Nextpower Inc. $NXT Position Raised by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in Nextpower Inc. (NASDAQ:NXT) by 31.2% in the third quarter, HoldingsChannel.com reports. The firm owned 112,787 shares of the company’s stock after buying an additional 26,819 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Nextpower were worth $8,789,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in NXT. Tidal Investments LLC raised its holdings in Nextpower by 20.2% during the second quarter. Tidal Investments LLC now owns 102,483 shares of the company’s stock worth $12,210,000 after purchasing an additional 17,221 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Nextpower during the 2nd quarter worth approximately $1,792,000. Reynders McVeigh Capital Management LLC lifted its position in shares of Nextpower by 15.0% during the 2nd quarter. Reynders McVeigh Capital Management LLC now owns 157,897 shares of the company’s stock worth $18,812,000 after buying an additional 20,547 shares during the last quarter. Lombard Odier Asset Management Europe Ltd lifted its position in shares of Nextpower by 63.5% during the 1st quarter. Lombard Odier Asset Management Europe Ltd now owns 127,421 shares of the company’s stock worth $15,361,000 after buying an additional 49,505 shares during the last quarter. Finally, J. Safra Sarasin Holding AG purchased a new stake in shares of Nextpower during the 1st quarter worth approximately $2,378,000. 67.41% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Nextpower

In other news, CFO Charles Boynton sold 4,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $79.98, for a total value of $359,910.00. Following the completion of the sale, the chief financial officer directly owned 354,000 shares of the company’s stock, valued at $28,312,920. This trade represents a 1.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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 Nextpower stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $91.25, for a total value of $676,618.75. Following the completion of 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 sold 100,431 shares of company stock worth $10,039,748. 0.84% of the stock is currently owned by company insiders.

Nextpower Stock Up 3.5%

Shares of NASDAQ:NXT opened at $81.77 on Thursday. The company has a market cap of $12.41 billion, a P/E ratio of 21.18, a PEG ratio of 1.90 and a beta of 1.94. Nextpower Inc. has a 52 week low of $76.71 and a 52 week high of $163.13. The company has a 50-day moving average price of $84.56 and a 200 day moving average price of $105.61.

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

More Nextpower News

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

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Royal Bank Of Canada dropped their target price on shares of Nextpower from $149.00 to $147.00 and set an “outperform” rating on the stock in a research report on Friday, July 31st. Freedom Capital upgraded shares of Nextpower from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 31st. Glj Research reissued a “buy” rating and issued a $149.00 price target on shares of Nextpower in a research report on Wednesday, August 5th. TD Cowen raised shares of Nextpower to a “hold” rating in a research report on Monday, October 5th. Finally, Guggenheim upgraded shares of Nextpower from a “neutral” rating to a “buy” rating and set a $125.00 price objective for the company in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $139.77.

Nextpower 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.