Nextpower Inc. $NXT Shares Sold by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky lowered its stake in shares of Nextpower Inc. (NASDAQ:NXT) by 7.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 66,755 shares of the company’s stock after selling 5,747 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Nextpower were worth $4,939,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Westfield Capital Management Co. LP lifted its position in Nextpower by 6.1% in the third quarter. Westfield Capital Management Co. LP now owns 1,398,057 shares of the company’s stock worth $103,442,000 after purchasing an additional 80,493 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Nextpower by 3.2% in the second quarter. Bank of New York Mellon Corp now owns 1,138,496 shares of the company’s stock valued at $61,900,000 after buying an additional 35,642 shares during the period. Belpointe Asset Management LLC bought a new position in Nextpower during the third quarter valued at about $832,000. Strs Ohio boosted its stake in Nextpower by 219.8% during the third quarter. Strs Ohio now owns 110,000 shares of the company’s stock valued at $8,139,000 after buying an additional 75,600 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in Nextpower by 31.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 72,500 shares of the company’s stock worth $5,364,000 after acquiring an additional 17,500 shares during the period. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextpower Trading Up 2.7%

NASDAQ:NXT opened at $103.88 on Thursday. The firm has a market capitalization of $15.42 billion, a price-to-earnings ratio of 26.57, a PEG ratio of 2.98 and a beta of 2.41. Nextpower Inc. has a 1-year low of $36.06 and a 1-year high of $131.59. The business’s fifty day moving average price is $105.85 and its 200 day moving average price is $91.17.

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

Insider Activity at Nextpower

In related news, CAO David P. Bennett sold 33,725 shares of the business’s stock in a transaction that occurred 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 transaction, the chief accounting officer directly owned 130,967 shares of the company’s stock, valued at approximately $11,535,573.36. The trade was a 20.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director William D. Watkins sold 5,000 shares of the company’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 transaction of $592,850.00. Following the completion of the transaction, the director owned 11,777 shares in the company, valued at approximately $1,396,398.89. This represents a 29.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on NXT. UBS Group raised their price objective on shares of Nextpower from $125.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, January 28th. Roth Mkm restated a “buy” rating and set a $130.00 target price on shares of Nextpower in a report on Wednesday, January 28th. TD Cowen upped 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. Needham & Company LLC raised their price objective on Nextpower from $103.00 to $138.00 and gave the stock a “buy” rating in a research note on Thursday, January 29th. Finally, Barclays set a $115.00 target price on Nextpower in a report on Thursday, January 29th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $108.32.

Nextpower 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.