Assetmark Inc. Buys 427,699 Shares of Nextpower Inc. $NXT

Key Points

• Assetmark Inc. bought an additional 427,699 shares of Nextpower in Q4—boosting its stake to 427,824 shares (about 0.29% of the company) worth roughly $37.27 million, a reported increase of 342,159.2%.
• Nextpower recently beat estimates with Q quarterly results (EPS $1.10 vs. $0.93 est.; revenue $909.35M vs. $812.43M), trades up ~3%, has a market cap of ~$17.06B and a consensus analyst rating of Moderate Buy with an average target of $114.49.
• Company insiders have been net sellers recently: the CEO sold 59,456 shares for about $6.25M, and insiders sold 104,348 shares (~$10.88M) over the last three months, while institutional investors own about 67.41% of the stock and insiders own 0.56%.

Assetmark Inc. boosted its holdings in Nextpower Inc. (NASDAQ:NXT - Free Report) by 342,159.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 427,824 shares of the company's stock after purchasing an additional 427,699 shares during the period. Assetmark Inc. owned approximately 0.29% of Nextpower worth $37,268,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position 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 valued at $18,436,000 after acquiring an additional 71,842 shares during the period. M&T Bank Corp purchased a new stake in Nextpower in the second quarter worth about $223,000. EverSource Wealth Advisors LLC grew its holdings in Nextpower by 179.7% in 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 period. Cerity Partners LLC lifted its stake in shares of Nextpower by 154.0% in the second quarter. Cerity Partners LLC now owns 18,539 shares of the company's stock worth $1,008,000 after buying an additional 11,239 shares in the last quarter. Finally, California Public Employees Retirement System lifted its stake in shares of 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 buying an additional 59,573 shares in the last quarter. 67.41% of the stock is owned by institutional investors.

Nextpower Trading Up 3.0%

NXT stock opened at $114.92 on Wednesday. Nextpower Inc. has a 12 month low of $37.16 and a 12 month high of $131.72. The company has a 50-day moving average price of $115.35 and a 200 day moving average price of $100.93. The stock has a market cap of $17.06 billion, a PE ratio of 29.39, a P/E/G ratio of 2.57 and a beta of 2.02.

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

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on NXT shares. Mizuho set a $81.00 price objective on shares of Nextpower in a research report on Friday, January 23rd. UBS Group increased their price target on shares of Nextpower from $125.00 to $140.00 and gave the stock a "buy" rating in a research report on Wednesday, January 28th. Needham & Company LLC increased their price target on shares of Nextpower from $103.00 to $138.00 and gave the stock a "buy" rating in a research report on Thursday, January 29th. Roth Mkm reiterated a "buy" rating and issued a $130.00 price target on shares of Nextpower in a research report on Wednesday, January 28th. Finally, The Goldman Sachs Group set a $140.00 price objective on shares of Nextpower and gave the stock a "buy" rating in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $114.49.

Insider Activity

In other news, CEO Daniel S. Shugar sold 59,456 shares of the business's stock in a transaction dated 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 completion of the sale, the chief executive officer owned 746,339 shares in the company, valued at approximately $78,492,472.63. The trade was a 7.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director William D. Watkins sold 5,000 shares of the business's stock in a transaction dated 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 owned 11,777 shares of the company's stock, valued at approximately $1,396,398.89. This represents a 29.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders 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.

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