,000 after buying an additional 1,279 shares during the period. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on NXT shares. TD Cowen increased their price objective on Nextpower from $88.00 to $105.00 and gave the stock a “hold” rating in a report on Wednesday, January 28th. Robert W. Baird set a $126.00 price target on Nextpower in a research report on Wednesday, January 28th. Roth Mkm reiterated a “buy” rating and issued a $130.00 price objective on shares of Nextpower in a report on Wednesday, January 28th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $119.00 price objective on shares of Nextpower in a research report on Thursday, January 29th. Finally, Wells Fargo & Company raised their target price on shares of Nextpower from $109.00 to $127.00 and gave the company an “overweight” 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 issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $108.32.

Nextpower Stock Performance

Shares of NXT stock opened at $116.51 on Thursday. Nextpower Inc. has a 52-week low of $36.06 and a 52-week high of $131.59. The stock has a market cap of $17.30 billion, a price-to-earnings ratio of 29.80, a PEG ratio of 3.55 and a beta of 2.35. The firm’s 50-day moving average is $104.45 and its 200-day moving average is $89.47.

Nextpower (NASDAQ:NXT) last posted 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. The business had revenue of $909.35 million during the quarter, compared to analysts’ expectations of $812.43 million. Nextpower had a return on equity of 32.01% and a net margin of 16.43%. Sell-side analysts predict that Nextpower Inc. will post 3.29 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director William D. Watkins sold 5,000 shares of the stock in a transaction on Friday, January 30th. The stock was sold at an average price of $118.57, for a total value of $592,850.00. Following the sale, the director owned 11,777 shares in the company, valued at approximately $1,396,398.89. This represents a 29.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO David P. Bennett sold 33,725 shares of Nextpower stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $88.08, for a total transaction of $2,970,498.00. Following the transaction, the chief accounting officer directly owned 130,967 shares of the company’s stock, valued at approximately $11,535,573.36. This trade represents a 20.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.56% of the stock is currently owned by corporate insiders.

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.