BI Asset Management Fondsmaeglerselskab A S Purchases New Holdings in Nextpower Inc. $NXT

Key Points

• BI Asset Management opened a new position in Nextpower, buying 68,294 shares valued at about $8.23 million in the first quarter.
• Institutional ownership remains heavy, with hedge funds and other investors holding 67.41% of Nextpower’s stock. Several firms increased their stakes, including UBS AM, Cerity Partners, and CalPERS.
• Nextpower reported strong quarterly results, with EPS of $1.05 and revenue of $880.52 million, both above estimates. Analysts remain broadly positive, with a consensus rating of Moderate Buy and a price target of $147.77.

BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Nextpower Inc. (NASDAQ:NXT - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 68,294 shares of the company's stock, valued at approximately $8,233,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised 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 buying an additional 71,842 shares during the last quarter. M&T Bank Corp purchased a new stake in Nextpower during the 2nd quarter valued at about $223,000. EverSource Wealth Advisors LLC grew its stake in Nextpower by 179.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the company's stock valued at $61,000 after acquiring an additional 724 shares in the last quarter. Cerity Partners LLC raised its holdings in Nextpower by 154.0% in the 2nd quarter. Cerity Partners LLC now owns 18,539 shares of the company's stock valued at $1,008,000 after acquiring an additional 11,239 shares during the last quarter. Finally, California Public Employees Retirement System raised its holdings in Nextpower by 36.5% in the 2nd quarter. California Public Employees Retirement System now owns 222,960 shares of the company's stock valued at $12,122,000 after acquiring an additional 59,573 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Nextpower Stock Performance

Shares of NXT stock opened at $125.90 on Monday. The firm has a market cap of $18.92 billion, a P/E ratio of 32.87, a P/E/G ratio of 2.98 and a beta of 1.73. The firm's 50 day moving average price is $125.73 and its 200-day moving average price is $112.58. Nextpower Inc. has a one year low of $51.69 and a one year high of $163.13.

Nextpower (NASDAQ:NXT - Get Free Report) last posted its earnings results on Tuesday, May 12th. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.16. The firm had revenue of $880.52 million during the quarter, compared to the consensus estimate 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. As a group, research analysts predict that Nextpower Inc. will post 3.69 EPS for the current fiscal year.

Insider Transactions at Nextpower

In other Nextpower 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 owned 358,500 shares in the company, valued at $54,416,715. The trade was a 1.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Daniel S. Shugar sold 26,077 shares of the company's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $134.72, for a total value of $3,513,093.44. Following the sale, the chief executive officer directly owned 931,419 shares in the company, valued at $125,480,767.68. This represents a 2.72% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 168,574 shares of company stock valued at $22,559,770. 0.56% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on NXT. KeyCorp boosted their price objective on Nextpower from $152.00 to $164.00 and gave the stock an "overweight" rating in a research note on Friday, May 29th. Weiss Ratings raised Nextpower from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, May 20th. Roth Mkm reiterated a "buy" rating and set a $155.00 price target on shares of Nextpower in a report on Wednesday, May 13th. Royal Bank Of Canada boosted their price target on shares of Nextpower from $146.00 to $149.00 and gave the company an "outperform" rating in a research report on Friday, May 29th. Finally, Barclays upped their price objective on shares of Nextpower from $123.00 to $142.00 and gave the company an "overweight" rating in a report on Monday, May 18th. Twenty investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Nextpower has a consensus rating of "Moderate Buy" and a consensus price target of $147.77.

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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