Nordea Investment Management AB Decreases Stock Position in Nextpower Inc. $NXT

Nordea Investment Management AB trimmed its stake in shares of Nextpower Inc. (NASDAQ:NXT) by 12.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 162,756 shares of the company’s stock after selling 23,610 shares during the quarter. Nordea Investment Management AB owned 0.11% of Nextpower worth $14,301,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the stock. Foster Dykema Cabot & Partners LLC purchased a new position in shares of Nextpower in the 3rd quarter valued at about $36,000. Northwestern Mutual Wealth Management Co. grew its position in shares of Nextpower by 511.1% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 495 shares of the company’s stock worth $37,000 after buying an additional 414 shares in the last quarter. BOKF NA increased its stake in shares of Nextpower by 1,135.7% during the third quarter. BOKF NA now owns 519 shares of the company’s stock worth $38,000 after buying an additional 477 shares during the period. MAI Capital Management increased its stake 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 during the period. Finally, EverSource Wealth Advisors LLC raised its holdings 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 acquiring an additional 724 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on NXT shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of Nextpower in a research note on Monday, December 29th. KeyCorp reissued an “overweight” rating on shares of Nextpower in a research report on Friday, March 13th. Bank of America raised their price objective on shares of Nextpower from $102.00 to $108.00 and gave the company a “buy” rating in a report on Thursday, January 22nd. Glj Research reaffirmed a “buy” rating and set a $147.33 price objective on shares of Nextpower in a research report on Monday, March 16th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $119.00 target price on shares of Nextpower in a research note on Thursday, January 29th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $111.49.

Nextpower Stock Up 6.8%

Shares of Nextpower stock opened at $124.86 on Wednesday. Nextpower Inc. has a 52 week low of $36.06 and a 52 week high of $131.59. The firm’s 50 day moving average is $112.51 and its two-hundred day moving average is $96.02. The firm has a market capitalization of $18.54 billion, a P/E ratio of 31.93, a P/E/G ratio of 2.78 and a beta of 2.41.

Nextpower (NASDAQ:NXT) last issued its quarterly earnings data on Tuesday, January 27th. The company reported $1.10 earnings per share for the quarter, topping 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 business had revenue of $909.35 million during the quarter, compared to the consensus estimate of $812.43 million. As a group, research analysts expect that Nextpower Inc. will post 3.29 earnings per share for the current fiscal year.

Insider Buying and Selling at Nextpower

In related news, CEO Daniel S. Shugar sold 59,456 shares of the business’s stock in a transaction on Monday, March 9th. The shares were sold at an average price of $105.17, for a total value of $6,252,987.52. Following the completion of the sale, the chief executive officer directly owned 746,339 shares of the company’s stock, valued at $78,492,472.63. The trade was a 7.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William D. Watkins sold 5,000 shares of the company’s stock in a transaction 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 of the company’s stock, valued at $1,396,398.89. This represents a 29.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 104,348 shares of company stock worth $10,876,525 over the last quarter. 0.56% of the stock is owned by company insiders.

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.