Nextpower Inc. $NXT Shares Sold by Nordea Investment Management AB

Nordea Investment Management AB lowered its position in Nextpower Inc. (NASDAQ:NXT) by 12.7% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 162,756 shares of the company’s stock after selling 23,610 shares during the period. Nordea Investment Management AB’s holdings in Nextpower were worth $14,301,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of NXT. Westfield Capital Management Co. LP raised its position in Nextpower by 6.1% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,398,057 shares of the company’s stock valued at $103,442,000 after purchasing an additional 80,493 shares during the last quarter. Belpointe Asset Management LLC acquired a new stake in Nextpower during the 3rd quarter worth $832,000. Strs Ohio grew its position in Nextpower by 219.8% during the 3rd quarter. Strs Ohio now owns 110,000 shares of the company’s stock worth $8,139,000 after purchasing an additional 75,600 shares during the last quarter. New York Life Investment Management LLC acquired a new position in Nextpower in the third quarter valued at $1,008,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Nextpower by 31.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 72,500 shares of the company’s stock valued at $5,364,000 after purchasing an additional 17,500 shares during the period. 67.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on NXT shares. UBS Group upped their target price on shares of Nextpower from $125.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, January 28th. Wells Fargo & Company raised their price target on Nextpower from $109.00 to $127.00 and gave the stock an “overweight” rating in a report on Wednesday, January 28th. Mizuho set a $81.00 price target on Nextpower in a research report on Friday, January 23rd. Needham & Company LLC upped their price objective on Nextpower from $103.00 to $138.00 and gave the company a “buy” rating in a research note on Thursday, January 29th. Finally, KeyCorp reaffirmed an “overweight” rating on shares of Nextpower in a research report on Friday, March 13th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Nextpower currently has a consensus rating of “Moderate Buy” and a consensus price target of $111.49.

Nextpower Stock Performance

NXT stock opened at $124.86 on Wednesday. Nextpower Inc. has a one year low of $36.06 and a one year high of $131.59. The stock has a market capitalization of $18.54 billion, a PE ratio of 31.93, a price-to-earnings-growth ratio of 2.78 and a beta of 2.41. The company has a fifty day moving average of $112.51 and a 200-day moving average of $96.02.

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

Insider Transactions at Nextpower

In other Nextpower news, Director William D. Watkins sold 5,000 shares of Nextpower stock in a transaction that occurred 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 sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Daniel S. Shugar sold 59,456 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer owned 746,339 shares in the company, valued at $78,492,472.63. The trade was a 7.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 104,348 shares of company stock valued at $10,876,525. 0.56% of the stock is owned by insiders.

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.