Handelsbanken Fonder AB Lowers Holdings in Nextpower Inc. $NXT

Handelsbanken Fonder AB trimmed its position in Nextpower Inc. (NASDAQ:NXT) by 0.3% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 2,013,766 shares of the company’s stock after selling 6,770 shares during the quarter. Nextpower makes up 0.7% of Handelsbanken Fonder AB’s portfolio, making the stock its 27th biggest position. Handelsbanken Fonder AB’s holdings in Nextpower were worth $239,920,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Jupiter Asset Management Ltd. raised its holdings in shares of Nextpower by 0.3% in the fourth quarter. Jupiter Asset Management Ltd. now owns 26,706 shares of the company’s stock valued at $2,326,000 after acquiring an additional 86 shares in the last quarter. Root Financial Partners LLC lifted its stake in Nextpower by 30.0% in the first quarter. Root Financial Partners LLC now owns 446 shares of the company’s stock worth $54,000 after acquiring an additional 103 shares during the period. Signature Equity Partners LLC grew its holdings in Nextpower by 76.4% during the 1st quarter. Signature Equity Partners LLC now owns 261 shares of the company’s stock worth $31,000 after acquiring an additional 113 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in Nextpower by 2.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 5,963 shares of the company’s stock worth $719,000 after acquiring an additional 119 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in Nextpower by 12.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,314 shares of the company’s stock valued at $114,000 after purchasing an additional 143 shares during the period. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on NXT. Citigroup reduced their price target on shares of Nextpower from $145.00 to $132.00 and set a “buy” rating for the company in a report on Monday, August 3rd. Robert W. Baird increased their price objective on shares of Nextpower from $133.00 to $156.00 and gave the company an “outperform” rating in a research note on Wednesday, May 13th. Mizuho cut their price objective on shares of Nextpower from $142.00 to $111.00 and set a “neutral” rating on the stock in a report on Tuesday, August 4th. Jefferies Financial Group reissued a “buy” rating and issued a $131.00 price objective on shares of Nextpower in a research note on Friday, July 31st. Finally, Wolfe Research reaffirmed an “outperform” rating and set a $160.00 target price on shares of Nextpower in a research report on Friday, May 29th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $146.12.

Insider Buying and Selling at Nextpower

In related news, CEO Daniel S. Shugar sold 26,077 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $134.72, for a total value of $3,513,093.44. Following the completion of the transaction, the chief executive officer directly owned 931,419 shares of the company’s stock, valued at $125,480,767.68. This trade represents a 2.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Julia Blunden sold 2,289 shares of Nextpower stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $97.22, for a total transaction of $222,536.58. Following the completion of the sale, the director owned 7,415 shares of the company’s stock, valued at $720,886.30. This trade represents a 23.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 170,863 shares of company stock valued at $22,782,306. Insiders own 0.84% of the company’s stock.

Nextpower Price Performance

Nextpower stock opened at $102.91 on Tuesday. The stock has a market capitalization of $15.61 billion, a price-to-earnings ratio of 26.66, a PEG ratio of 2.07 and a beta of 1.95. Nextpower Inc. has a 1-year low of $52.61 and a 1-year high of $163.13. The business has a fifty day moving average price of $112.65 and a 200-day moving average price of $116.48.

Nextpower (NASDAQ:NXT) last announced its earnings results on Thursday, July 30th. The company reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.15. Nextpower had a return on equity of 26.29% and a net margin of 16.36%.The company had revenue of $935.17 million for the quarter, compared to analyst estimates of $935.39 million. On average, equities research analysts anticipate that Nextpower Inc. will post 3.73 earnings per share for the current fiscal year.

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.