Rathbones Group PLC Invests $1.15 Million in Nextpower Inc. $NXT

Rathbones Group PLC bought a new stake in shares of Nextpower Inc. (NASDAQ:NXT) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 9,510 shares of the company’s stock, valued at approximately $1,146,000.

Other large investors have also recently made changes to their positions in the company. Parallel Advisors LLC grew its position in Nextpower by 7.4% during the first quarter. Parallel Advisors LLC now owns 7,928 shares of the company’s stock valued at $956,000 after buying an additional 543 shares during the period. NewEdge Advisors LLC increased its holdings in Nextpower by 908.6% in the first quarter. NewEdge Advisors LLC now owns 6,354 shares of the company’s stock valued at $766,000 after buying an additional 5,724 shares in the last quarter. Optiver Holding B.V. acquired a new position in shares of Nextpower in the first quarter worth about $104,000. Alpine Woods Capital Investors LLC acquired a new position in shares of Nextpower in the first quarter worth about $297,000. Finally, Glenmede Trust Co. NA boosted its stake in shares of Nextpower by 2.9% during the 1st quarter. Glenmede Trust Co. NA now owns 8,532 shares of the company’s stock worth $1,029,000 after acquiring an additional 244 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Nextpower Stock Up 8.6%

Shares of NASDAQ NXT opened at $98.44 on Wednesday. The firm has a market cap of $14.79 billion, a price-to-earnings ratio of 25.50, a price-to-earnings-growth ratio of 1.80 and a beta of 1.95. The company’s 50-day simple moving average is $116.05 and its 200-day simple moving average is $116.36. Nextpower Inc. has a 52-week low of $52.61 and a 52-week high of $163.13.

Nextpower (NASDAQ:NXT) last released its quarterly earnings results on Thursday, July 30th. The company reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.15. The firm had revenue of $935.17 million during the quarter, compared to the consensus estimate of $935.39 million. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. Equities research analysts anticipate that Nextpower Inc. will post 3.75 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on NXT shares. Loop Capital set a $135.00 target price on Nextpower in a research report on Wednesday, May 13th. Truist Financial upped their price target on Nextpower from $140.00 to $145.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Royal Bank Of Canada lowered their price target on Nextpower from $149.00 to $147.00 and set an “outperform” rating on the stock in a research report on Friday, July 31st. Jefferies Financial Group reissued a “buy” rating and issued a $131.00 price objective on shares of Nextpower in a report on Friday. Finally, Wells Fargo & Company boosted their price objective on Nextpower from $143.00 to $151.00 and gave the company an “overweight” rating in a research report on Friday, May 29th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $146.14.

Insider Activity at Nextpower

In other Nextpower news, CFO Charles D. Boynton sold 4,500 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $151.79, for a total transaction of $683,055.00. Following the completion of the transaction, the chief financial officer owned 358,500 shares of the company’s stock, valued at $54,416,715. This represents a 1.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Bruce Ledesma sold 3,248 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $134.72, for a total value of $437,570.56. Following the completion of the transaction, the insider owned 246,130 shares in the company, valued at approximately $33,158,633.60. This trade represents a 1.30% 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. Insiders sold 168,574 shares of company stock worth $22,559,770 in the last quarter. Corporate 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.