Wedge Capital Management L L P NC Has $71.56 Million Stock Position in Nextpower Inc. $NXT

Wedge Capital Management L L P NC increased its holdings in shares of Nextpower Inc. (NASDAQ:NXT) by 20.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 600,671 shares of the company’s stock after buying an additional 100,186 shares during the quarter. Nextpower accounts for approximately 1.2% of Wedge Capital Management L L P NC’s holdings, making the stock its 23rd largest holding. Wedge Capital Management L L P NC’s holdings in Nextpower were worth $71,564,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC boosted its holdings in shares of Nextpower by 107.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 299 shares of the company’s stock valued at $26,000 after buying an additional 155 shares during the period. Whittier Trust Co. of Nevada Inc. raised its stake in shares of Nextpower by 268.7% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 306 shares of the company’s stock worth $28,000 after purchasing an additional 223 shares in the last quarter. Signature Equity Partners LLC boosted its holdings in shares of Nextpower by 76.4% in the 1st quarter. Signature Equity Partners LLC now owns 261 shares of the company’s stock valued at $31,000 after buying an additional 113 shares during the last quarter. Huntington National Bank grew its stake in shares of Nextpower by 480.3% in the fourth quarter. Huntington National Bank now owns 383 shares of the company’s stock valued at $33,000 after buying an additional 317 shares in the last quarter. Finally, Baillie Gifford & Co. grew its stake in shares of Nextpower by 76.5% in the fourth quarter. Baillie Gifford & Co. now owns 420 shares of the company’s stock valued at $37,000 after buying an additional 182 shares in the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextpower Trading Up 1.9%

Shares of NXT stock opened at $104.88 on Wednesday. The stock has a market cap of $15.91 billion, a P/E ratio of 27.17, a price-to-earnings-growth ratio of 2.06 and a beta of 1.95. Nextpower Inc. has a 1 year low of $52.61 and a 1 year high of $163.13. The stock has a 50 day simple moving average of $111.70 and a 200 day simple moving average of $116.51.

Nextpower (NASDAQ:NXT) last released its earnings results on Thursday, July 30th. The company reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.15. The firm had revenue of $935.17 million during the quarter, compared to the consensus estimate of $935.39 million. Nextpower had a return on equity of 26.29% and a net margin of 16.36%. Analysts forecast that Nextpower Inc. will post 3.73 EPS for the current year.

Insider Buying and Selling at Nextpower

In other Nextpower news, CEO Daniel S. Shugar sold 67,636 shares of the stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $103.07, for a total transaction of $6,971,242.52. Following the sale, the chief executive officer directly owned 871,131 shares in the company, valued at $89,787,472.17. This represents a 7.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Charles D. Boynton sold 4,500 shares of the firm’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $151.79, for a total transaction of $683,055.00. Following the completion of the transaction, the chief financial officer directly owned 358,500 shares in the company, valued at approximately $54,416,715. This represents a 1.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 238,499 shares of company stock valued at $29,753,549 over the last three months. 0.84% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. BNP Paribas Exane upped their target price on shares of Nextpower from $177.00 to $182.00 and gave the company an “outperform” rating in a report on Friday, May 29th. Mizuho lowered their price target on Nextpower from $142.00 to $111.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 4th. Loop Capital set a $135.00 price objective on Nextpower in a research note on Wednesday, May 13th. Royal Bank Of Canada cut their price objective on Nextpower from $149.00 to $147.00 and set an “outperform” rating for the company in a research report on Friday, July 31st. Finally, Wells Fargo & Company increased their price target on Nextpower from $143.00 to $151.00 and gave the company an “overweight” rating in a research note on Friday, May 29th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Nextpower currently has an average rating of “Moderate Buy” and a consensus price target of $146.12.

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.