Harbor Capital Advisors Inc. Sells 21,499 Shares of Nextpower Inc. $NXT

Harbor Capital Advisors Inc. trimmed its holdings in Nextpower Inc. (NASDAQ:NXT) by 31.0% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 47,906 shares of the company’s stock after selling 21,499 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Nextpower were worth $4,173,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. William Blair Investment Management LLC purchased a new stake in shares of Nextpower during the 3rd quarter valued at about $108,739,000. Amundi grew its stake in shares of Nextpower by 156.1% in the third quarter. Amundi now owns 2,111,628 shares of the company’s stock worth $161,600,000 after acquiring an additional 1,287,071 shares during the period. Allianz Asset Management GmbH raised its holdings in shares of Nextpower by 938.0% during the third quarter. Allianz Asset Management GmbH now owns 794,538 shares of the company’s stock valued at $58,788,000 after purchasing an additional 717,991 shares during the last quarter. Electron Capital Partners LLC raised its holdings in shares of Nextpower by 2,017.7% during the third quarter. Electron Capital Partners LLC now owns 566,415 shares of the company’s stock valued at $41,909,000 after purchasing an additional 539,668 shares during the last quarter. Finally, Danske Bank A S bought a new position in Nextpower during the third quarter valued at approximately $33,298,000. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Daniel S. Shugar sold 59,456 shares of Nextpower stock in a transaction on Monday, March 9th. The stock was sold at an average price of $105.17, for a total transaction of $6,252,987.52. Following the transaction, the chief executive officer directly owned 746,339 shares in the company, valued at approximately $78,492,472.63. The trade was a 7.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William D. Watkins sold 5,000 shares of the business’s stock in a transaction dated Friday, January 30th. The shares were 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 $1,396,398.89. This represents a 29.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 104,348 shares of company stock worth $10,876,525. 0.56% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on NXT shares. Wells Fargo & Company raised their target price on shares of Nextpower from $109.00 to $127.00 and gave the stock an “overweight” rating in a report on Wednesday, January 28th. Glj Research reiterated a “buy” rating and set a $147.33 target price on shares of Nextpower in a research note on Monday, March 16th. Robert W. Baird set a $126.00 price target on Nextpower in a report on Wednesday, January 28th. Northland Securities set a $111.00 price target on Nextpower in a research note on Tuesday, January 6th. Finally, Needham & Company LLC lifted their price objective on Nextpower from $103.00 to $138.00 and gave the stock a “buy” rating in a report on Thursday, January 29th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $111.49.

Nextpower Stock Performance

Shares of NASDAQ NXT opened at $113.08 on Friday. Nextpower Inc. has a 12-month low of $36.06 and a 12-month high of $131.72. The firm has a market capitalization of $16.79 billion, a price-to-earnings ratio of 28.92, a price-to-earnings-growth ratio of 2.57 and a beta of 2.02. The firm has a 50 day moving average of $115.65 and a 200 day moving average of $98.48.

Nextpower (NASDAQ:NXT) last released its quarterly earnings results on Tuesday, January 27th. The company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.17. The business had revenue of $909.35 million for the quarter, compared to the consensus estimate of $812.43 million. Nextpower had a net margin of 16.43% and a return on equity of 32.01%. Sell-side analysts predict that Nextpower Inc. will post 3.29 EPS for the current year.

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.