California State Teachers Retirement System Sells 4,728 Shares of Nextpower Inc. $NXT

California State Teachers Retirement System lessened its position in Nextpower Inc. (NASDAQ:NXT - Free Report) by 2.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 168,249 shares of the company's stock after selling 4,728 shares during the quarter. California State Teachers Retirement System owned approximately 0.11% of Nextpower worth $20,045,186 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. HB Wealth Management LLC boosted its stake in shares of Nextpower by 12.2% during the second quarter. HB Wealth Management LLC now owns 3,410 shares of the company's stock valued at $406,000 after purchasing an additional 371 shares in the last quarter. Odyssean LLC grew its position in Nextpower by 35.8% in the 2nd quarter. Odyssean LLC now owns 12,496 shares of the company's stock valued at $1,489,000 after buying an additional 3,295 shares during the last quarter. Raiffeisen Bank International AG raised its position in shares of Nextpower by 90.5% during the 2nd quarter. Raiffeisen Bank International AG now owns 3,355 shares of the company's stock worth $391,000 after purchasing an additional 1,594 shares during the last quarter. Continuum Advisory LLC purchased a new stake in Nextpower during the second quarter valued at about $37,000. Finally, Nykredit A S bought a new stake in shares of Nextpower in the second quarter worth $608,000. 67.41% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, President Howard Wenger sold 11,176 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $104.78, for a total value of $1,171,021.28. Following the transaction, the president directly owned 419,868 shares in the company, valued at $43,993,769.04. This trade represents a 2.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Charles Boynton sold 4,500 shares of Nextpower stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $79.98, for a total value of $359,910.00. Following the sale, the chief financial officer owned 354,000 shares of the company's stock, valued at approximately $28,312,920. This trade represents a 1.26% 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. Insiders sold a total of 100,431 shares of company stock valued at $10,039,748 over the last ninety days. 0.84% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

NXT has been the subject of several research reports. Freedom Capital upgraded shares of Nextpower from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 31st. Susquehanna dropped their target price on shares of Nextpower from $168.00 to $157.00 and set a "positive" rating on the stock in a research report on Friday, July 31st. Truist Financial upped their target price on shares of Nextpower from $140.00 to $145.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Mizuho decreased their price objective on Nextpower from $142.00 to $111.00 and set a "neutral" rating for the company in a report on Tuesday, August 4th. Finally, TD Cowen dropped their price target on Nextpower from $135.00 to $118.00 and set a "hold" rating for the company in a research note on Monday, July 20th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $144.96.

Nextpower Stock Performance

Shares of NASDAQ:NXT traded down $2.20 during trading on Tuesday, reaching $80.42. 1,253,249 shares of the stock were exchanged, compared to its average volume of 2,404,553. The firm has a market cap of $12.20 billion, a price-to-earnings ratio of 20.89, a price-to-earnings-growth ratio of 1.64 and a beta of 1.92. The firm's 50-day moving average price is $95.42 and its 200 day moving average price is $111.70. Nextpower Inc. has a 12-month low of $66.70 and a 12-month high of $163.13.

Nextpower (NASDAQ:NXT - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The company reported $1.20 EPS for the quarter, beating the consensus estimate of $1.05 by $0.15. The business had revenue of $935.17 million during 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, equities research analysts forecast that Nextpower Inc. will post 3.76 EPS for the current year.

Nextpower Profile

Nextracker Inc NASDAQ: NXT is a solar technology company that designs, manufactures and supplies intelligent solar tracker systems for utility-scale and distributed-generation photovoltaic projects. Its tracker systems adjust the position of solar panels throughout the day to help optimize energy production.

The company's product portfolio includes single-axis solar tracking systems, associated hardware and controls, as well as software and digital tools used to monitor and manage solar plant performance.

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