Neo Ivy Capital Management Buys New Position in Nextpower Inc. $NXT

Neo Ivy Capital Management purchased a new position in shares of Nextpower Inc. (NASDAQ:NXT) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 24,252 shares of the company’s stock, valued at approximately $1,794,000.

Several other hedge funds also recently made changes to their positions in NXT. Foster Dykema Cabot & Partners LLC bought a new stake in shares of Nextpower in the third quarter worth $36,000. MAI Capital Management grew its position in Nextpower by 309.4% in the second quarter. MAI Capital Management now owns 831 shares of the company’s stock valued at $45,000 after purchasing an additional 628 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in Nextpower by 179.7% in the second 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 in the last quarter. Fifth Third Bancorp increased its stake in Nextpower by 15.9% in the 3rd quarter. Fifth Third Bancorp now owns 1,264 shares of the company’s stock valued at $94,000 after buying an additional 173 shares during the last quarter. Finally, Global Retirement Partners LLC increased its stake in Nextpower by 42,633.3% in the 3rd quarter. Global Retirement Partners LLC now owns 1,282 shares of the company’s stock valued at $95,000 after buying an additional 1,279 shares during the last quarter. 67.41% of the stock is owned by institutional investors.

Nextpower Stock Performance

Shares of NXT stock opened at $101.43 on Friday. The firm’s 50-day moving average is $106.30 and its 200-day moving average is $91.49. The stock has a market cap of $15.06 billion, a price-to-earnings ratio of 25.94, a PEG ratio of 3.04 and a beta of 2.41. Nextpower Inc. has a 52-week low of $36.06 and a 52-week high of $131.59.

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

Insider Activity

In other news, CEO Daniel S. Shugar sold 39,892 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $101.04, for a total value of $4,030,687.68. Following the completion of the sale, the chief executive officer directly owned 584,990 shares of the company’s stock, valued at $59,107,389.60. This trade represents a 6.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO David P. Bennett sold 33,725 shares of Nextpower stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $88.08, for a total value of $2,970,498.00. Following the transaction, the chief accounting officer owned 130,967 shares of the company’s stock, valued at $11,535,573.36. This represents a 20.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 78,617 shares of company stock valued at $7,594,036 over the last three months. Insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Bank of America raised their price objective on Nextpower from $102.00 to $108.00 and gave the company a “buy” rating in a report on Thursday, January 22nd. Needham & Company LLC increased their price target on Nextpower from $103.00 to $138.00 and gave the company a “buy” rating in a research report on Thursday, January 29th. Jefferies Financial Group downgraded Nextpower from a “strong-buy” rating to a “hold” rating in a research note on Sunday, February 8th. TD Cowen boosted their price target on Nextpower from $88.00 to $105.00 and gave the stock a “hold” rating in a research report on Wednesday, January 28th. Finally, Wall Street Zen cut Nextpower from a “strong-buy” rating to a “buy” rating in a research note on Sunday, January 25th. One 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, the company currently has a consensus rating of “Moderate Buy” and an average target price 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.