Bessemer Group Inc. Boosts Stock Position in Nextpower Inc. $NXT

Bessemer Group Inc. boosted its position in shares of Nextpower Inc. (NASDAQ:NXT) by 17,652.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 121,780 shares of the company’s stock after acquiring an additional 121,094 shares during the quarter. Bessemer Group Inc. owned 0.08% of Nextpower worth $9,009,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Cullen Frost Bankers Inc. boosted its stake in shares of Nextpower by 122.3% in the second quarter. Cullen Frost Bankers Inc. now owns 589 shares of the company’s stock valued at $32,000 after purchasing an additional 324 shares during the period. Hantz Financial Services Inc. boosted its position in Nextpower by 1,737.8% in the 2nd quarter. Hantz Financial Services Inc. now owns 827 shares of the company’s stock valued at $45,000 after buying an additional 782 shares during the period. MAI Capital Management grew its stake in shares of Nextpower by 309.4% in the second quarter. MAI Capital Management now owns 831 shares of the company’s stock worth $45,000 after acquiring an additional 628 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Nextpower by 179.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the company’s stock worth $61,000 after acquiring an additional 724 shares during the period. Finally, Global Retirement Partners LLC raised its stake in shares of Nextpower by 42,633.3% in the third quarter. Global Retirement Partners LLC now owns 1,282 shares of the company’s stock valued at $95,000 after acquiring an additional 1,279 shares in the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

NXT has been the subject of several analyst reports. KeyCorp raised Nextpower from a “sector weight” rating to an “overweight” rating and set a $142.00 target price for the company in a research note on Wednesday, January 28th. JPMorgan Chase & Co. increased their price objective on shares of Nextpower from $92.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, October 24th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $119.00 price objective on shares of Nextpower in a research report on Thursday, January 29th. Weiss Ratings reissued a “buy (b-)” rating on shares of Nextpower in a report on Monday, December 29th. Finally, TD Cowen raised their price target on Nextpower from $88.00 to $105.00 and gave the company a “hold” rating in a research note 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 assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $108.32.

Insider Buying and Selling at Nextpower

In other news, CAO David P. Bennett sold 33,725 shares of the stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $88.08, for a total value of $2,970,498.00. Following the completion of the sale, the chief accounting officer directly owned 130,967 shares of the company’s stock, valued at approximately $11,535,573.36. This represents a 20.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William D. Watkins sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $118.57, for a total transaction of $592,850.00. Following the transaction, the director owned 11,777 shares in the company, valued at approximately $1,396,398.89. This trade represents a 29.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 96,468 shares of company stock worth $8,839,829. 0.56% of the stock is owned by insiders.

Nextpower Price Performance

Shares of NASDAQ:NXT opened at $121.37 on Friday. Nextpower Inc. has a 12 month low of $36.06 and a 12 month high of $131.59. The firm has a market capitalization of $18.01 billion, a P/E ratio of 31.04, a P/E/G ratio of 3.37 and a beta of 2.35. The company’s fifty day moving average price is $96.60 and its 200 day moving average price is $83.94.

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