Essex Investment Management Co. LLC Acquires New Holdings in Nextpower Inc. $NXT

Essex Investment Management Co. LLC bought a new position in shares of Nextpower Inc. (NASDAQ:NXT) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 8,326 shares of the company’s stock, valued at approximately $616,000.

Several other institutional investors also recently modified their holdings of NXT. Cullen Frost Bankers Inc. boosted its holdings in shares of Nextpower by 122.3% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 589 shares of the company’s stock valued at $32,000 after acquiring an additional 324 shares in the last quarter. Hantz Financial Services Inc. increased its holdings in Nextpower by 1,737.8% in the 2nd quarter. Hantz Financial Services Inc. now owns 827 shares of the company’s stock worth $45,000 after purchasing an additional 782 shares in the last quarter. MAI Capital Management raised its position in Nextpower by 309.4% in the second quarter. MAI Capital Management now owns 831 shares of the company’s stock valued at $45,000 after purchasing an additional 628 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Nextpower by 179.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the company’s stock valued at $61,000 after buying an additional 724 shares during the last quarter. Finally, Global Retirement Partners LLC lifted its holdings in shares of Nextpower by 42,633.3% during the third quarter. Global Retirement Partners LLC now owns 1,282 shares of the company’s stock worth $95,000 after purchasing an additional 1,279 shares during the period. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Nextpower news, CEO Daniel S. Shugar sold 47,743 shares of the firm’s stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $91.28, for a total value of $4,357,981.04. Following the completion of the sale, the chief executive officer owned 624,882 shares of the company’s stock, valued at approximately $57,039,228.96. This trade represents a 7.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director William D. Watkins sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 18th. The shares were sold at an average price of $91.85, for a total value of $918,500.00. Following the sale, the director owned 16,777 shares of the company’s stock, valued at approximately $1,540,967.45. This represents a 37.35% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 96,468 shares of company stock valued at $8,839,829. 0.56% of the stock is owned by company insiders.

Nextpower Trading Down 3.2%

NASDAQ:NXT opened at $117.94 on Wednesday. Nextpower Inc. has a 12 month low of $36.06 and a 12 month high of $131.59. The stock has a market capitalization of $17.51 billion, a price-to-earnings ratio of 30.16, a PEG ratio of 3.58 and a beta of 2.35. The firm has a fifty day simple moving average of $97.92 and a two-hundred day simple moving average of $85.03.

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

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Guggenheim set a $74.00 price objective on Nextpower in a research note on Wednesday, October 22nd. Northland Securities set a $111.00 price target on shares of Nextpower in a research report on Tuesday, January 6th. Royal Bank Of Canada increased their price objective on shares of Nextpower from $93.00 to $96.00 and gave the stock an “outperform” rating in a research report on Thursday, November 13th. JPMorgan Chase & Co. lifted their target price on shares of Nextpower from $92.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, October 24th. Finally, Roth Mkm restated a “buy” rating and issued a $130.00 target price on shares of Nextpower in a report on Wednesday, January 28th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $108.32.

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.