Primecap Management Co. CA Has $552 Million Stake in Nextpower Inc. $NXT

Primecap Management Co. CA decreased its position in shares of Nextpower Inc. (NASDAQ:NXT) by 2.8% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 7,460,451 shares of the company’s stock after selling 215,370 shares during the quarter. Primecap Management Co. CA owned approximately 0.05% of Nextpower worth $551,999,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Hantz Financial Services Inc. grew its stake in Nextpower by 1,737.8% during the second quarter. Hantz Financial Services Inc. now owns 827 shares of the company’s stock worth $45,000 after buying an additional 782 shares in the last quarter. MAI Capital Management increased its holdings in shares of Nextpower by 309.4% during the second quarter. MAI Capital Management now owns 831 shares of the company’s stock worth $45,000 after buying an additional 628 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in Nextpower by 179.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the company’s stock valued at $61,000 after purchasing an additional 724 shares during the last quarter. Fifth Third Bancorp grew its holdings in shares of Nextpower by 15.9% during the third quarter. Fifth Third Bancorp now owns 1,264 shares of the company’s stock worth $94,000 after purchasing an additional 173 shares during the last quarter. Finally, Global Retirement Partners LLC increased 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 buying an additional 1,279 shares during the period. 67.41% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on NXT. KeyCorp raised shares of Nextpower from a “sector weight” rating to an “overweight” rating and set a $142.00 target price on the stock in a report on Wednesday, January 28th. Needham & Company LLC boosted their price objective on shares of Nextpower from $103.00 to $138.00 and gave the stock a “buy” rating in a research note on Thursday, January 29th. Royal Bank Of Canada raised their target price on Nextpower from $93.00 to $96.00 and gave the stock an “outperform” rating in a research report on Thursday, November 13th. Robert W. Baird set a $126.00 target price on Nextpower in a report on Wednesday, January 28th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $119.00 target price on shares of Nextpower in a research report on Thursday, January 29th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, Nextpower currently has an average rating of “Moderate Buy” and an average price target of $108.32.

Insider Activity

In related news, Director William D. Watkins sold 5,000 shares of the business’s stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $118.57, for a total value of $592,850.00. Following the completion of the sale, 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO David P. Bennett sold 33,725 shares of the company’s 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 transaction, the chief accounting officer directly owned 130,967 shares in the company, valued at approximately $11,535,573.36. This trade represents a 20.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.56% of the stock is currently owned by corporate insiders.

Nextpower Stock Down 3.4%

Shares of NXT stock opened at $116.51 on Thursday. The firm has a 50 day moving average of $104.45 and a 200-day moving average of $89.47. The company has a market cap of $17.30 billion, a price-to-earnings ratio of 29.80, a price-to-earnings-growth ratio of 3.55 and a beta of 2.35. Nextpower Inc. has a 52 week low of $36.06 and a 52 week high of $131.59.

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

Nextpower Company 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.