Virtus Family Office LLC Cuts Position in Nextpower Inc. $NXT

Virtus Family Office LLC lowered its stake in shares of Nextpower Inc. (NASDAQ:NXT) by 27.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 22,125 shares of the company’s stock after selling 8,230 shares during the period. Nextpower comprises 1.5% of Virtus Family Office LLC’s portfolio, making the stock its 22nd largest holding. Virtus Family Office LLC’s holdings in Nextpower were worth $1,637,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Primecap Management Co. CA grew its holdings in shares of Nextpower by 1.1% in the 2nd quarter. Primecap Management Co. CA now owns 7,675,821 shares of the company’s stock worth $417,334,000 after acquiring an additional 83,227 shares during the period. Encompass Capital Advisors LLC grew its holdings in Nextpower by 11.0% in the second quarter. Encompass Capital Advisors LLC now owns 2,919,777 shares of the company’s stock valued at $158,748,000 after purchasing an additional 289,663 shares during the last quarter. Norges Bank purchased a new position in shares of Nextpower in the second quarter valued at $140,772,000. Handelsbanken Fonder AB increased its position in shares of Nextpower by 8.3% in the second quarter. Handelsbanken Fonder AB now owns 2,303,206 shares of the company’s stock valued at $125,225,000 after buying an additional 176,530 shares in the last quarter. Finally, Westfield Capital Management Co. LP boosted its position in shares of Nextpower by 6.0% in the 2nd quarter. Westfield Capital Management Co. LP now owns 1,317,564 shares of the company’s stock worth $71,636,000 after buying an additional 74,413 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Nextpower Stock Performance

Shares of Nextpower stock traded up $3.18 during trading hours on Friday, reaching $117.62. The company’s stock had a trading volume of 97,592 shares, compared to its average volume of 2,115,867. The stock has a market cap of $17.45 billion, a P/E ratio of 30.30, a price-to-earnings-growth ratio of 3.43 and a beta of 2.35. Nextpower Inc. has a one year low of $36.06 and a one year high of $131.59. The company’s 50 day simple moving average is $96.02 and its 200 day simple moving average is $83.52.

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

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Bank of America lifted their target price on shares of Nextpower from $102.00 to $108.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. Northland Securities set a $111.00 target price on Nextpower in a research note on Tuesday, January 6th. Barclays set a $115.00 target price on Nextpower in a research note on Thursday, January 29th. Wells Fargo & Company raised their price target on Nextpower from $109.00 to $127.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 28th. Finally, TD Cowen increased their price objective on shares of Nextpower from $88.00 to $105.00 and gave the stock a “hold” rating in a report on Wednesday, January 28th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $108.32.

Insider Buying and Selling at Nextpower

In other Nextpower news, Director William D. Watkins sold 5,000 shares of the business’s stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $118.57, for a total transaction of $592,850.00. Following the completion of the transaction, the director directly owned 11,777 shares of the company’s stock, valued at $1,396,398.89. The trade was a 29.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO David P. Bennett sold 33,725 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $88.08, for a total transaction of $2,970,498.00. Following the completion of the sale, the chief accounting officer owned 130,967 shares in the company, valued at $11,535,573.36. The trade was a 20.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 96,468 shares of company stock worth $8,839,829. 0.56% of the stock is owned by insiders.

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.