Jupiter Asset Management Ltd. Takes $1.97 Million Position in Nextpower Inc. $NXT

Jupiter Asset Management Ltd. purchased a new position in shares of Nextpower Inc. (NASDAQ:NXT) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 26,620 shares of the company’s stock, valued at approximately $1,970,000.

Several other institutional investors also recently added to or reduced their stakes in NXT. Natural Investments LLC boosted its holdings in shares of Nextpower by 0.9% in the third quarter. Natural Investments LLC now owns 16,750 shares of the company’s stock valued at $1,239,000 after acquiring an additional 155 shares during the period. Fifth Third Bancorp raised its position in Nextpower by 15.9% in the 3rd quarter. Fifth Third Bancorp now owns 1,264 shares of the company’s stock valued at $94,000 after purchasing an additional 173 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in Nextpower by 8.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,585 shares of the company’s stock worth $191,000 after purchasing an additional 198 shares during the period. State of Michigan Retirement System boosted its stake in Nextpower by 0.6% during the 2nd quarter. State of Michigan Retirement System now owns 34,600 shares of the company’s stock worth $1,881,000 after purchasing an additional 200 shares during the period. Finally, Redwood Investment Management LLC grew its position in Nextpower by 4.1% during the 2nd quarter. Redwood Investment Management LLC now owns 5,177 shares of the company’s stock worth $281,000 after purchasing an additional 204 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Barclays set a $115.00 target price on shares of Nextpower in a research note on Thursday, January 29th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $119.00 price objective on shares of Nextpower in a research report on Thursday, January 29th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Nextpower in a research note on Monday, December 29th. Royal Bank Of Canada boosted their target price on Nextpower from $93.00 to $96.00 and gave the company an “outperform” rating in a report on Thursday, November 13th. Finally, The Goldman Sachs Group increased their price target on Nextpower from $89.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, October 27th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat.com, Nextpower has an average rating of “Moderate Buy” and an average price target of $108.32.

Insider Transactions at Nextpower

In related news, Director William D. Watkins sold 5,000 shares of the firm’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 completion of the sale, the director owned 11,777 shares in the company, valued at $1,396,398.89. This trade represents a 29.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO David P. Bennett sold 33,725 shares of the business’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $88.08, for a total transaction of $2,970,498.00. Following the sale, the chief accounting officer directly owned 130,967 shares in the company, valued at approximately $11,535,573.36. This represents a 20.48% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.56% of the company’s stock.

Nextpower Trading Up 2.8%

Shares of NXT stock opened at $119.34 on Friday. The stock has a 50 day simple moving average of $102.59 and a 200-day simple moving average of $88.16. The company has a market cap of $17.72 billion, a price-to-earnings ratio of 30.52, a price-to-earnings-growth ratio of 3.51 and a beta of 2.35. Nextpower Inc. has a 12-month low of $36.06 and a 12-month high of $131.59.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings data 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. Nextpower had a return on equity of 32.01% and a net margin of 16.43%.The firm had revenue of $909.35 million for the quarter, compared to analyst estimates of $812.43 million. On average, equities analysts forecast that Nextpower Inc. will post 3.29 earnings per share for the current fiscal 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.