Julia Blunden Sells 3,692 Shares of Nextpower (NASDAQ:NXT) Stock

Nextpower Inc. (NASDAQ:NXT) Director Julia Blunden sold 3,692 shares of the company’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $84.10, for a total transaction of $310,497.20. Following the sale, the director directly owned 2,742 shares of the company’s stock, valued at approximately $230,602.20. This trade represents a 57.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Julia Blunden also recently made the following trade(s):

• On Friday, August 21st, Julia Blunden sold 3,723 shares of Nextpower stock. The shares were sold at an average price of $88.08, for a total value of $327,921.84.
• On Wednesday, August 5th, Julia Blunden sold 2,289 shares of Nextpower stock. The shares were sold at an average price of $97.22, for a total value of $222,536.58.

Nextpower Stock Up 0.1%

Shares of NASDAQ:NXT opened at $84.81 on Wednesday. Nextpower Inc. has a 52-week low of $64.30 and a 52-week high of $163.13. The company has a 50 day moving average of $104.85 and a two-hundred day moving average of $115.12. The company has a market capitalization of $12.87 billion, a price-to-earnings ratio of 21.97, a price-to-earnings-growth ratio of 1.70 and a beta of 1.95.

Nextpower (NASDAQ:NXT) last posted its earnings results on Thursday, July 30th. The company reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.15. The business had revenue of $935.17 million for the quarter, compared to analysts’ expectations of $935.39 million. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. On average, equities analysts anticipate that Nextpower Inc. will post 3.73 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on NXT. Deutsche Bank Aktiengesellschaft set a $137.00 price objective on shares of Nextpower in a research report on Monday, August 3rd. Roth Capital reaffirmed a “buy” rating and set a $175.00 target price on shares of Nextpower in a research report on Tuesday, July 28th. Loop Capital set a $135.00 price target on Nextpower in a research note on Wednesday, May 13th. Freedom Capital upgraded Nextpower from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 31st. Finally, BMO Capital Markets upgraded Nextpower from a “hold” rating to an “outperform” rating and set a $132.00 price objective for the company in a research note on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $146.12.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. California State Teachers Retirement System increased its position in shares of Nextpower by 11,488.4% in the 2nd quarter. California State Teachers Retirement System now owns 20,045,186 shares of the company’s stock worth $2,388,183,000 after purchasing an additional 19,872,209 shares during the last quarter. State Street Corp lifted its position in shares of Nextpower by 0.6% during the third quarter. State Street Corp now owns 5,391,696 shares of the company’s stock worth $398,932,000 after purchasing an additional 31,689 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Nextpower by 6.3% during the fourth 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 during the last quarter. Invesco Ltd. grew its stake in 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 purchasing an additional 139,211 shares in the last quarter. Finally, Fundsmith LLP acquired a new position in Nextpower in the second quarter worth about $340,275,000. 67.41% of the stock is owned by institutional investors and hedge funds.

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.