ProShare Advisors LLC Has $2.36 Million Position in Nextpower Inc. $NXT

ProShare Advisors LLC cut its stake in Nextpower Inc. (NASDAQ:NXT) by 12.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,929 shares of the company’s stock after selling 4,553 shares during the quarter. ProShare Advisors LLC’s holdings in Nextpower were worth $2,362,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of NXT. Cullen Frost Bankers Inc. increased its stake in Nextpower by 122.3% in the second quarter. Cullen Frost Bankers Inc. now owns 589 shares of the company’s stock valued at $32,000 after purchasing an additional 324 shares in the last quarter. Hantz Financial Services Inc. grew its holdings in shares of Nextpower by 1,737.8% in the 2nd quarter. Hantz Financial Services Inc. now owns 827 shares of the company’s stock valued at $45,000 after buying an additional 782 shares during the period. MAI Capital Management increased its position in shares of Nextpower by 309.4% in the 2nd quarter. MAI Capital Management now owns 831 shares of the company’s stock valued at $45,000 after buying an additional 628 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in Nextpower by 179.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the company’s stock worth $61,000 after buying an additional 724 shares during the period. Finally, Global Retirement Partners LLC raised its stake in Nextpower by 42,633.3% during the 3rd quarter. Global Retirement Partners LLC now owns 1,282 shares of the company’s stock worth $95,000 after buying an additional 1,279 shares during the period. Institutional investors own 67.41% of the company’s stock.

Insider Activity at Nextpower

In other news, CEO Daniel S. Shugar sold 47,743 shares of the company’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 transaction of $4,357,981.04. Following the sale, the chief executive officer owned 624,882 shares in the company, valued at $57,039,228.96. This represents a 7.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CAO David P. Bennett sold 33,725 shares of the firm’s stock in a transaction on Thursday, December 11th. The shares were 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 directly owned 130,967 shares of the company’s stock, valued at $11,535,573.36. This represents a 20.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 96,468 shares of company stock valued at $8,839,829. 0.56% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on NXT shares. Guggenheim set a $74.00 price target on Nextpower in a report on Wednesday, October 22nd. Robert W. Baird set a $126.00 target price on Nextpower in a research note on Wednesday, January 28th. BMO Capital Markets restated a “market perform” rating and set a $104.00 target price on shares of Nextpower in a report on Wednesday, January 28th. UBS Group upped their price target on shares of Nextpower from $125.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, January 28th. Finally, The Goldman Sachs Group increased their price objective on shares of Nextpower from $89.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, October 27th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $108.32.

Nextpower Stock Up 1.9%

Shares of NXT opened at $116.44 on Friday. Nextpower Inc. has a twelve month low of $36.06 and a twelve month high of $131.59. The stock has a market capitalization of $17.29 billion, a P/E ratio of 29.78, a P/E/G ratio of 3.42 and a beta of 2.35. The company has a 50 day moving average of $99.57 and a 200-day moving average of $85.97.

Nextpower (NASDAQ:NXT) last announced its earnings results on Tuesday, January 27th. The company reported $1.10 EPS for the quarter, topping 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 business had revenue of $909.35 million during the quarter, compared to analysts’ expectations of $812.43 million. On average, sell-side analysts anticipate that Nextpower Inc. will post 3.29 earnings per share for the current fiscal 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.