Asset Management One Co. Ltd. Trims Position in Nextpower Inc. $NXT

Key Points

• Asset Management One Co. Ltd. trimmed its stake by 19% in Nextpower in Q4, selling 10,991 shares and leaving it with 46,973 shares valued at about $4.24 million.
• Company insiders have been net sellers recently — including CEO Daniel S. Shugar’s sale of 59,456 shares (~$6.25M) and a director’s 5,000-share sale — with insiders offloading 104,348 shares (~$10.88M) over the past 90 days; insiders now own 0.56% of the stock.
• Nextpower recently beat Q4 EPS and revenue estimates ($1.10 EPS vs. $0.93 expected; $909.35M revenue vs. $812.43M expected), shares are up ~7.5%, and analysts hold a consensus "Moderate Buy" with an average price target of $117.47 (UBS raised its target to $140).

Asset Management One Co. Ltd. lessened its stake in shares of Nextpower Inc. (NASDAQ:NXT - Free Report) by 19.0% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 46,973 shares of the company's stock after selling 10,991 shares during the quarter. Asset Management One Co. Ltd.'s holdings in Nextpower were worth $4,237,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. grew its holdings in shares of Nextpower by 268.7% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 306 shares of the company's stock worth $28,000 after purchasing an additional 223 shares in the last quarter. Foster Dykema Cabot & Partners LLC purchased a new stake in Nextpower in the third quarter worth approximately $36,000. Northwestern Mutual Wealth Management Co. boosted its stake in Nextpower by 511.1% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 495 shares of the company's stock worth $37,000 after buying an additional 414 shares in the last quarter. Baillie Gifford & Co. boosted its stake in Nextpower by 76.5% in the fourth quarter. Baillie Gifford & Co. now owns 420 shares of the company's stock worth $37,000 after buying an additional 182 shares in the last quarter. Finally, BOKF NA boosted its stake in Nextpower by 1,135.7% in the third quarter. BOKF NA now owns 519 shares of the company's stock worth $38,000 after buying an additional 477 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Insider Buying and Selling at Nextpower

In other news, Director William D. Watkins sold 5,000 shares of the firm's stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $118.57, for a total value of $592,850.00. Following the transaction, the director owned 11,777 shares of the company's stock, valued at $1,396,398.89. This trade represents a 29.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Daniel S. Shugar sold 59,456 shares of Nextpower stock in a transaction that occurred 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 directly owned 746,339 shares in the company, valued at $78,492,472.63. This trade represents a 7.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 104,348 shares of company stock worth $10,876,525. 0.56% of the stock is owned by insiders.

Nextpower Stock Up 7.5%

Shares of Nextpower stock opened at $116.19 on Thursday. The company has a market cap of $17.25 billion, a PE ratio of 29.72, a P/E/G ratio of 5.14 and a beta of 2.02. The business has a 50 day moving average of $114.28 and a 200 day moving average of $102.16. Nextpower Inc. has a 52 week low of $37.16 and a 52 week high of $131.72.

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

Wall Street Analyst Weigh In

NXT has been the subject of several research reports. UBS Group upped their target price on Nextpower from $125.00 to $140.00 and gave the stock a "buy" rating in a research note on Wednesday, January 28th. Susquehanna boosted their price objective on Nextpower from $133.00 to $136.00 and gave the company a "positive" rating in a research report on Thursday, April 9th. TD Cowen boosted their price objective on Nextpower from $88.00 to $105.00 and gave the company a "hold" rating in a research report on Wednesday, January 28th. Northland Securities set a $111.00 price objective on Nextpower in a research report on Tuesday, January 6th. Finally, BMO Capital Markets reiterated a "market perform" rating and issued a $104.00 price objective on shares of Nextpower in a research report on Wednesday, January 28th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $117.47.

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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