Bank of America Corp DE Buys 402,770 Shares of Nextpower Inc. $NXT

Key Points

• Bank of America increased its Nextpower stake by 34.6%, purchasing 402,770 additional shares to own 1.57 million shares valued at approximately $189.1 million. Institutional investors collectively hold 67.41% of the company.
• Analysts maintain a generally positive outlook, with Nextpower receiving a consensus “Moderate Buy” rating and an average price target of $146.14, despite several recent target reductions.
• Nextpower reported quarterly EPS of $1.20, beating estimates of $1.05, while revenue of $935.17 million was roughly in line with expectations. Insiders have sold 168,574 shares worth about $22.6 million over the past 90 days.

Bank of America Corp DE boosted its stake in Nextpower Inc. (NASDAQ:NXT - Free Report) by 34.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,568,235 shares of the company's stock after purchasing an additional 402,770 shares during the quarter. Bank of America Corp DE owned about 1.06% of Nextpower worth $189,051,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC boosted its stake in Nextpower by 107.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 299 shares of the company's stock worth $26,000 after acquiring an additional 155 shares during the last quarter. Whittier Trust Co. of Nevada Inc. grew its holdings in shares of Nextpower by 268.7% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 306 shares of the company's stock valued at $28,000 after buying an additional 223 shares during the period. Signature Equity Partners LLC raised its stake in Nextpower by 76.4% during the 1st quarter. Signature Equity Partners LLC now owns 261 shares of the company's stock worth $31,000 after buying an additional 113 shares during the period. Huntington National Bank lifted its holdings in Nextpower by 480.3% during the fourth quarter. Huntington National Bank now owns 383 shares of the company's stock worth $33,000 after acquiring an additional 317 shares in the last quarter. Finally, Baillie Gifford & Co. grew its stake in Nextpower by 76.5% in the fourth quarter. Baillie Gifford & Co. now owns 420 shares of the company's stock valued at $37,000 after acquiring an additional 182 shares during the period. Institutional investors and hedge funds own 67.41% of the company's stock.

Analyst Upgrades and Downgrades

NXT has been the subject of several research analyst reports. Citigroup decreased their price objective on Nextpower from $145.00 to $132.00 and set a "buy" rating for the company in a research report on Monday. TD Cowen reduced their price target on shares of Nextpower from $135.00 to $118.00 and set a "hold" rating for the company in a report on Monday, July 20th. Needham & Company LLC restated a "buy" rating and set a $149.00 price objective on shares of Nextpower in a report on Friday, May 29th. Royal Bank Of Canada cut their price objective on shares of Nextpower from $149.00 to $147.00 and set an "outperform" rating on the stock in a research report on Friday, July 31st. Finally, Roth Capital reaffirmed a "buy" rating and issued a $175.00 target price on shares of Nextpower in a research note on Tuesday, July 28th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $146.14.

Nextpower Stock Up 8.6%

NASDAQ:NXT opened at $98.44 on Wednesday. The company has a market cap of $14.79 billion, a P/E ratio of 25.50, a price-to-earnings-growth ratio of 1.80 and a beta of 1.95. Nextpower Inc. has a twelve month low of $52.61 and a twelve month high of $163.13. The business has a 50 day moving average price of $116.05 and a two-hundred day moving average price of $116.36.

Nextpower (NASDAQ:NXT - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The company reported $1.20 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.05 by $0.15. The company had revenue of $935.17 million for the quarter, compared to the consensus estimate of $935.39 million. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. As a group, analysts anticipate that Nextpower Inc. will post 3.75 earnings per share for the current fiscal year.

Insider Activity at Nextpower

In other news, insider Bruce Ledesma sold 3,248 shares of the firm's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $134.72, for a total value of $437,570.56. Following the completion of the transaction, the insider owned 246,130 shares in the company, valued at $33,158,633.60. This trade represents a 1.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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, CFO Charles D. Boynton sold 4,500 shares of Nextpower stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $151.79, for a total value of $683,055.00. Following the completion of the sale, the chief financial officer directly owned 358,500 shares in the company, valued at approximately $54,416,715. This represents a 1.24% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 168,574 shares of company stock worth $22,559,770. Corporate insiders own 0.84% of the company's stock.

Nextpower Company Profile

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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