Skandinaviska Enskilda Banken AB publ Lowers Stock Holdings in Nextpower Inc. $NXT

Skandinaviska Enskilda Banken AB publ lessened its holdings in shares of Nextpower Inc. (NASDAQ:NXT) by 26.6% during the third quarter, HoldingsChannel reports. The firm owned 714,404 shares of the company’s stock after selling 258,500 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Nextpower were worth $52,844,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Norges Bank purchased a new stake in shares of Nextpower in the second quarter valued at $140,772,000. Allianz Asset Management GmbH boosted its stake in Nextpower by 938.0% in the 3rd quarter. Allianz Asset Management GmbH now owns 794,538 shares of the company’s stock worth $58,788,000 after buying an additional 717,991 shares during the last quarter. American Century Companies Inc. grew its holdings in Nextpower by 144.6% in the 2nd quarter. American Century Companies Inc. now owns 547,590 shares of the company’s stock valued at $29,772,000 after buying an additional 323,717 shares during the period. Voya Investment Management LLC grew its holdings in Nextpower by 93.3% in the 3rd quarter. Voya Investment Management LLC now owns 613,634 shares of the company’s stock valued at $45,403,000 after buying an additional 296,232 shares during the period. Finally, Encompass Capital Advisors LLC increased its stake in shares of Nextpower by 11.0% during the 2nd quarter. Encompass Capital Advisors LLC now owns 2,919,777 shares of the company’s stock valued at $158,748,000 after acquiring an additional 289,663 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextpower Price Performance

Shares of NXT opened at $116.44 on Tuesday. The stock’s 50-day moving average is $100.10 and its two-hundred day moving average is $86.58. The stock has a market cap of $17.29 billion, a PE ratio of 29.78, a P/E/G ratio of 3.42 and a beta of 2.34. Nextpower Inc. has a 12 month low of $36.06 and a 12 month high of $131.59.

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

Insider Buying and Selling

In other news, Director William D. Watkins sold 5,000 shares of the company’s stock in a transaction on Friday, January 30th. The shares were sold at an average price of $118.57, for a total value of $592,850.00. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO David P. Bennett sold 33,725 shares of the firm’s stock in a transaction on 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 sale, the chief accounting officer directly owned 130,967 shares of the company’s stock, valued at approximately $11,535,573.36. The trade was a 20.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on NXT shares. Mizuho set a $81.00 target price on shares of Nextpower in a research report on Friday, January 23rd. Royal Bank Of Canada lifted their price target on shares of Nextpower from $93.00 to $96.00 and gave the company an “outperform” rating in a report on Thursday, November 13th. JPMorgan Chase & Co. boosted their price objective on shares of Nextpower from $92.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, October 24th. Citigroup upgraded Nextpower from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $66.00 to $114.00 in a report on Tuesday, October 21st. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $130.00 target price on shares of Nextpower in a research report on Wednesday, January 28th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat.com, Nextpower has a consensus rating of “Moderate Buy” and an average price target 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.