William Blair Investment Management LLC Takes Position in Nextpower Inc. $NXT

William Blair Investment Management LLC bought a new position in Nextpower Inc. (NASDAQ:NXT) in the third quarter, HoldingsChannel.com reports. The fund bought 1,469,638 shares of the company’s stock, valued at approximately $108,739,000.

Several other institutional investors have also bought and sold shares of the stock. Bryce Point Capital LLC acquired a new stake in shares of Nextpower during the 2nd quarter worth about $998,000. Westfield Capital Management Co. LP boosted its holdings in shares of Nextpower by 6.1% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,398,057 shares of the company’s stock worth $103,442,000 after acquiring an additional 80,493 shares in the last quarter. Bank of New York Mellon Corp grew its position in Nextpower by 3.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,138,496 shares of the company’s stock worth $61,900,000 after acquiring an additional 35,642 shares during the last quarter. Belpointe Asset Management LLC acquired a new stake in Nextpower during the 3rd quarter valued at $832,000. Finally, Strs Ohio raised its position in Nextpower by 219.8% in the 3rd quarter. Strs Ohio now owns 110,000 shares of the company’s stock valued at $8,139,000 after purchasing an additional 75,600 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextpower Price Performance

Shares of NASDAQ NXT opened at $105.10 on Friday. Nextpower Inc. has a fifty-two week low of $36.06 and a fifty-two week high of $131.59. The firm has a market capitalization of $15.61 billion, a P/E ratio of 26.88, a P/E/G ratio of 3.09 and a beta of 2.35. The company’s 50 day simple moving average is $105.17 and its 200 day simple moving average is $90.20.

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

Wall Street Analyst Weigh In

NXT has been the subject of a number of research reports. Wells Fargo & Company raised their target price on Nextpower from $109.00 to $127.00 and gave the company an “overweight” rating in a research note on Wednesday, January 28th. Jefferies Financial Group cut shares of Nextpower from a “strong-buy” rating to a “hold” rating in a research report on Sunday, February 8th. Roth Mkm reiterated a “buy” rating and set a $130.00 target price on shares of Nextpower in a research report on Wednesday, January 28th. Robert W. Baird set a $126.00 price target on shares of Nextpower in a research note on Wednesday, January 28th. Finally, TD Cowen boosted their price objective 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 research 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’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $108.32.

Insider Transactions at Nextpower

In related news, Director William D. Watkins sold 5,000 shares of the business’s stock in a transaction that occurred on 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 owned 11,777 shares in the company, valued at approximately $1,396,398.89. The trade was a 29.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO David P. Bennett sold 33,725 shares of the stock in a transaction on Thursday, December 11th. The stock was 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 approximately $11,535,573.36. This trade represents a 20.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.56% of the company’s stock.

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.