Mediolanum International Funds Ltd Takes $7.23 Million Position in Nextpower Inc. $NXT

Mediolanum International Funds Ltd acquired a new position in shares of Nextpower Inc. (NASDAQ:NXT) in the 3rd quarter, Holdings Channel.com reports. The fund acquired 94,910 shares of the company’s stock, valued at approximately $7,225,000.

A number of other large investors have also recently bought and sold shares of NXT. Bryce Point Capital LLC acquired a new position in shares of Nextpower during the 2nd quarter valued at about $998,000. Ethic Inc. grew its holdings in Nextpower by 65.1% in the second quarter. Ethic Inc. now owns 8,469 shares of the company’s stock valued at $494,000 after purchasing an additional 3,339 shares during the period. Bank of New York Mellon Corp increased its position in Nextpower by 3.2% during the second quarter. Bank of New York Mellon Corp now owns 1,138,496 shares of the company’s stock worth $61,900,000 after purchasing an additional 35,642 shares during the last quarter. Strs Ohio raised its stake in Nextpower by 219.8% during the third quarter. Strs Ohio now owns 110,000 shares of the company’s stock worth $8,139,000 after purchasing an additional 75,600 shares during the period. Finally, Belpointe Asset Management LLC purchased a new position in Nextpower during the third quarter worth approximately $832,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

Insider Buying and Selling

In other news, CAO David P. Bennett sold 33,725 shares of the firm’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $88.08, for a total transaction of $2,970,498.00. Following the completion of the sale, the chief accounting officer directly owned 130,967 shares in the company, valued at $11,535,573.36. This trade represents a 20.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William D. Watkins sold 5,000 shares of Nextpower stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $118.57, for a total value of $592,850.00. Following the sale, the director directly owned 11,777 shares in the company, valued at approximately $1,396,398.89. The trade was a 29.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 96,468 shares of company stock valued at $8,839,829 in the last quarter. Company insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

NXT has been the subject of a number of research analyst reports. Bank of America upped their price objective on Nextpower from $102.00 to $108.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Wells Fargo & Company boosted their price target on Nextpower from $109.00 to $127.00 and gave the company an “overweight” rating in a research report on Wednesday, January 28th. Roth Mkm restated a “buy” rating and issued a $130.00 price objective on shares of Nextpower in a report on Wednesday, January 28th. Mizuho set a $81.00 target price on Nextpower in a report on Friday, January 23rd. Finally, Needham & Company LLC raised their price target on shares of Nextpower from $103.00 to $138.00 and gave the company a “buy” rating in a report on Thursday, January 29th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Nextpower currently has a consensus rating of “Moderate Buy” and a consensus target price of $108.32.

Nextpower Stock Performance

Shares of NASDAQ:NXT opened at $115.60 on Tuesday. The business’s 50-day simple moving average is $94.42 and its 200 day simple moving average is $82.65. The company has a market cap of $17.15 billion, a P/E ratio of 29.57, a PEG ratio of 3.45 and a beta of 2.34. Nextpower Inc. has a one year low of $36.06 and a one year high of $131.59.

Nextpower (NASDAQ:NXT) last issued its quarterly earnings data on Tuesday, January 27th. The company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.17. Nextpower had a net margin of 16.43% and a return on equity of 32.01%. The company had revenue of $909.35 million during the quarter, compared to the consensus estimate of $812.43 million. Analysts predict that Nextpower Inc. will post 3.29 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.