SCP Investment LP Has $1.01 Million Stock Holdings in Nextpower Inc. $NXT

SCP Investment LP lifted its holdings in Nextpower Inc. (NASDAQ:NXT) by 124.8% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,688 shares of the company’s stock after buying an additional 7,600 shares during the quarter. Nextpower comprises 0.8% of SCP Investment LP’s portfolio, making the stock its 25th biggest holding. SCP Investment LP’s holdings in Nextpower were worth $1,013,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in NXT. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Nextpower by 19.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 437,490 shares of the company’s stock worth $18,436,000 after acquiring an additional 71,842 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Nextpower by 7.2% in the second quarter. Allspring Global Investments Holdings LLC now owns 21,155 shares of the company’s stock valued at $1,217,000 after purchasing an additional 1,420 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Nextpower in the second quarter valued at approximately $612,000. Allianz Asset Management GmbH raised its position in Nextpower by 34.6% in the 2nd quarter. Allianz Asset Management GmbH now owns 76,547 shares of the company’s stock worth $4,162,000 after purchasing an additional 19,657 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Nextpower during the 2nd quarter worth $956,000. Institutional investors own 67.41% of the company’s stock.

Insider Activity

In related news, CAO David P. Bennett sold 33,725 shares of the stock in a transaction that occurred 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 completion of the sale, the chief accounting officer directly owned 130,967 shares of the company’s stock, valued at approximately $11,535,573.36. This represents a 20.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William D. Watkins sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $118.57, for a total transaction of $592,850.00. Following the sale, the director owned 11,777 shares in the company, valued at $1,396,398.89. This trade represents a 29.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

NXT has been the subject of several research reports. Barclays set a $115.00 target price on Nextpower in a research note on Thursday, January 29th. Mizuho set a $81.00 price objective on Nextpower in a research report on Friday, January 23rd. Royal Bank Of Canada boosted their price objective on Nextpower from $93.00 to $96.00 and gave the stock an “outperform” rating in a report on Thursday, November 13th. The Goldman Sachs Group lifted their price target on shares of Nextpower from $89.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, October 27th. Finally, Northland Securities set a $111.00 price target on shares of Nextpower in a research note on Tuesday, January 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, Nextpower presently has an average rating of “Moderate Buy” and a consensus target price of $108.32.

Nextpower Stock Performance

NXT opened at $122.59 on Wednesday. The firm’s fifty day moving average is $100.78 and its two-hundred day moving average is $87.04. The firm has a market cap of $18.20 billion, a PE ratio of 31.35, a price-to-earnings-growth ratio of 3.42 and a beta of 2.35. 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 data on Tuesday, January 27th. The company reported $1.10 EPS for the quarter, topping 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 the consensus estimate of $812.43 million. Equities analysts forecast that Nextpower Inc. will post 3.29 EPS for the current fiscal year.

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.