CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Sells 20,000 Shares of Nextpower Inc. $NXT

Key Points

• CUSHING ASSET MANAGEMENT cut its Nextpower stake by 12.3% in Q1, selling 20,000 shares and ending with 143,000 shares valued at about $17.2 million.
• Institutional ownership remains significant, with 67.41% of Nextpower’s stock held by institutions and several large investors recently increasing their positions.
• Analysts remain generally positive on NXT: the stock has a Moderate Buy consensus with a $148.69 price target, while the company recently beat earnings expectations and reported stronger-than-expected revenue.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT reduced its position in shares of Nextpower Inc. (NASDAQ:NXT - Free Report) by 12.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 143,000 shares of the company's stock after selling 20,000 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 0.10% of Nextpower worth $17,239,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Nextpower during the 4th quarter worth approximately $170,918,000. Amundi lifted its holdings in Nextpower by 156.1% during the third quarter. Amundi now owns 2,111,628 shares of the company's stock worth $161,600,000 after acquiring an additional 1,287,071 shares during the period. Electron Capital Partners LLC lifted its holdings in Nextpower by 2,017.7% during the third quarter. Electron Capital Partners LLC now owns 566,415 shares of the company's stock worth $41,909,000 after acquiring an additional 539,668 shares during the period. Lord Abbett & CO. LLC boosted its position in Nextpower by 142.3% in the fourth quarter. Lord Abbett & CO. LLC now owns 848,110 shares of the company's stock worth $73,879,000 after purchasing an additional 498,110 shares during the last quarter. Finally, Danske Bank A S bought a new position in Nextpower in the 3rd quarter valued at $33,298,000. 67.41% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on NXT. TD Cowen boosted their price target on shares of Nextpower from $105.00 to $135.00 and gave the stock a "hold" rating in a report on Wednesday, May 13th. Loop Capital set a $135.00 price objective on shares of Nextpower in a report on Wednesday, May 13th. Royal Bank Of Canada lifted their price objective on shares of Nextpower from $146.00 to $149.00 and gave the stock an "outperform" rating in a research report on Friday, May 29th. Glj Research increased their price objective on Nextpower from $147.00 to $149.44 and gave the company a "buy" rating in a report on Wednesday, June 3rd. Finally, UBS Group restated a "buy" rating and issued a $170.00 target price on shares of Nextpower in a research note on Friday, May 29th. Twenty investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $148.69.

Insider Buying and Selling

In related news, President Howard Wenger sold 62,670 shares of the business's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $130.25, for a total transaction of $8,162,767.50. Following the sale, the president directly owned 426,467 shares in the company, valued at approximately $55,547,326.75. The trade was a 12.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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. Also, CEO Daniel S. Shugar sold 26,077 shares of the stock in a transaction dated 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 trade represents a 2.72% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Insiders sold 168,574 shares of company stock valued at $22,559,770 in the last 90 days. Corporate insiders own 0.56% of the company's stock.

Nextpower Stock Performance

Shares of NXT stock opened at $112.84 on Monday. The stock has a market capitalization of $16.96 billion, a P/E ratio of 29.46, a PEG ratio of 2.66 and a beta of 1.86. The firm's 50 day moving average is $126.55 and its 200 day moving average is $114.47. Nextpower Inc. has a 12 month low of $52.61 and a 12 month high of $163.13.

Nextpower (NASDAQ:NXT - Get Free Report) last released its quarterly earnings data on Tuesday, May 12th. The company reported $1.05 earnings per share for the quarter, beating analysts' consensus estimates 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 analyst estimates of $826.26 million. Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. On average, equities analysts predict that Nextpower Inc. will post 3.71 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.

Want to see what other hedge funds are holding NXT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Nextpower Inc. (NASDAQ:NXT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.