Lombard Odier Asset Management USA Corp Takes $1.46 Million Position in Nextpower Inc. $NXT

Lombard Odier Asset Management USA Corp acquired a new position in Nextpower Inc. (NASDAQ:NXT) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 19,716 shares of the company’s stock, valued at approximately $1,459,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Westfield Capital Management Co. LP increased its stake in 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 purchasing an additional 80,493 shares during the period. Belpointe Asset Management LLC purchased a new stake in shares of Nextpower during the third quarter valued at approximately $832,000. Strs Ohio boosted its stake in shares of Nextpower by 219.8% during the third 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 period. New York Life Investment Management LLC bought a new position in shares of Nextpower in the third quarter worth approximately $1,008,000. Finally, Allianz Asset Management GmbH grew its holdings in shares of Nextpower by 938.0% in the third quarter. Allianz Asset Management GmbH now owns 794,538 shares of the company’s stock worth $58,788,000 after purchasing an additional 717,991 shares during the last quarter. Institutional investors own 67.41% of the company’s stock.

Insider Transactions at Nextpower

In related news, CEO Daniel S. Shugar sold 59,456 shares of the stock in a transaction dated 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 transaction, the chief executive officer directly owned 746,339 shares of the company’s stock, valued at $78,492,472.63. This represents a 7.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director William D. Watkins sold 5,000 shares of the firm’s stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $118.57, for a total transaction of $592,850.00. Following the completion of the sale, the director owned 11,777 shares of the company’s stock, valued at $1,396,398.89. This trade represents a 29.80% decrease in their ownership of the stock. 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 in the last ninety days. Insiders own 0.56% of the company’s stock.

Nextpower Stock Down 1.3%

Shares of Nextpower stock opened at $118.09 on Tuesday. The business has a 50 day moving average of $109.47 and a 200 day moving average of $93.87. Nextpower Inc. has a 52 week low of $36.06 and a 52 week high of $131.59. The company has a market cap of $17.53 billion, a PE ratio of 30.20, a P/E/G ratio of 2.84 and a beta of 2.41.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Jefferies Financial Group lowered shares of Nextpower from a “strong-buy” rating to a “hold” rating in a report on Sunday, February 8th. BMO Capital Markets reissued a “market perform” rating and issued a $104.00 price target on shares of Nextpower in a report on Wednesday, January 28th. Robert W. Baird set a $126.00 price objective on shares of Nextpower in a research report on Wednesday, January 28th. Glj Research reaffirmed a “buy” rating and set a $147.33 price objective on shares of Nextpower in a research note on Monday. Finally, Mizuho set a $81.00 target price on shares of Nextpower in a report on Friday, January 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $110.01.

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.