SCP Investment LP Purchases 7,600 Shares of Nextpower Inc. $NXT

SCP Investment LP boosted its position in Nextpower Inc. (NASDAQ:NXT) by 124.8% during the third quarter, Holdings Channel reports. The institutional investor owned 13,688 shares of the company’s stock after purchasing an additional 7,600 shares during the quarter. Nextpower comprises approximately 0.8% of SCP Investment LP’s portfolio, making the stock its 25th largest holding. SCP Investment LP’s holdings in Nextpower were worth $1,013,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Nextpower by 19.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 437,490 shares of the company’s stock worth $18,436,000 after acquiring an additional 71,842 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Nextpower by 7.2% during the second quarter. Allspring Global Investments Holdings LLC now owns 21,155 shares of the company’s stock worth $1,217,000 after purchasing an additional 1,420 shares during the last quarter. Envestnet Portfolio Solutions Inc. bought a new position in Nextpower in the second quarter valued at $612,000. Allianz Asset Management GmbH increased its stake in Nextpower by 34.6% in the 2nd quarter. Allianz Asset Management GmbH now owns 76,547 shares of the company’s stock valued at $4,162,000 after buying an additional 19,657 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Nextpower during the 2nd quarter worth about $956,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextpower Stock Performance

NASDAQ NXT opened at $122.59 on Wednesday. The stock has a market cap of $18.20 billion, a PE ratio of 31.35, a P/E/G ratio of 3.42 and a beta of 2.35. The firm has a 50-day moving average of $100.78 and a 200-day moving average of $87.04. Nextpower Inc. has a 52-week low of $36.06 and a 52-week high of $131.59.

Nextpower (NASDAQ:NXT) last issued its quarterly earnings data on Tuesday, January 27th. The company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.17. Nextpower had a return on equity of 32.01% and a net margin of 16.43%.The firm had revenue of $909.35 million for the quarter, compared to analyst estimates of $812.43 million. As a group, analysts predict that Nextpower Inc. will post 3.29 EPS for the current fiscal year.

Insider Activity at Nextpower

In other news, Director William D. Watkins sold 5,000 shares of the stock in a transaction 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 sale, the director directly owned 11,777 shares of the company’s stock, valued at approximately $1,396,398.89. This represents a 29.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO David P. Bennett sold 33,725 shares of the firm’s stock in a transaction 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 transaction, 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. The disclosure for this sale is available in the SEC filing. Insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on NXT. Northland Securities set a $111.00 target price on Nextpower in a research report on Tuesday, January 6th. Roth Mkm restated a “buy” rating and issued a $130.00 price target on shares of Nextpower in a research note on Wednesday, January 28th. Barclays set a $115.00 price objective on Nextpower in a research note on Thursday, January 29th. Mizuho set a $81.00 target price on shares of Nextpower in a report on Friday, January 23rd. Finally, TD Cowen upped their price target on shares of Nextpower from $88.00 to $105.00 and gave the stock a “hold” rating in a research report on Wednesday, January 28th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, Nextpower presently has a consensus rating of “Moderate Buy” and an average target price of $108.32.

Nextpower Profile

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.