32,196 Shares in Nextpower Inc. $NXT Purchased by Mirova

Key Points

• In the third quarter, Mirova purchased a new stake of 32,196 shares in Nextpower, valued at approximately $2.38 million.
• Several large institutions — including Norges Bank (~$140.8M), William Blair (~$108.7M) and Amundi (2.11M shares, ~$161.6M) — added sizable positions, leaving 67.41% of the stock held by hedge funds and other institutional investors.
• Nextpower posted an earnings beat (EPS $1.10 vs. $0.93; revenue $909.4M vs. $812.4M) and trades with a market cap of about $17.13B and a consensus Moderate Buy rating, though insiders have been net sellers recently (CEO sold 59,456 shares; 104,348 shares sold in the last 90 days).

Mirova purchased a new stake in shares of Nextpower Inc. (NASDAQ:NXT - Free Report) in the third quarter, according to the company in its most recent filing with the SEC. The fund purchased 32,196 shares of the company's stock, valued at approximately $2,382,000.

Several other institutional investors and hedge funds have also recently modified their holdings of NXT. Norges Bank purchased a new position in Nextpower during the 2nd quarter worth $140,772,000. William Blair Investment Management LLC bought a new stake in Nextpower during the third quarter worth $108,739,000. Amundi increased its position in shares of Nextpower by 156.1% during the 3rd quarter. Amundi now owns 2,111,628 shares of the company's stock valued at $161,600,000 after purchasing an additional 1,287,071 shares during the last quarter. Allianz Asset Management GmbH raised its stake in shares of Nextpower by 938.0% during the 3rd quarter. Allianz Asset Management GmbH now owns 794,538 shares of the company's stock worth $58,788,000 after purchasing an additional 717,991 shares during the period. Finally, Electron Capital Partners LLC raised its stake in shares of Nextpower by 2,017.7% during the 3rd quarter. Electron Capital Partners LLC now owns 566,415 shares of the company's stock worth $41,909,000 after purchasing an additional 539,668 shares during the period. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextpower Stock Performance

NASDAQ:NXT opened at $115.38 on Thursday. The business's fifty day moving average is $110.60 and its 200 day moving average is $94.40. The firm has a market cap of $17.13 billion, a price-to-earnings ratio of 29.51, a PEG ratio of 2.90 and a beta of 2.41. Nextpower Inc. has a 52-week low of $36.06 and a 52-week high of $131.59.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on NXT shares. Northland Securities set a $111.00 price target on shares of Nextpower in a report on Tuesday, January 6th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Nextpower in a research report on Monday, December 29th. Bank of America boosted their target price on shares of Nextpower from $102.00 to $108.00 and gave the company a "buy" rating in a research note on Thursday, January 22nd. Robert W. Baird set a $126.00 price objective on Nextpower in a report on Wednesday, January 28th. Finally, Mizuho set a $81.00 target price on shares of Nextpower in a research note on Friday, January 23rd. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $111.49.

Insider Activity at Nextpower

In other news, Director William D. Watkins sold 5,000 shares of the business's stock in a transaction on Friday, January 30th. The shares were sold at an average price of $118.57, for a total transaction of $592,850.00. Following the completion of the transaction, the director directly owned 11,777 shares in the company, valued at $1,396,398.89. The trade was a 29.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Daniel S. Shugar sold 59,456 shares of the business's stock in a transaction dated 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 transaction, the chief executive officer owned 746,339 shares of the company's stock, valued at approximately $78,492,472.63. The trade was a 7.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 104,348 shares of company stock valued at $10,876,525. 0.56% of the stock is owned by corporate insiders.

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.

Want to see what other hedge funds are holding NXT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Nextpower Inc. (NASDAQ:NXT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.