Virtus Family Office LLC Decreases Position in Nextpower Inc. $NXT

Virtus Family Office LLC trimmed its position in shares of Nextpower Inc. (NASDAQ:NXT) by 27.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 22,125 shares of the company’s stock after selling 8,230 shares during the quarter. Nextpower makes up approximately 1.5% of Virtus Family Office LLC’s investment portfolio, making the stock its 22nd largest position. Virtus Family Office LLC’s holdings in Nextpower were worth $1,637,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cullen Frost Bankers Inc. lifted its position in Nextpower by 122.3% during the second quarter. Cullen Frost Bankers Inc. now owns 589 shares of the company’s stock worth $32,000 after buying an additional 324 shares in the last quarter. Hantz Financial Services Inc. increased its stake in Nextpower by 1,737.8% during the second quarter. Hantz Financial Services Inc. now owns 827 shares of the company’s stock worth $45,000 after purchasing an additional 782 shares during the period. MAI Capital Management increased its stake in Nextpower by 309.4% during the 2nd quarter. MAI Capital Management now owns 831 shares of the company’s stock worth $45,000 after buying an additional 628 shares during the period. EverSource Wealth Advisors LLC boosted its position 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 buying an additional 724 shares during the period. Finally, Global Retirement Partners LLC grew its stake in shares of Nextpower by 42,633.3% in the third quarter. Global Retirement Partners LLC now owns 1,282 shares of the company’s stock worth $95,000 after acquiring an additional 1,279 shares in the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on NXT shares. UBS Group lifted their target price on Nextpower from $125.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, January 28th. Roth Mkm reissued a “buy” rating and set a $130.00 price objective on shares of Nextpower in a research report on Wednesday, January 28th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $119.00 target price on shares of Nextpower in a research note on Thursday, January 29th. KeyCorp upgraded shares of Nextpower from a “sector weight” rating to an “overweight” rating and set a $142.00 price target for the company in a research note on Wednesday, January 28th. Finally, Barclays set a $115.00 price objective on shares of Nextpower in a research report on Thursday, January 29th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $108.32.

Insider Activity at Nextpower

In other Nextpower news, Director William D. Watkins sold 10,000 shares of the company’s stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $91.85, for a total transaction of $918,500.00. Following the completion of the transaction, the director owned 16,777 shares in the company, valued at approximately $1,540,967.45. This represents a 37.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Daniel S. Shugar sold 47,743 shares of Nextpower stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $91.28, for a total transaction of $4,357,981.04. Following the completion of the sale, the chief executive officer directly owned 624,882 shares in the company, valued at approximately $57,039,228.96. The trade was a 7.10% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 96,468 shares of company stock worth $8,839,829 in the last three months. Insiders own 0.56% of the company’s stock.

Nextpower Price Performance

Shares of NXT traded up $3.18 during mid-day trading on Friday, reaching $117.62. 97,592 shares of the company’s stock were exchanged, compared to its average volume of 2,115,867. Nextpower Inc. has a 52-week low of $36.06 and a 52-week high of $131.59. The stock has a market capitalization of $17.45 billion, a PE ratio of 30.30, a price-to-earnings-growth ratio of 3.43 and a beta of 2.35. The business’s fifty day simple moving average is $96.02 and its 200-day simple moving average is $83.52.

Nextpower (NASDAQ:NXT) last released its quarterly earnings results on Tuesday, January 27th. The company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.17. The firm had revenue of $909.35 million for 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%. Equities research analysts predict that Nextpower Inc. will post 3.29 earnings per share for the current year.

Nextpower Company 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.