California State Teachers Retirement System Has $2.39 Billion Stock Position in Nextpower Inc. $NXT

Key Points

• California State Teachers Retirement System increased its Nextpower stake by 11,488.4% in the second quarter, owning 20.05 million shares valued at approximately $2.39 billion, or 13.21% of the company. Institutional investors collectively own 67.41% of the stock.
• Nextpower reported quarterly EPS of $1.20, beating estimates of $1.05, while revenue reached $935.17 million. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $144.96.
• NXT shares opened at $81.35, down 1.2%, and remain below their 50-day and 200-day moving averages. Company insiders sold 100,431 shares worth approximately $10.04 million over the past quarter.

California State Teachers Retirement System raised its position in Nextpower Inc. (NASDAQ:NXT - Free Report) by 11,488.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,045,186 shares of the company's stock after purchasing an additional 19,872,209 shares during the quarter. California State Teachers Retirement System owned approximately 13.21% of Nextpower worth $2,388,183,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NXT. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in 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 worth $18,436,000 after buying an additional 71,842 shares during the last quarter. M&T Bank Corp bought a new position in Nextpower during the second quarter valued at approximately $223,000. EverSource Wealth Advisors LLC lifted its stake in Nextpower by 179.7% in the second 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 during the last quarter. Cerity Partners LLC lifted its stake in Nextpower by 154.0% in the second 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 grew its position in Nextpower by 36.5% in the second quarter. California Public Employees Retirement System now owns 222,960 shares of the company's stock worth $12,122,000 after acquiring an additional 59,573 shares in the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Nextpower

In other Nextpower news, President Howard Wenger sold 11,176 shares of the firm's stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $104.78, for a total value of $1,171,021.28. Following the sale, 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 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, Director Julia Blunden sold 3,692 shares of the business's stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $84.10, for a total transaction of $310,497.20. Following the transaction, the director owned 2,742 shares in the company, valued at approximately $230,602.20. The trade was a 57.38% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 100,431 shares of company stock worth $10,039,748. 0.84% of the stock is currently owned by insiders.

Nextpower Stock Down 1.2%

Shares of NXT stock opened at $81.35 on Friday. Nextpower Inc. has a 12 month low of $65.75 and a 12 month high of $163.13. The firm has a market cap of $12.34 billion, a PE ratio of 21.08, a price-to-earnings-growth ratio of 1.66 and a beta of 1.92. The stock has a 50 day moving average of $96.67 and a 200-day moving average of $112.20.

Nextpower (NASDAQ:NXT - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The company reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.15. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. The business had revenue of $935.17 million for the quarter, compared to the consensus estimate of $935.39 million. As a group, equities analysts predict that Nextpower Inc. will post 3.7 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on NXT shares. Weiss Ratings lowered shares of Nextpower from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, July 29th. Citigroup cut their price objective on Nextpower from $145.00 to $132.00 and set a "buy" rating on the stock in a research note on Monday, August 3rd. Guggenheim upgraded Nextpower from a "neutral" rating to a "buy" rating and set a $125.00 target price for the company in a report on Wednesday, July 15th. Piper Sandler assumed coverage on Nextpower in a research report on Tuesday. They set an "overweight" rating and a $116.00 target price for the company. Finally, Wells Fargo & Company increased their price target on Nextpower from $143.00 to $151.00 and gave the company an "overweight" rating in a report on Friday, May 29th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $144.96.

Nextpower Company 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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