Wedge Capital Management L L P NC Sells 399,330 Shares of Nextpower Inc. $NXT

Wedge Capital Management L L P NC cut its stake in Nextpower Inc. (NASDAQ:NXT) by 38.4% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 639,680 shares of the company’s stock after selling 399,330 shares during the quarter. Nextpower comprises 1.0% of Wedge Capital Management L L P NC’s holdings, making the stock its 25th largest holding. Wedge Capital Management L L P NC’s holdings in Nextpower were worth $55,723,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in NXT. Foster Dykema Cabot & Partners LLC bought a new position in shares of Nextpower in the 3rd quarter worth approximately $36,000. Northwestern Mutual Wealth Management Co. boosted 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 valued at $37,000 after purchasing an additional 414 shares in the last quarter. BOKF NA grew its stake in Nextpower by 1,135.7% in the third quarter. BOKF NA now owns 519 shares of the company’s stock worth $38,000 after purchasing an additional 477 shares during the period. MAI Capital Management grew its stake in Nextpower by 309.4% in the second quarter. MAI Capital Management now owns 831 shares of the company’s stock worth $45,000 after purchasing an additional 628 shares during the period. Finally, Allworth Financial LP raised its holdings in Nextpower by 16.8% in the third quarter. Allworth Financial LP now owns 979 shares of the company’s stock worth $72,000 after purchasing an additional 141 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextpower Price Performance

Shares of Nextpower stock opened at $120.03 on Friday. Nextpower Inc. has a 1 year low of $36.06 and a 1 year high of $131.72. The firm’s 50-day moving average is $114.12 and its 200 day moving average is $96.77. The stock has a market cap of $17.82 billion, a price-to-earnings ratio of 30.70, a PEG ratio of 2.85 and a beta of 2.41.

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

Insider Activity 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 value of $592,850.00. Following the completion of the transaction, the director directly owned 11,777 shares in the company, valued at $1,396,398.89. The trade was a 29.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Daniel S. Shugar sold 59,456 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 746,339 shares in the company, valued at $78,492,472.63. This trade represents a 7.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 104,348 shares of company stock valued at $10,876,525 in the last three months. 0.56% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have commented on the company. Barclays set a $115.00 price objective on Nextpower in a research report on Thursday, January 29th. Robert W. Baird set a $126.00 price target on shares of Nextpower in a research note on Wednesday, January 28th. KeyCorp reissued an “overweight” rating on shares of Nextpower in a research report on Friday, March 13th. Roth Mkm reissued a “buy” rating and set a $130.00 price objective on shares of Nextpower in a research note on Wednesday, January 28th. Finally, BMO Capital Markets restated a “market perform” rating and issued a $104.00 price objective on shares of Nextpower in a report on Wednesday, January 28th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, Nextpower has a consensus rating of “Moderate Buy” and a consensus price target of $111.49.

About Nextpower

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.