Geode Capital Management LLC Boosts Stake in Nextpower Inc. $NXT

Geode Capital Management LLC raised its holdings in Nextpower Inc. (NASDAQ:NXT) by 6.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,021,741 shares of the company’s stock after purchasing an additional 236,593 shares during the quarter. Geode Capital Management LLC’s holdings in Nextpower were worth $350,385,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Westfield Capital Management Co. LP grew its stake in shares of Nextpower by 6.1% in the third quarter. Westfield Capital Management Co. LP now owns 1,398,057 shares of the company’s stock valued at $103,442,000 after buying an additional 80,493 shares in the last quarter. New York Life Investment Management LLC acquired a new stake in shares of Nextpower in the third quarter valued at $1,008,000. Legal & General Group Plc grew its stake in shares of Nextpower by 4.6% in the fourth quarter. Legal & General Group Plc now owns 414,304 shares of the company’s stock valued at $36,090,000 after buying an additional 18,380 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Nextpower by 23.4% in the third quarter. American Century Companies Inc. now owns 675,886 shares of the company’s stock valued at $50,009,000 after buying an additional 128,296 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Nextpower by 31.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 72,500 shares of the company’s stock valued at $5,364,000 after buying an additional 17,500 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on NXT shares. Susquehanna lifted their price objective on Nextpower from $161.00 to $180.00 and gave the company a “positive” rating in a research note on Monday. Wolfe Research reaffirmed an “outperform” rating and issued a $160.00 price objective on shares of Nextpower in a research note on Friday. TD Cowen lifted their price objective on Nextpower from $105.00 to $135.00 and gave the company a “hold” rating in a research note on Wednesday, May 13th. BNP Paribas Exane lifted their price objective on Nextpower from $177.00 to $182.00 and gave the company an “outperform” rating in a research note on Friday. Finally, BMO Capital Markets lifted their price objective on Nextpower from $113.00 to $125.00 and gave the company a “market perform” rating in a research note on Wednesday, May 13th. Twenty investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $147.18.

Insider Buying and Selling

In related news, CEO Daniel S. Shugar sold 59,456 shares of the business’s stock in a transaction on Monday, March 9th. The stock was sold at an average price of $105.17, for a total transaction 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. The trade was a 7.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Howard Wenger sold 62,670 shares of the company’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $130.25, for a total value of $8,162,767.50. Following the transaction, the president directly owned 426,467 shares of the company’s stock, valued at approximately $55,547,326.75. This represents a 12.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Over the last 90 days, insiders sold 263,422 shares of company stock valued at $32,160,390. Company insiders own 0.56% of the company’s stock.

Nextpower Price Performance

NXT opened at $145.02 on Tuesday. Nextpower Inc. has a 12 month low of $51.69 and a 12 month high of $163.13. The stock has a market capitalization of $21.53 billion, a price-to-earnings ratio of 37.86, a PEG ratio of 4.05 and a beta of 1.60. The business has a fifty day moving average price of $122.42 and a 200 day moving average price of $108.73.

Nextpower (NASDAQ:NXT) last released its earnings results on Tuesday, May 12th. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $0.89 by $0.16. Nextpower had a return on equity of 28.18% and a net margin of 16.46%.The firm had revenue of $880.52 million during the quarter, compared to analysts’ expectations of $826.26 million. Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. On average, research analysts anticipate that Nextpower Inc. will post 3.58 earnings per share for the current year.

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.