Nextpower Inc. $NXT Shares Sold by E. Ohman J or Asset Management AB

E. Ohman J or Asset Management AB decreased its holdings in Nextpower Inc. (NASDAQ:NXT) by 10.5% in the 4th quarter, HoldingsChannel reports. The firm owned 51,098 shares of the company’s stock after selling 6,000 shares during the quarter. E. Ohman J or Asset Management AB’s holdings in Nextpower were worth $4,451,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Nextpower by 2.0% in the third quarter. Vanguard Group Inc. now owns 14,167,845 shares of the company’s stock worth $1,048,279,000 after purchasing an additional 283,981 shares during the period. State Street Corp increased its stake in Nextpower by 0.6% during the 3rd quarter. State Street Corp now owns 5,391,696 shares of the company’s stock valued at $398,932,000 after buying an additional 31,689 shares during the period. Encompass Capital Advisors LLC increased its stake in 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 buying an additional 289,663 shares during the period. Invesco Ltd. raised its position in shares of Nextpower by 9.9% during the 3rd quarter. Invesco Ltd. now owns 2,725,449 shares of the company’s stock worth $201,656,000 after buying an additional 245,412 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Nextpower during the 2nd quarter worth about $140,772,000. 67.41% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director William D. Watkins sold 5,000 shares of Nextpower stock in a transaction on Friday, January 30th. The stock was sold at an average price of $118.57, for a total value of $592,850.00. Following the transaction, the director directly owned 11,777 shares in the company, valued at $1,396,398.89. The trade was a 29.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Daniel S. Shugar sold 59,456 shares of the business’s stock in a transaction on Monday, March 9th. The stock was sold at an average price of $105.17, for a total value of $6,252,987.52. Following the sale, the chief executive officer directly owned 746,339 shares in the company, valued at $78,492,472.63. This trade represents a 7.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 104,348 shares of company stock worth $10,876,525 over the last 90 days. Insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on NXT. Wall Street Zen cut shares of Nextpower from a “strong-buy” rating to a “buy” rating in a report on Sunday, January 25th. KeyCorp restated an “overweight” rating on shares of Nextpower in a research report on Friday, March 13th. BMO Capital Markets reaffirmed a “market perform” rating and set a $104.00 price target on shares of Nextpower in a research note on Wednesday, January 28th. Barclays set a $115.00 price target on Nextpower in a research report on Thursday, January 29th. Finally, Robert W. Baird set a $126.00 price objective on Nextpower in a report on Wednesday, January 28th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, Nextpower has a consensus rating of “Moderate Buy” and an average target price of $111.49.

Nextpower Price Performance

NXT stock opened at $116.91 on Tuesday. The firm has a market cap of $17.36 billion, a PE ratio of 29.90, a P/E/G ratio of 2.72 and a beta of 2.41. Nextpower Inc. has a 12 month low of $36.06 and a 12 month high of $131.59. The firm has a 50 day simple moving average of $112.02 and a 200 day simple moving average of $95.63.

Nextpower (NASDAQ:NXT) last posted its quarterly earnings results on Tuesday, January 27th. The company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate 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 net margin of 16.43% and a return on equity of 32.01%. As a group, sell-side analysts expect 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.