13,565 Nextpower Inc. $NXT Shares Acquired by IFP Advisors Inc

IFP Advisors Inc lifted its stake in shares of Nextpower Inc. (NASDAQ:NXT) by 269.8% during the 3rd quarter, Holdings Channel reports. The fund owned 18,593 shares of the company’s stock after buying an additional 13,565 shares during the quarter. IFP Advisors Inc’s holdings in Nextpower were worth $1,449,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Vontobel Holding Ltd. increased its position in Nextpower by 27.9% during the third quarter. Vontobel Holding Ltd. now owns 4,730 shares of the company’s stock worth $369,000 after purchasing an additional 1,033 shares during the last quarter. TD Waterhouse Canada Inc. raised its stake in Nextpower by 1,212.7% during the third quarter. TD Waterhouse Canada Inc. now owns 5,684 shares of the company’s stock worth $452,000 after purchasing an additional 5,251 shares during the period. Assenagon Asset Management S.A. raised its stake in Nextpower by 61.1% during the third quarter. Assenagon Asset Management S.A. now owns 55,818 shares of the company’s stock worth $4,350,000 after purchasing an additional 21,165 shares during the period. Formuepleje A S acquired a new position in Nextpower in the 3rd quarter valued at about $783,000. Finally, Viking Fund Management LLC boosted its holdings in Nextpower by 84.2% in the 3rd quarter. Viking Fund Management LLC now owns 35,000 shares of the company’s stock valued at $2,728,000 after purchasing an additional 16,000 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

Insiders Place Their Bets

In related news, President Howard Wenger sold 11,176 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $104.78, for a total transaction of $1,171,021.28. Following the sale, the president directly owned 419,868 shares of the company’s stock, valued at $43,993,769.04. This represents a 2.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Brandi Thomas sold 7,415 shares of the stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $91.25, for a total transaction of $676,618.75. Following the sale, the director owned 7,914 shares in the company, valued at approximately $722,152.50. This trade represents a 48.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 100,431 shares of company stock valued at $10,039,748. 0.84% of the stock is owned by company insiders.

Key Headlines Impacting Nextpower

Here are the key news stories impacting Nextpower this week:

• Positive Sentiment: Citigroup lowered its price target from $121 to $111 but maintained a Buy rating. The revised target still implies approximately 35.7% upside from the referenced share price, suggesting Citi believes the recent weakness may be overdone. Citigroup lowers Nextpower price target while maintaining Buy rating
• Positive Sentiment: Analyst estimates compiled by American Banking News show an average price target of $140.85, substantially above the current trading level. This indicates considerable potential upside if the company meets earnings expectations and maintains its growth outlook. Nextpower average analyst price target
• Neutral Sentiment: Nextpower is scheduled to report quarterly results on Wednesday. The report is likely to be the key near-term catalyst, with investors focused on revenue growth, margins and management’s outlook. Nextpower upcoming quarterly earnings
• Negative Sentiment: Zacks expects Nextpower’s upcoming second-quarter earnings to decline and says the company lacks the typical indicators associated with a likely earnings beat. That forecast could weigh on the stock ahead of the report. Zacks Nextpower earnings preview
• Negative Sentiment: JPMorgan has lowered its expectations for Nextpower’s stock price, adding to the cautious analyst tone surrounding the company before earnings. JPMorgan lowers Nextpower stock expectations

Nextpower Price Performance

NASDAQ NXT opened at $81.77 on Thursday. The company has a market cap of $12.41 billion, a P/E ratio of 20.53, a P/E/G ratio of 1.90 and a beta of 1.94. The stock has a 50-day moving average of $84.56 and a two-hundred day moving average of $105.61. Nextpower Inc. has a 1-year low of $76.71 and a 1-year high of $163.13.

Nextpower (NASDAQ:NXT) last issued its quarterly earnings results on Thursday, July 30th. The company reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.15. The company had revenue of $935.17 million for the quarter, compared to analyst estimates of $935.39 million. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. On average, analysts anticipate that Nextpower Inc. will post 3.80 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Weiss Ratings downgraded shares of Nextpower from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, July 29th. JPMorgan Chase & Co. decreased their price objective on Nextpower from $152.00 to $136.00 and set an “overweight” rating on the stock in a report on Monday. Glj Research reiterated a “buy” rating and issued a $149.00 price objective on shares of Nextpower in a report on Wednesday, August 5th. Mizuho lowered their price objective on Nextpower from $111.00 to $101.00 and set a “neutral” rating for the company in a research report on Thursday, October 15th. Finally, Deutsche Bank Aktiengesellschaft set a $137.00 target price on Nextpower in a research note on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Nextpower presently has a consensus rating of “Moderate Buy” and a consensus price target of $139.77.

Nextpower Company Profile

Nextracker Inc is a renewable energy technology company that designs, manufactures and supplies intelligent solar-tracking systems for utility-scale and large commercial solar power projects. Its systems adjust the position of solar panels throughout the day to help photovoltaic modules capture more sunlight and improve energy production.

The company’s product portfolio includes single-axis solar trackers, structural components, foundations and related hardware, as well as software and controls designed to optimize tracker performance.