Nextpower Inc. $NXT Shares Bought by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in shares of Nextpower Inc. (NASDAQ:NXT) by 31.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 112,787 shares of the company’s stock after acquiring an additional 26,819 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd owned approximately 0.07% of Nextpower worth $8,789,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Tidal Investments LLC lifted its holdings in shares of Nextpower by 20.2% in the 2nd quarter. Tidal Investments LLC now owns 102,483 shares of the company’s stock worth $12,210,000 after acquiring an additional 17,221 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Nextpower in the 2nd quarter valued at approximately $1,792,000. Reynders McVeigh Capital Management LLC increased its holdings in Nextpower by 15.0% in the 2nd quarter. Reynders McVeigh Capital Management LLC now owns 157,897 shares of the company’s stock valued at $18,812,000 after purchasing an additional 20,547 shares during the last quarter. Lombard Odier Asset Management Europe Ltd increased its holdings in Nextpower by 63.5% in the 1st quarter. Lombard Odier Asset Management Europe Ltd now owns 127,421 shares of the company’s stock valued at $15,361,000 after purchasing an additional 49,505 shares during the last quarter. Finally, J. Safra Sarasin Holding AG purchased a new stake in Nextpower in the first quarter valued at approximately $2,378,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Nextpower news, President Howard Wenger sold 11,176 shares of the firm’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $104.78, for a total value of $1,171,021.28. Following the sale, the president directly owned 419,868 shares in the company, valued at $43,993,769.04. This trade represents a 2.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Julia Blunden sold 3,723 shares of Nextpower stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $88.08, for a total value of $327,921.84. Following the sale, the director directly owned 6,434 shares of the company’s stock, valued at $566,706.72. This trade represents a 36.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 100,431 shares of company stock valued at $10,039,748. Insiders own 0.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. TD Cowen upgraded Nextpower to a “hold” rating in a research note on Monday, October 5th. The Goldman Sachs Group restated a “buy” rating and set a $168.00 price target on shares of Nextpower in a research report on Wednesday, July 1st. Mizuho dropped their price objective on Nextpower from $111.00 to $101.00 and set a “neutral” rating for the company in a research note on Thursday, October 15th. Robert W. Baird dropped their price objective on Nextpower from $156.00 to $116.00 and set an “outperform” rating for the company in a research note on Tuesday, September 22nd. Finally, Susquehanna cut their price objective on Nextpower from $157.00 to $150.00 and set a “positive” rating on the stock in a report on Wednesday, October 14th. One analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $139.77.

Nextpower Trading Up 3.5%

Shares of NASDAQ:NXT opened at $81.77 on Thursday. Nextpower Inc. has a 52 week low of $76.71 and a 52 week high of $163.13. The company’s 50 day moving average is $84.56 and its two-hundred day moving average is $105.61. The company has a market cap of $12.41 billion, a PE ratio of 21.18, a P/E/G ratio of 1.90 and a beta of 1.94.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings data on Thursday, July 30th. The company reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.15. The business had revenue of $935.17 million for the quarter, compared to analyst estimates of $935.39 million. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. As a group, equities research analysts expect that Nextpower Inc. will post 3.80 EPS for the current year.

Key Stories Impacting Nextpower

Here are the key news stories impacting Nextpower this week:

• Positive Sentiment: Citigroup lowered its price target from $121 to $111 but maintained a Buy rating. The revised target still implies approximately 35.7% upside from the referenced share price, suggesting Citi believes the recent weakness may be overdone. Citigroup lowers Nextpower price target while maintaining Buy rating
• Positive Sentiment: Analyst estimates compiled by American Banking News show an average price target of $140.85, substantially above the current trading level. This indicates considerable potential upside if the company meets earnings expectations and maintains its growth outlook. Nextpower average analyst price target
• Neutral Sentiment: Nextpower is scheduled to report quarterly results on Wednesday. The report is likely to be the key near-term catalyst, with investors focused on revenue growth, margins and management’s outlook. Nextpower upcoming quarterly earnings
• Negative Sentiment: Zacks expects Nextpower’s upcoming second-quarter earnings to decline and says the company lacks the typical indicators associated with a likely earnings beat. That forecast could weigh on the stock ahead of the report. Zacks Nextpower earnings preview
• Negative Sentiment: JPMorgan has lowered its expectations for Nextpower’s stock price, adding to the cautious analyst tone surrounding the company before earnings. JPMorgan lowers Nextpower stock expectations

About Nextpower

Nextracker Inc is a renewable energy technology company that designs, manufactures and supplies intelligent solar-tracking systems for utility-scale and large commercial solar power projects. Its systems adjust the position of solar panels throughout the day to help photovoltaic modules capture more sunlight and improve energy production.

The company’s product portfolio includes single-axis solar trackers, structural components, foundations and related hardware, as well as software and controls designed to optimize tracker performance.