Allspring Global Investments Holdings LLC Boosts Holdings in Nextpower Inc. $NXT

Key Points

• Allspring Global Investments increased its stake in Nextpower by 152.4% in Q1, ending with 50,755 shares valued at about $6.11 million.
• Other institutional investors also raised or initiated positions, and 67.41% of Nextpower’s stock is now owned by hedge funds and other institutions.
• Analysts remain mostly bullish: the stock has a Moderate Buy consensus with an average price target of $150.62, while Nextpower last traded at $104.49 and recently beat earnings and revenue estimates.

Allspring Global Investments Holdings LLC lifted its position in shares of Nextpower Inc. (NASDAQ:NXT - Free Report) by 152.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 50,755 shares of the company's stock after purchasing an additional 30,647 shares during the period. Allspring Global Investments Holdings LLC's holdings in Nextpower were worth $6,110,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Nextpower by 19.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 437,490 shares of the company's stock worth $18,436,000 after buying an additional 71,842 shares during the last quarter. M&T Bank Corp acquired a new stake in shares of Nextpower in the 2nd quarter valued at about $223,000. EverSource Wealth Advisors LLC lifted its position in shares of Nextpower by 179.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the company's stock worth $61,000 after purchasing an additional 724 shares during the last quarter. Cerity Partners LLC lifted its position in shares of Nextpower by 154.0% during the second quarter. Cerity Partners LLC now owns 18,539 shares of the company's stock worth $1,008,000 after purchasing an additional 11,239 shares during the last quarter. Finally, California Public Employees Retirement System grew its stake in Nextpower by 36.5% in the second quarter. California Public Employees Retirement System now owns 222,960 shares of the company's stock worth $12,122,000 after purchasing an additional 59,573 shares in the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

NXT has been the topic of a number of research reports. UBS Group reissued a "buy" rating and set a $170.00 target price on shares of Nextpower in a report on Friday, May 29th. Wolfe Research reissued an "outperform" rating and issued a $160.00 target price on shares of Nextpower in a report on Friday, May 29th. Barclays upped their price target on shares of Nextpower from $142.00 to $147.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. TD Cowen reduced their target price on shares of Nextpower from $135.00 to $118.00 and set a "hold" rating for the company in a research note on Monday. Finally, Wells Fargo & Company raised their target price on Nextpower from $143.00 to $151.00 and gave the company an "overweight" rating in a research report on Friday, May 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $150.62.

Nextpower Trading Down 0.4%

Shares of Nextpower stock opened at $104.49 on Friday. The company's 50-day moving average price is $121.58 and its two-hundred day moving average price is $116.20. Nextpower Inc. has a 52 week low of $52.61 and a 52 week high of $163.13. The stock has a market cap of $15.70 billion, a PE ratio of 27.28, a price-to-earnings-growth ratio of 2.09 and a beta of 1.86.

Nextpower (NASDAQ:NXT - Get Free Report) last posted its quarterly earnings data on Tuesday, May 12th. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.16. The company had revenue of $880.52 million during the quarter, compared to analyst estimates of $826.26 million. Nextpower had a net margin of 16.46% and a return on equity of 28.18%. Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. On average, equities analysts predict that Nextpower Inc. will post 3.73 EPS for the current fiscal year.

Insider Activity

In other Nextpower news, President Howard Wenger sold 62,670 shares of the business's stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $130.25, for a total transaction of $8,162,767.50. Following the sale, the president directly owned 426,467 shares of the company's stock, valued at $55,547,326.75. The trade was a 12.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Daniel S. Shugar sold 26,077 shares of the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $134.72, for a total value of $3,513,093.44. Following the completion of the sale, the chief executive officer owned 931,419 shares of the company's stock, valued at $125,480,767.68. The trade was a 2.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 168,574 shares of company stock worth $22,559,770. 0.84% of the stock is owned by company 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.

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