Granahan Investment Management LLC Purchases 285,362 Shares of Nextpower Inc. $NXT

Granahan Investment Management LLC raised its position in shares of Nextpower Inc. (NASDAQ:NXT) by 219.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 415,166 shares of the company’s stock after buying an additional 285,362 shares during the quarter. Nextpower comprises approximately 1.3% of Granahan Investment Management LLC’s portfolio, making the stock its 24th biggest position. Granahan Investment Management LLC owned 0.28% of Nextpower worth $30,718,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Westfield Capital Management Co. LP boosted its stake in Nextpower by 6.1% during the third quarter. Westfield Capital Management Co. LP now owns 1,398,057 shares of the company’s stock worth $103,442,000 after acquiring an additional 80,493 shares in the last quarter. Belpointe Asset Management LLC bought a new position in shares of Nextpower during the third quarter valued at approximately $832,000. Strs Ohio lifted its holdings in shares of 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 purchasing an additional 75,600 shares during the last quarter. New York Life Investment Management LLC purchased a new position in shares of Nextpower during the third quarter valued at approximately $1,008,000. Finally, Allianz Asset Management GmbH boosted its position in shares of Nextpower by 938.0% in the 3rd quarter. Allianz Asset Management GmbH now owns 794,538 shares of the company’s stock worth $58,788,000 after purchasing an additional 717,991 shares in the last quarter. Institutional investors own 67.41% of the company’s stock.

Nextpower Stock Performance

NASDAQ NXT opened at $119.64 on Monday. Nextpower Inc. has a one year low of $36.06 and a one year high of $131.59. The stock has a 50-day moving average of $108.90 and a 200 day moving average of $93.52. The company has a market capitalization of $17.76 billion, a price-to-earnings ratio of 30.60, a PEG ratio of 2.84 and a beta of 2.41.

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

Insider Activity at Nextpower

In other Nextpower news, CEO Daniel S. Shugar sold 59,456 shares of Nextpower stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $105.17, for a total value of $6,252,987.52. Following the completion of the sale, the chief executive officer owned 746,339 shares of the company’s stock, valued at approximately $78,492,472.63. The trade was a 7.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William D. Watkins sold 5,000 shares of the business’s stock in a transaction 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 sale, the director owned 11,777 shares of the company’s stock, valued at approximately $1,396,398.89. This represents a 29.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 104,348 shares of company stock valued at $10,876,525 over the last three months. 0.56% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on NXT shares. 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 report on Wednesday, January 28th. Barclays set a $115.00 target price on Nextpower in a report on Thursday, January 29th. 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. Northland Securities set a $111.00 price target on Nextpower in a research report on Tuesday, January 6th. Finally, Jefferies Financial Group downgraded shares of Nextpower from a “strong-buy” rating to a “hold” rating in a research report on Sunday, February 8th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $110.01.

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.