Earnest Partners LLC Trims Position in Nextpower Inc. $NXT

Earnest Partners LLC decreased its position in Nextpower Inc. (NASDAQ:NXT) by 1.9% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,278,334 shares of the company’s stock after selling 25,298 shares during the quarter. Earnest Partners LLC’s holdings in Nextpower were worth $94,584,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank purchased a new stake in shares of Nextpower during the 2nd quarter valued at about $140,772,000. William Blair Investment Management LLC purchased a new position in shares of Nextpower in the third quarter worth approximately $108,739,000. Amundi grew its position in Nextpower by 156.1% during the third quarter. Amundi now owns 2,111,628 shares of the company’s stock valued at $161,600,000 after buying an additional 1,287,071 shares during the period. Allianz Asset Management GmbH increased its holdings in Nextpower by 938.0% during the third quarter. Allianz Asset Management GmbH now owns 794,538 shares of the company’s stock valued at $58,788,000 after buying an additional 717,991 shares during the last quarter. Finally, Electron Capital Partners LLC raised its position in Nextpower by 2,017.7% in the third quarter. Electron Capital Partners LLC now owns 566,415 shares of the company’s stock worth $41,909,000 after acquiring an additional 539,668 shares during the period. 67.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on NXT. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $119.00 price objective on shares of Nextpower in a research report on Thursday, January 29th. TD Cowen boosted their price target on Nextpower from $88.00 to $105.00 and gave the company a “hold” rating in a report on Wednesday, January 28th. Weiss Ratings restated a “buy (b-)” rating on shares of Nextpower in a research report on Monday, December 29th. Needham & Company LLC lifted their price objective on Nextpower from $103.00 to $138.00 and gave the company a “buy” rating in a research report on Thursday, January 29th. Finally, Wells Fargo & Company boosted their price objective on Nextpower from $109.00 to $127.00 and gave the company an “overweight” rating in a research note on Wednesday, January 28th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, Nextpower has an average rating of “Moderate Buy” and a consensus price target of $110.01.

Insider Buying and Selling

In other news, Director William D. Watkins sold 5,000 shares of the business’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 transaction, the director owned 11,777 shares of the company’s stock, valued at approximately $1,396,398.89. The trade was a 29.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Daniel S. Shugar sold 59,456 shares of Nextpower stock in a transaction on Monday, March 9th. The shares were sold at an average price of $105.17, for a total transaction of $6,252,987.52. Following the completion of the sale, the chief executive officer owned 746,339 shares in the company, valued at approximately $78,492,472.63. This represents a 7.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 104,348 shares of company stock valued at $10,876,525. Insiders own 0.56% of the company’s stock.

Nextpower Stock Up 3.2%

NASDAQ:NXT opened at $119.64 on Friday. The business’s 50-day simple moving average is $108.90 and its two-hundred day simple moving average is $93.33. Nextpower Inc. has a 52 week low of $36.06 and a 52 week high of $131.59. The stock has a market cap of $17.76 billion, a PE ratio of 30.60, a P/E/G ratio of 2.84 and a beta of 2.41.

Nextpower (NASDAQ:NXT) last released its quarterly earnings data on Tuesday, January 27th. The company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.17. The firm 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%. Sell-side analysts anticipate that Nextpower Inc. will post 3.29 earnings per share for the current fiscal year.

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.