57,935 Shares in Nextpower Inc. $NXT Purchased by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments opened a new Nextpower position, purchasing 57,935 shares worth approximately $4.5 million in the third quarter. Institutional investors collectively own 67.41% of the company.
• Nextpower beat quarterly expectations, reporting EPS of $1.31 versus analysts’ $1.10 estimate and revenue of $1.11 billion versus $1.06 billion expected.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $135.19; meanwhile, company insiders sold 98,142 shares worth about $9.8 million over the past 90 days.

Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Nextpower Inc. (NASDAQ:NXT - Free Report) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 57,935 shares of the company's stock, valued at approximately $4,515,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of NXT. Signature Equity Partners LLC increased its holdings in shares of Nextpower by 76.4% during the first quarter. Signature Equity Partners LLC now owns 261 shares of the company's stock valued at $31,000 after acquiring an additional 113 shares in the last quarter. Janney Montgomery Scott LLC boosted its position in Nextpower by 2.0% during the first quarter. Janney Montgomery Scott LLC now owns 5,963 shares of the company's stock worth $719,000 after purchasing an additional 119 shares in the last quarter. Sigma Planning Corp grew its stake in Nextpower by 4.9% in the 3rd quarter. Sigma Planning Corp now owns 3,779 shares of the company's stock valued at $294,000 after acquiring an additional 175 shares during the period. North Dakota State Investment Board boosted its holdings in Nextpower by 4.7% in the 3rd quarter. North Dakota State Investment Board now owns 4,565 shares of the company's stock worth $356,000 after buying an additional 203 shares during the last quarter. Finally, Glenmede Trust Co. NA boosted its stake in Nextpower by 2.9% during the 1st quarter. Glenmede Trust Co. NA now owns 8,532 shares of the company's stock worth $1,029,000 after purchasing an additional 244 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Nextpower Trading Down 6.7%

Shares of Nextpower stock opened at $99.58 on Friday. The company has a fifty day simple moving average of $83.42 and a 200-day simple moving average of $106.68. The stock has a market cap of $15.11 billion, a price-to-earnings ratio of 25.08, a PEG ratio of 2.23 and a beta of 1.93. Nextpower Inc. has a 12-month low of $75.40 and a 12-month high of $163.13.

Nextpower (NASDAQ:NXT - Get Free Report) last posted its earnings results on Wednesday, October 28th. The company reported $1.31 EPS for the quarter, topping analysts' consensus estimates of $1.10 by $0.21. Nextpower had a return on equity of 25.33% and a net margin of 15.98%. The business had revenue of $1.11 billion for the quarter, compared to analysts' expectations of $1.06 billion. On average, analysts forecast that Nextpower Inc. will post 4.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Julia Blunden sold 3,723 shares of the company's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $88.08, for a total transaction of $327,921.84. Following the completion of the sale, the director owned 6,434 shares in the company, valued at $566,706.72. This represents a 36.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Brandi Thomas sold 7,415 shares of the business's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $91.25, for a total transaction of $676,618.75. Following the transaction, the director owned 7,914 shares in the company, valued at approximately $722,152.50. This trade represents a 48.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 98,142 shares of company stock worth $9,817,212. 0.84% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms have weighed in on NXT. Barclays decreased their target price on shares of Nextpower from $147.00 to $146.00 and set an "overweight" rating on the stock in a report on Tuesday, October 13th. Weiss Ratings reissued a "hold (c+)" rating on shares of Nextpower in a research report on Tuesday, October 27th. Glj Research upped their price target on Nextpower from $149.00 to $158.00 and gave the stock a "buy" rating in a research note on Tuesday. Guggenheim raised Nextpower from a "neutral" rating to a "buy" rating and set a $125.00 target price on the stock in a research note on Wednesday, July 15th. Finally, Needham & Company LLC decreased their price target on shares of Nextpower from $149.00 to $143.00 and set a "buy" rating for the company in a research report on Thursday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Nextpower currently has an average rating of "Moderate Buy" and a consensus target price of $135.19.

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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