Castleark Management LLC Purchases 8,590 Shares of Nextpower Inc. $NXT

Castleark Management LLC raised its position in shares of Nextpower Inc. (NASDAQ:NXT) by 8.1% during the 1st quarter, Holdings Channel reports. The fund owned 114,074 shares of the company’s stock after purchasing an additional 8,590 shares during the period. Castleark Management LLC’s holdings in Nextpower were worth $13,752,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Gateway Wealth Partners LLC bought a new stake in Nextpower in the first quarter worth $412,000. OMERS ADMINISTRATION Corp raised its stake in Nextpower by 8.0% during the first quarter. OMERS ADMINISTRATION Corp now owns 24,417 shares of the company’s stock valued at $2,943,000 after purchasing an additional 1,800 shares in the last quarter. Lombard Odier Asset Management Switzerland SA bought a new position in Nextpower during the first quarter valued at $427,000. Lombard Odier Asset Management Europe Ltd lifted its position in Nextpower by 63.5% during the first quarter. Lombard Odier Asset Management Europe Ltd now owns 127,421 shares of the company’s stock valued at $15,361,000 after purchasing an additional 49,505 shares during the last quarter. Finally, Waverly Advisors LLC purchased a new position in shares of Nextpower in the 1st quarter worth $238,000. 67.41% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Nextpower

In other news, President Howard Wenger sold 62,670 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $130.25, for a total transaction of $8,162,767.50. Following the transaction, the president owned 426,467 shares of the company’s stock, valued at approximately $55,547,326.75. This represents a 12.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Nicholas Marco Miller sold 24,511 shares of the stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $127.32, for a total value of $3,120,740.52. Following the completion of the sale, the chief operating officer owned 221,533 shares in the company, valued at approximately $28,205,581.56. The trade was a 9.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 168,574 shares of company stock valued at $22,559,770. 0.84% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on NXT shares. Robert W. Baird boosted their target price on shares of Nextpower from $133.00 to $156.00 and gave the stock an “outperform” rating in a report on Wednesday, May 13th. Weiss Ratings downgraded shares of Nextpower from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, June 26th. Royal Bank Of Canada set a $179.00 price target on Nextpower in a research report on Tuesday, July 21st. JPMorgan Chase & Co. boosted their price objective on Nextpower from $155.00 to $174.00 and gave the stock an “overweight” rating in a research note on Friday, May 29th. Finally, KeyCorp upped their price objective on Nextpower from $152.00 to $164.00 and gave the company an “overweight” rating in a research report on Friday, May 29th. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $150.62.

Nextpower Stock Performance

NXT stock opened at $100.03 on Monday. Nextpower Inc. has a 12 month low of $52.61 and a 12 month high of $163.13. The company has a 50-day moving average price of $120.70 and a 200 day moving average price of $116.27. The stock has a market cap of $15.03 billion, a PE ratio of 26.12, a P/E/G ratio of 2.00 and a beta of 1.86.

Nextpower (NASDAQ:NXT) last issued its quarterly earnings results on Tuesday, May 12th. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $0.89 by $0.16. The company had revenue of $880.52 million for the quarter, compared to the consensus estimate of $826.26 million. Nextpower had a net margin of 16.46% and a return on equity of 28.18%. Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. Sell-side analysts forecast that Nextpower Inc. will post 3.73 EPS for the current 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.