Assetmark Inc. Increases Stock Holdings in Nextpower Inc. $NXT

Key Points

• Assetmark Inc. nearly doubled its stake in Nextpower during the first quarter, increasing holdings by 96.6% to 840,966 shares valued at about $101.4 million.
• Nextpower reported strong quarterly results, with earnings of $1.05 per share beating estimates and revenue of $880.52 million topping expectations.
• Analysts remain broadly positive on the stock, with a Moderate Buy consensus and an average price target of $150.10, even as some insiders recently sold shares.

Assetmark Inc. increased its position in Nextpower Inc. (NASDAQ:NXT - Free Report) by 96.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 840,966 shares of the company's stock after acquiring an additional 413,142 shares during the quarter. Assetmark Inc. owned about 0.57% of Nextpower worth $101,378,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Nextpower during the 4th quarter valued at $170,918,000. Amundi increased its holdings in shares of Nextpower by 156.1% in the third quarter. Amundi now owns 2,111,628 shares of the company's stock worth $161,600,000 after purchasing an additional 1,287,071 shares during the period. Electron Capital Partners LLC raised its position in shares of Nextpower by 2,017.7% in the third quarter. Electron Capital Partners LLC now owns 566,415 shares of the company's stock worth $41,909,000 after buying an additional 539,668 shares in the last quarter. Lord Abbett & CO. LLC raised its position in shares of Nextpower by 142.3% in the fourth quarter. Lord Abbett & CO. LLC now owns 848,110 shares of the company's stock worth $73,879,000 after buying an additional 498,110 shares in the last quarter. Finally, Danske Bank A S bought a new stake in Nextpower during the third quarter valued at $33,298,000. Hedge funds and other institutional investors own 67.41% of the company's stock.

Nextpower Stock Performance

NXT stock opened at $106.85 on Friday. The company has a market capitalization of $16.06 billion, a PE ratio of 27.90, a price-to-earnings-growth ratio of 2.16 and a beta of 1.86. Nextpower Inc. has a one year low of $52.61 and a one year high of $163.13. The company's 50 day moving average price is $124.35 and its two-hundred day moving average price is $115.67.

Nextpower (NASDAQ:NXT - Get Free Report) last announced its quarterly earnings data on Tuesday, May 12th. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.89 by $0.16. The company had revenue of $880.52 million during the quarter, compared to analysts' expectations 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, research analysts predict that Nextpower Inc. will post 3.77 EPS for the current year.

Insider Buying and Selling

In related news, CFO Charles D. Boynton sold 4,500 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $151.79, for a total transaction of $683,055.00. Following the completion of the sale, the chief financial officer directly owned 358,500 shares in the company, valued at $54,416,715. This represents a 1.24% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Nicholas Marco Miller sold 22,427 shares of the firm's stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $156.00, for a total value of $3,498,612.00. Following the transaction, the chief operating officer owned 186,194 shares in the company, valued at approximately $29,046,264. The trade was a 10.75% decrease in their ownership of the stock. 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. Insiders have sold a total of 168,574 shares of company stock worth $22,559,770 in the last 90 days. 0.84% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

NXT has been the subject of several recent analyst reports. Susquehanna reduced their target price on Nextpower from $180.00 to $168.00 and set a "positive" rating for the company in a research report on Friday, July 10th. Northland Securities raised their price target on Nextpower from $148.00 to $162.00 and gave the company an "outperform" rating in a report on Friday, May 29th. BNP Paribas Exane lifted their price target on Nextpower from $177.00 to $182.00 and gave the company an "outperform" rating in a research report on Friday, May 29th. Roth Capital reiterated a "buy" rating and set a $155.00 price target on shares of Nextpower in a research report on Wednesday, May 13th. Finally, Zacks Research raised Nextpower from a "hold" rating to a "strong-buy" rating in a report on Monday. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $150.10.

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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