Castleark Management LLC Acquires 8,590 Shares of Nextpower Inc. $NXT

Castleark Management LLC boosted its holdings in Nextpower Inc. (NASDAQ:NXT) by 8.1% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 114,074 shares of the company’s stock after buying an additional 8,590 shares during the quarter. Castleark Management LLC owned 0.08% of Nextpower worth $13,752,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. State Street Corp grew its stake in shares of Nextpower by 0.6% in the third quarter. State Street Corp now owns 5,391,696 shares of the company’s stock worth $398,932,000 after acquiring an additional 31,689 shares during the period. Geode Capital Management LLC increased its stake in shares of Nextpower by 6.3% in the 4th quarter. Geode Capital Management LLC now owns 4,021,741 shares of the company’s stock worth $350,385,000 after purchasing an additional 236,593 shares in the last quarter. Invesco Ltd. raised its stake in shares of Nextpower by 5.1% in the fourth quarter. Invesco Ltd. now owns 2,864,660 shares of the company’s stock worth $249,541,000 after buying an additional 139,211 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Nextpower by 4.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,429,410 shares of the company’s stock worth $211,627,000 after buying an additional 111,782 shares during the period. Finally, Amundi lifted its position in shares of Nextpower by 156.1% during the 3rd quarter. Amundi now owns 2,111,628 shares of the company’s stock valued at $161,600,000 after buying an additional 1,287,071 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextpower Stock Performance

NASDAQ NXT opened at $100.03 on Monday. Nextpower Inc. has a 12 month low of $52.61 and a 12 month high of $163.13. The stock has a market cap of $15.03 billion, a PE ratio of 26.12, a P/E/G ratio of 2.00 and a beta of 1.86. The stock’s 50 day moving average is $120.70 and its 200 day moving average is $116.27.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings data on Tuesday, May 12th. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.16. The business had revenue of $880.52 million during the quarter, compared to analyst estimates of $826.26 million. Nextpower had a net margin of 16.46% and a return on equity of 28.18%. Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. On average, analysts forecast that Nextpower Inc. will post 3.73 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have commented on NXT shares. Glj Research raised their target price on shares of Nextpower from $147.00 to $149.44 and gave the stock a “buy” rating in a research note on Wednesday, June 3rd. Loop Capital set a $135.00 price target on shares of Nextpower in a research report on Wednesday, May 13th. The Goldman Sachs Group reissued a “buy” rating and issued a $168.00 price objective on shares of Nextpower in a research note on Wednesday, July 1st. Mizuho lifted their target price on shares of Nextpower from $130.00 to $142.00 and gave the company a “neutral” rating in a research note on Monday, June 8th. Finally, UBS Group reaffirmed a “buy” rating and issued a $170.00 target price on shares of Nextpower in a report on Friday, May 29th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Nextpower currently has a consensus rating of “Moderate Buy” and an average price target of $150.62.

Insider Activity at Nextpower

In related news, insider Bruce Ledesma sold 3,248 shares of the firm’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $134.72, for a total transaction of $437,570.56. Following the completion of the transaction, the insider directly owned 246,130 shares of the company’s stock, valued at approximately $33,158,633.60. This trade represents a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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, COO Nicholas Marco Miller sold 24,511 shares of Nextpower stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $127.32, for a total transaction of $3,120,740.52. Following the completion of the sale, the chief operating officer owned 221,533 shares in the company, valued at approximately $28,205,581.56. This represents a 9.96% 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. Insiders sold a total of 168,574 shares of company stock valued at $22,559,770 in the last ninety days. Corporate insiders own 0.84% of the company’s stock.

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.