Bank of New York Mellon Corp Cuts Stock Holdings in Nextpower Inc. $NXT

Key Points

• Bank of New York Mellon reduced its stake in Nextpower by 7.2% in the fourth quarter, though it still held 983,661 shares valued at about $85.7 million.
• Nextpower reported strong quarterly results, posting $1.05 EPS versus the $0.89 consensus and revenue of $880.5 million, both above analyst expectations.
• Despite recent insider selling by the CFO and COO, analysts remain generally bullish: the stock has a Moderate Buy rating with an average price target of $147.77.

Bank of New York Mellon Corp decreased its holdings in shares of Nextpower Inc. (NASDAQ:NXT - Free Report) by 7.2% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 983,661 shares of the company's stock after selling 76,659 shares during the period. Bank of New York Mellon Corp owned 0.66% of Nextpower worth $85,687,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in NXT. Whittier Trust Co. of Nevada Inc. grew its position 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 worth $28,000 after buying an additional 223 shares during the last quarter. Huntington National Bank grew its position in shares of Nextpower by 480.3% in the 4th quarter. Huntington National Bank now owns 383 shares of the company's stock worth $33,000 after buying an additional 317 shares during the last quarter. Baillie Gifford & Co. grew its position in shares of Nextpower by 76.5% in the 4th quarter. Baillie Gifford & Co. now owns 420 shares of the company's stock worth $37,000 after buying an additional 182 shares during the last quarter. Foster Dykema Cabot & Partners LLC purchased a new position in shares of Nextpower in the 3rd quarter worth approximately $36,000. Finally, Northwestern Mutual Wealth Management Co. grew its position in shares of Nextpower by 511.1% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 495 shares of the company's stock worth $37,000 after buying an additional 414 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Nextpower Trading Down 4.5%

Shares of NASDAQ NXT opened at $125.65 on Tuesday. Nextpower Inc. has a 12 month low of $51.69 and a 12 month high of $163.13. The company has a 50 day simple moving average of $124.41 and a two-hundred day simple moving average of $110.47. The stock has a market cap of $18.88 billion, a price-to-earnings ratio of 32.81, a PEG ratio of 3.12 and a beta of 1.73.

Nextpower (NASDAQ:NXT - Get Free Report) last announced its quarterly earnings data on Tuesday, May 12th. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $0.89 by $0.16. Nextpower had a net margin of 16.46% and a return on equity of 28.18%. The business had revenue of $880.52 million during the quarter, compared to analysts' expectations of $826.26 million. Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. Analysts forecast that Nextpower Inc. will post 3.69 EPS for the current year.

Insider Buying and Selling at Nextpower

In related news, CFO Charles D. Boynton sold 4,500 shares of the business's stock in a transaction on 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 transaction, the chief financial officer directly owned 358,500 shares in the company, valued at $54,416,715. The trade was a 1.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Nicholas Marco Miller sold 22,427 shares of the business's stock in a transaction on Friday, May 29th. The shares were sold at an average price of $156.00, for a total transaction of $3,498,612.00. Following the completion of the transaction, the chief operating officer owned 186,194 shares of the company's stock, valued at approximately $29,046,264. This represents a 10.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 168,574 shares of company stock worth $22,559,770. Corporate insiders own 0.56% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on NXT shares. Roth Mkm reaffirmed a "buy" rating and issued a $155.00 price objective on shares of Nextpower in a research report on Wednesday, May 13th. TD Cowen lifted their price objective on shares of Nextpower from $105.00 to $135.00 and gave the stock a "hold" rating in a research report on Wednesday, May 13th. Northland Securities lifted their price objective on shares of Nextpower from $148.00 to $162.00 and gave the stock an "outperform" rating in a research report on Friday, May 29th. JPMorgan Chase & Co. lifted their price objective on shares of Nextpower from $155.00 to $174.00 and gave the stock an "overweight" rating in a research report on Friday, May 29th. Finally, KeyCorp lifted their price objective on shares of Nextpower from $152.00 to $164.00 and gave the stock an "overweight" rating in a research report on Friday, May 29th. Twenty analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $147.77.

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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