Mirae Asset Global Investments Co. Ltd. Acquires 17,500 Shares of Nextpower Inc. $NXT

Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Nextpower Inc. (NASDAQ:NXT) by 31.8% during the third quarter, HoldingsChannel reports. The firm owned 72,500 shares of the company’s stock after purchasing an additional 17,500 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Nextpower were worth $5,364,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in NXT. Ballentine Partners LLC increased its holdings in Nextpower by 22.3% during the third quarter. Ballentine Partners LLC now owns 4,955 shares of the company’s stock worth $367,000 after buying an additional 902 shares during the last quarter. Federated Hermes Inc. raised its position in shares of Nextpower by 1.7% in the third quarter. Federated Hermes Inc. now owns 353,899 shares of the company’s stock valued at $26,185,000 after purchasing an additional 5,964 shares during the period. Hussman Strategic Advisors Inc. purchased a new stake in shares of Nextpower during the third quarter worth $1,554,000. Truist Financial Corp purchased a new stake in Nextpower during the 3rd quarter worth about $333,000. Finally, Belpointe Asset Management LLC bought a new position in shares of Nextpower in the third quarter valued at approximately $832,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextpower Trading Down 3.3%

Shares of NASDAQ:NXT opened at $117.09 on Monday. The company has a 50-day moving average price of $93.85 and a 200-day moving average price of $82.27. The company has a market cap of $17.37 billion, a price-to-earnings ratio of 29.95, a price-to-earnings-growth ratio of 3.45 and a beta of 2.38. Nextpower Inc. has a 12 month low of $36.06 and a 12 month high of $131.59.

Nextpower (NASDAQ:NXT) last posted its earnings results on Tuesday, January 27th. The company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.17. Nextpower had a return on equity of 32.01% and a net margin of 16.43%.The company had revenue of $909.35 million for the quarter, compared to analysts’ expectations of $812.43 million. As a group, research analysts forecast that Nextpower Inc. will post 3.29 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on NXT shares. KeyCorp raised Nextpower from a “sector weight” rating to an “overweight” rating and set a $142.00 price objective for the company in a research note on Wednesday. JPMorgan Chase & Co. boosted their price objective on shares of Nextpower from $92.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, October 24th. Northland Securities set a $111.00 target price on shares of Nextpower in a research report on Tuesday, January 6th. Bank of America upped their price target on shares of Nextpower from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Thursday, January 22nd. Finally, Wells Fargo & Company raised their price objective on Nextpower from $109.00 to $127.00 and gave the company an “overweight” rating in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $108.32.

Insider Activity

In other Nextpower news, CEO Daniel S. Shugar sold 47,743 shares of the business’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $91.28, for a total transaction of $4,357,981.04. Following the transaction, the chief executive officer directly owned 624,882 shares of the company’s stock, valued at approximately $57,039,228.96. The trade was a 7.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO David P. Bennett sold 33,725 shares of the company’s stock in a transaction on 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 transaction, the chief accounting officer owned 130,967 shares of the company’s stock, valued at $11,535,573.36. This trade represents a 20.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 91,468 shares of company stock valued at $8,246,979. Company insiders own 0.56% of the company’s stock.

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.