Mirova Buys New Shares in Nextpower Inc. $NXT

Mirova purchased a new stake in shares of Nextpower Inc. (NASDAQ:NXT) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 32,196 shares of the company’s stock, valued at approximately $2,382,000.

Other hedge funds have also recently made changes to their positions in the company. Allworth Financial LP lifted its stake in Nextpower by 16.8% in the third quarter. Allworth Financial LP now owns 979 shares of the company’s stock worth $72,000 after purchasing an additional 141 shares during the last quarter. Natural Investments LLC grew its position in Nextpower by 0.9% during the 3rd quarter. Natural Investments LLC now owns 16,750 shares of the company’s stock worth $1,239,000 after acquiring an additional 155 shares during the last quarter. Fifth Third Bancorp increased its stake in Nextpower by 15.9% in the 3rd 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. Farther Finance Advisors LLC lifted its position in Nextpower by 8.3% in the third quarter. Farther Finance Advisors LLC now owns 2,585 shares of the company’s stock valued at $191,000 after purchasing an additional 198 shares during the last quarter. Finally, Redwood Investment Management LLC boosted its stake in shares of Nextpower by 4.1% during the second quarter. Redwood Investment Management LLC now owns 5,177 shares of the company’s stock valued at $281,000 after purchasing an additional 204 shares during the period. 67.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Roth Mkm reiterated a “buy” rating and set a $130.00 price target on shares of Nextpower in a report on Wednesday, January 28th. Barclays set a $115.00 price target on shares of Nextpower in a report on Thursday, January 29th. KeyCorp restated an “overweight” rating on shares of Nextpower in a report on Friday, March 13th. Wall Street Zen cut shares of Nextpower from a “strong-buy” rating to a “buy” rating in a research report on Sunday, January 25th. Finally, TD Cowen boosted their price target on shares of Nextpower from $88.00 to $105.00 and gave the company a “hold” rating in a research report on Wednesday, January 28th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Nextpower has an average rating of “Moderate Buy” and a consensus target price of $111.49.

Nextpower Stock Performance

Shares of NXT opened at $115.38 on Thursday. Nextpower Inc. has a fifty-two week low of $36.06 and a fifty-two week high of $131.59. The firm’s 50-day simple moving average is $110.60 and its two-hundred day simple moving average is $94.40. The stock has a market cap of $17.13 billion, a PE ratio of 29.51, a price-to-earnings-growth ratio of 2.90 and a beta of 2.41.

Nextpower (NASDAQ:NXT) last issued 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 firm had revenue of $909.35 million for the quarter, compared to analysts’ expectations of $812.43 million. Nextpower had a return on equity of 32.01% and a net margin of 16.43%. Equities research analysts predict that Nextpower Inc. will post 3.29 EPS for the current year.

Insider Buying and Selling at Nextpower

In other Nextpower news, Director William D. Watkins sold 5,000 shares of the business’s stock in a transaction on Friday, January 30th. The stock was sold at an average price of $118.57, for a total value of $592,850.00. Following the sale, the director directly owned 11,777 shares of the company’s stock, valued at approximately $1,396,398.89. The trade was a 29.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Daniel S. Shugar sold 59,456 shares of the stock in a transaction on Monday, March 9th. The stock was 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 directly owned 746,339 shares in the company, valued at approximately $78,492,472.63. This represents a 7.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 104,348 shares of company stock worth $10,876,525 over the last three months. Corporate insiders own 0.56% of the company’s stock.

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.