CI Investments Inc. Purchases New Position in Nextpower Inc. $NXT

Key Points

• CI Investments opened a new position in Nextpower during the first quarter, buying 33,115 shares valued at about $4.0 million.
• Institutional ownership remains heavy, with hedge funds and other institutions holding 67.41% of the stock, while several firms added or initiated positions during the quarter.
• Analysts remain upbeat on Nextpower: the stock has a Moderate Buy consensus rating with an average target price of $150.62, even as insiders recently sold shares under pre-arranged trading plans.

CI Investments Inc. acquired a new position in Nextpower Inc. (NASDAQ:NXT - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 33,115 shares of the company's stock, valued at approximately $3,992,000.

Several other institutional investors also recently bought and sold shares of the company. First Trust Advisors LP lifted its holdings in shares of Nextpower by 0.5% in the 1st quarter. First Trust Advisors LP now owns 528,244 shares of the company's stock worth $63,680,000 after buying an additional 2,590 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Nextpower by 3.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 14,263 shares of the company's stock worth $1,719,000 after buying an additional 540 shares in the last quarter. Hollencrest Capital Management purchased a new position in shares of Nextpower during the first quarter valued at $682,000. WCM Investment Management LLC bought a new stake in shares of Nextpower in the first quarter valued at about $10,567,000. Finally, Lowe Brockenbrough & Co. Inc. bought a new stake in shares of Nextpower in the first quarter valued at about $220,000. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, COO Nicholas Marco Miller sold 24,511 shares of the company's stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $127.32, for a total transaction of $3,120,740.52. Following the transaction, the chief operating officer directly owned 221,533 shares of the company's stock, valued at approximately $28,205,581.56. This represents a 9.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Bruce Ledesma sold 3,248 shares of the firm'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 $437,570.56. Following the completion of the sale, the insider directly owned 246,130 shares of the company's stock, valued at $33,158,633.60. The trade was a 1.30% 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 sold 168,574 shares of company stock valued at $22,559,770. 0.84% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on NXT shares. Northland Securities increased their target price on shares of Nextpower from $148.00 to $162.00 and gave the stock an "outperform" rating in a report on Friday, May 29th. JPMorgan Chase & Co. upped their price target 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. UBS Group reiterated a "buy" rating and set a $170.00 price objective on shares of Nextpower in a research note on Friday, May 29th. Guggenheim raised shares of Nextpower from a "neutral" rating to a "buy" rating and set a $125.00 price objective on the stock in a report on Wednesday, July 15th. Finally, The Goldman Sachs Group reissued a "buy" rating and issued a $168.00 price objective on shares of Nextpower in a research note on Wednesday, July 1st. Two analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $150.62.

Nextpower Stock Performance

NASDAQ:NXT opened at $104.49 on Friday. Nextpower Inc. has a fifty-two week low of $52.61 and a fifty-two week high of $163.13. The stock has a market capitalization of $15.70 billion, a P/E ratio of 27.28, a P/E/G ratio of 2.09 and a beta of 1.86. The company's 50-day simple moving average is $121.58 and its 200-day simple moving average is $116.20.

Nextpower (NASDAQ:NXT - Get Free Report) last posted its quarterly earnings data on Tuesday, May 12th. The company reported $1.05 EPS for the quarter, topping 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 firm had revenue of $880.52 million during the quarter, compared to analyst estimates of $826.26 million. Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. On average, research analysts forecast that Nextpower Inc. will post 3.73 EPS for the current year.

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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