13,565 Nextpower Inc. $NXT Shares Acquired by IFP Advisors Inc

Key Points

• IFP Advisors increased its Nextpower stake by 269.8% in the third quarter, acquiring 13,565 shares and bringing its holdings to 18,593 shares valued at approximately $1.45 million. Institutional investors and hedge funds collectively own 67.41% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and average price target of $139.77 versus the stock’s referenced price of $81.77. However, several firms recently lowered their targets, reflecting some caution.
• Nextpower’s shares have traded near their 12-month low, while insiders sold more than 100,000 shares worth about $10 million over the past three months. The upcoming earnings report is a key catalyst, particularly amid forecasts for declining earnings.

IFP Advisors Inc grew its stake in Nextpower Inc. (NASDAQ:NXT - Free Report) by 269.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,593 shares of the company's stock after purchasing an additional 13,565 shares during the quarter. IFP Advisors Inc's holdings in Nextpower were worth $1,449,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Signature Equity Partners LLC increased its stake in shares of Nextpower by 76.4% during the first quarter. Signature Equity Partners LLC now owns 261 shares of the company's stock worth $31,000 after purchasing an additional 113 shares in the last quarter. Continuum Advisory LLC acquired a new position in shares of Nextpower during the 2nd quarter worth about $37,000. Root Financial Partners LLC lifted its stake in Nextpower by 30.0% in the 1st quarter. Root Financial Partners LLC now owns 446 shares of the company's stock valued at $54,000 after buying an additional 103 shares in the last quarter. Trust Co. of Vermont purchased a new position in Nextpower in the 2nd quarter valued at about $63,000. Finally, Westfuller Advisors LLC acquired a new stake in Nextpower in the 1st quarter worth about $66,000. Institutional investors and hedge funds own 67.41% of the company's stock.

Insiders Place Their Bets

In other news, President Howard Wenger sold 11,176 shares of the company's stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $104.78, for a total value of $1,171,021.28. Following the completion of the sale, the president directly owned 419,868 shares in the company, valued at $43,993,769.04. This represents a 2.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Julia Blunden sold 3,723 shares of the company's stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $88.08, for a total value of $327,921.84. Following the completion of the sale, the director owned 6,434 shares of the company's stock, valued at $566,706.72. This trade represents a 36.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 100,431 shares of company stock worth $10,039,748. 0.84% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. The Goldman Sachs Group reiterated a "buy" rating and set a $168.00 price objective on shares of Nextpower in a research note on Wednesday, July 1st. Mizuho decreased their target price on Nextpower from $111.00 to $101.00 and set a "neutral" rating on the stock in a research report on Thursday, October 15th. Barclays decreased their target price on Nextpower from $147.00 to $146.00 and set an "overweight" rating on the stock in a research report on Tuesday, October 13th. Truist Financial lifted their price target on Nextpower from $140.00 to $145.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Finally, Weiss Ratings cut Nextpower from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $139.77.

Nextpower Trading Up 3.5%

NASDAQ:NXT opened at $81.77 on Thursday. The company's 50-day moving average price is $84.56 and its 200-day moving average price is $105.61. The company has a market cap of $12.41 billion, a P/E ratio of 20.53, a P/E/G ratio of 1.90 and a beta of 1.94. Nextpower Inc. has a twelve month low of $76.71 and a twelve month high of $163.13.

Nextpower (NASDAQ:NXT - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The company reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.15. The company had revenue of $935.17 million during the quarter, compared to analysts' expectations of $935.39 million. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. On average, analysts expect that Nextpower Inc. will post 3.80 earnings per share for the current year.

Nextpower News Roundup

Here are the key news stories impacting Nextpower this week:

• Positive Sentiment: Citigroup lowered its price target from $121 to $111 but maintained a Buy rating. The revised target still implies approximately 35.7% upside from the referenced share price, suggesting Citi believes the recent weakness may be overdone. Citigroup lowers Nextpower price target while maintaining Buy rating
• Positive Sentiment: Analyst estimates compiled by American Banking News show an average price target of $140.85, substantially above the current trading level. This indicates considerable potential upside if the company meets earnings expectations and maintains its growth outlook. Nextpower average analyst price target
• Neutral Sentiment: Nextpower is scheduled to report quarterly results on Wednesday. The report is likely to be the key near-term catalyst, with investors focused on revenue growth, margins and management’s outlook. Nextpower upcoming quarterly earnings
• Negative Sentiment: Zacks expects Nextpower’s upcoming second-quarter earnings to decline and says the company lacks the typical indicators associated with a likely earnings beat. That forecast could weigh on the stock ahead of the report. Zacks Nextpower earnings preview
• Negative Sentiment: JPMorgan has lowered its expectations for Nextpower’s stock price, adding to the cautious analyst tone surrounding the company before earnings. JPMorgan lowers Nextpower stock expectations

Nextpower Company Profile

Nextracker Inc is a renewable energy technology company that designs, manufactures and supplies intelligent solar-tracking systems for utility-scale and large commercial solar power projects. Its systems adjust the position of solar panels throughout the day to help photovoltaic modules capture more sunlight and improve energy production.

The company's product portfolio includes single-axis solar trackers, structural components, foundations and related hardware, as well as software and controls designed to optimize tracker performance.

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