Westfield Capital Management Co. LP Buys 80,493 Shares of Nextpower Inc. $NXT

Westfield Capital Management Co. LP increased its position in shares of Nextpower Inc. (NASDAQ:NXT) by 6.1% during the third quarter, Holdings Channel.com reports. The institutional investor owned 1,398,057 shares of the company’s stock after purchasing an additional 80,493 shares during the period. Westfield Capital Management Co. LP’s holdings in Nextpower were worth $103,442,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Hantz Financial Services Inc. grew its position 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 acquiring an additional 782 shares during the period. MAI Capital Management raised its holdings 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 purchasing an additional 628 shares during the period. EverSource Wealth Advisors LLC lifted its stake 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 purchasing an additional 724 shares during the last quarter. Fifth Third Bancorp grew its holdings in Nextpower by 15.9% during the third quarter. Fifth Third Bancorp now owns 1,264 shares of the company’s stock worth $94,000 after purchasing an additional 173 shares during the period. Finally, Global Retirement Partners LLC increased its position in 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 buying an additional 1,279 shares during the last quarter. 67.41% of the stock is owned by institutional investors.

Nextpower Stock Performance

Shares of Nextpower stock opened at $116.51 on Thursday. The firm has a 50-day moving average of $104.45 and a 200-day moving average of $89.47. Nextpower Inc. has a 52-week low of $36.06 and a 52-week high of $131.59. The stock has a market cap of $17.30 billion, a PE ratio of 29.80, a PEG ratio of 3.55 and a beta of 2.35.

Nextpower (NASDAQ:NXT) last released its quarterly earnings results on Tuesday, January 27th. The company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.17. The business 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 research analysts predict that Nextpower Inc. will post 3.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CAO David P. Bennett sold 33,725 shares of Nextpower stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $88.08, for a total value 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 approximately $11,535,573.36. The trade was a 20.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director William D. Watkins sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $118.57, for a total value of $592,850.00. Following the completion of the sale, the director owned 11,777 shares of the company’s stock, valued at approximately $1,396,398.89. This trade represents a 29.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.56% of the stock is currently owned by insiders.

Analyst Ratings Changes

NXT has been the subject of a number of recent analyst reports. Mizuho set a $81.00 price objective on Nextpower in a research report on Friday, January 23rd. TD Cowen raised their price target on Nextpower from $88.00 to $105.00 and gave the company a “hold” rating in a report on Wednesday, January 28th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Nextpower in a research report on Monday, December 29th. Barclays set a $115.00 price objective on shares of Nextpower in a research report on Thursday, January 29th. Finally, KeyCorp raised shares of Nextpower from a “sector weight” rating to an “overweight” rating and set a $142.00 target price for the company in a report on Wednesday, January 28th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Nextpower has an average rating of “Moderate Buy” and an average target price 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.