Abacus FCF Advisors LLC Acquires New Stake in Nextpower Inc. $NXT

Key Points

• Abacus FCF Advisors bought 144,761 shares of Nextpower (~$12.61M) in Q4, representing about 0.10% of Nextpower and making NXT its 25th largest holding.
• Analyst and institutional sentiment is broadly positive — 19 Buy, 6 Hold and 1 Strong Buy ratings with a consensus price target of $117.47, and institutions now own about 67.41% of the stock.
• Nextpower recently beat quarterly estimates (EPS $1.10 vs $0.93; revenue $909M vs $812M), but insiders have been selling — the CEO sold ~59,456 shares and insiders disposed of ~104,348 shares (~$10.9M) in the last three months.

Abacus FCF Advisors LLC acquired a new stake in Nextpower Inc. (NASDAQ:NXT - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 144,761 shares of the company's stock, valued at approximately $12,610,000. Nextpower comprises about 1.6% of Abacus FCF Advisors LLC's holdings, making the stock its 25th largest position. Abacus FCF Advisors LLC owned approximately 0.10% of Nextpower as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of NXT. Westfield Capital Management Co. LP raised its position in shares of Nextpower by 6.1% in the third quarter. Westfield Capital Management Co. LP now owns 1,398,057 shares of the company's stock valued at $103,442,000 after purchasing an additional 80,493 shares during the period. Belpointe Asset Management LLC bought a new position in shares of Nextpower in the third quarter valued at approximately $832,000. Strs Ohio raised its position in shares of Nextpower by 219.8% in the third quarter. Strs Ohio now owns 110,000 shares of the company's stock valued at $8,139,000 after purchasing an additional 75,600 shares during the period. New York Life Investment Management LLC bought a new position in shares of Nextpower in the third quarter valued at approximately $1,008,000. Finally, American Century Companies Inc. raised its position in shares of Nextpower by 23.4% in the third quarter. American Century Companies Inc. now owns 675,886 shares of the company's stock valued at $50,009,000 after purchasing an additional 128,296 shares during the period. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on NXT shares. Needham & Company LLC lifted their price target on shares of Nextpower from $103.00 to $138.00 and gave the company a "buy" rating in a research report on Thursday, January 29th. Deutsche Bank Aktiengesellschaft set a $129.00 target price on Nextpower and gave the company a "buy" rating in a report on Thursday, April 9th. Glj Research reaffirmed a "buy" rating and issued a $147.33 price target on shares of Nextpower in a research report on Monday, March 16th. Wells Fargo & Company upped their price target on Nextpower from $109.00 to $127.00 and gave the stock an "overweight" rating in a report on Wednesday, January 28th. Finally, Robert W. Baird set a $126.00 price target on Nextpower in a report on Wednesday, January 28th. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $117.47.

Nextpower Trading Down 2.4%

Shares of NXT stock opened at $121.41 on Friday. Nextpower Inc. has a 1 year low of $37.16 and a 1 year high of $131.72. The firm's fifty day simple moving average is $114.59 and its 200 day simple moving average is $102.79. The firm has a market capitalization of $18.03 billion, a P/E ratio of 31.05, a price-to-earnings-growth ratio of 5.91 and a beta of 2.02.

Nextpower (NASDAQ:NXT - Get Free Report) last announced its earnings results on Tuesday, January 27th. The company reported $1.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.93 by $0.17. The business had revenue of $909.35 million for the quarter, compared to analyst estimates of $812.43 million. Nextpower had a net margin of 16.43% and a return on equity of 32.01%. Equities research analysts anticipate that Nextpower Inc. will post 3.72 EPS for the current fiscal year.

Insider Buying and Selling at Nextpower

In other Nextpower news, CEO Daniel S. Shugar sold 59,456 shares of the business's stock in a transaction on Monday, March 9th. The shares were sold at an average price of $105.17, for a total value of $6,252,987.52. Following the sale, the chief executive officer owned 746,339 shares of the company's stock, valued at $78,492,472.63. The trade was a 7.38% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 sale, the director directly owned 11,777 shares in the company, valued at $1,396,398.89. This trade represents a 29.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 104,348 shares of company stock worth $10,876,525 in the last three months. Insiders own 0.56% of the company's stock.

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.

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