NewEdge Advisors LLC Has $766,000 Holdings in Nextpower Inc. $NXT

NewEdge Advisors LLC boosted its holdings in shares of Nextpower Inc. (NASDAQ:NXT) by 908.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,354 shares of the company’s stock after acquiring an additional 5,724 shares during the period. NewEdge Advisors LLC’s holdings in Nextpower were worth $766,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Legal & General Group Plc grew its position in shares of Nextpower by 4.6% in the 4th quarter. Legal & General Group Plc now owns 414,304 shares of the company’s stock valued at $36,090,000 after purchasing an additional 18,380 shares during the period. Gateway Investment Advisers LLC raised its holdings in Nextpower by 215.1% during the 4th quarter. Gateway Investment Advisers LLC now owns 24,006 shares of the company’s stock worth $2,091,000 after buying an additional 16,388 shares during the period. Flputnam Investment Management Co. acquired a new stake in Nextpower during the 4th quarter worth approximately $615,000. Vestcor Inc lifted its stake in Nextpower by 480.8% in the fourth quarter. Vestcor Inc now owns 21,947 shares of the company’s stock valued at $1,912,000 after buying an additional 18,168 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd acquired a new position in shares of Nextpower in the fourth quarter valued at approximately $5,081,000. 67.41% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Daniel S. Shugar sold 67,636 shares of the business’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $103.07, for a total transaction of $6,971,242.52. Following the transaction, the chief executive officer directly owned 871,131 shares in the company, valued at approximately $89,787,472.17. The trade was a 7.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Howard Wenger sold 62,670 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $130.25, for a total transaction of $8,162,767.50. Following the sale, the president directly owned 426,467 shares in the company, valued at $55,547,326.75. This trade represents a 12.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Insiders sold 209,074 shares of company stock valued at $25,755,251 in the last ninety days. 0.84% of the stock is currently owned by insiders.

Analysts Set New Price Targets

NXT has been the subject of several research reports. Loop Capital set a $135.00 price objective on shares of Nextpower in a research report on Wednesday, May 13th. Robert W. Baird boosted their price objective on shares of Nextpower from $133.00 to $156.00 and gave the company an “outperform” rating in a research report on Wednesday, May 13th. Needham & Company LLC reaffirmed a “buy” rating and issued a $149.00 target price on shares of Nextpower in a research note on Friday, May 29th. Wall Street Zen cut Nextpower from a “buy” rating to a “hold” rating in a report on Monday, April 27th. Finally, UBS Group reissued a “buy” rating and issued a $160.00 price target on shares of Nextpower in a research note on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Nextpower has an average rating of “Moderate Buy” and a consensus target price of $146.12.

Nextpower Stock Up 1.1%

Shares of NXT stock opened at $92.12 on Thursday. The firm has a market cap of $13.98 billion, a PE ratio of 23.87, a P/E/G ratio of 1.83 and a beta of 1.95. Nextpower Inc. has a 12 month low of $63.87 and a 12 month high of $163.13. The company’s fifty day simple moving average is $107.84 and its 200-day simple moving average is $116.00.

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