Danske Bank A S Sells 220,685 Shares of Nextpower Inc. $NXT

Key Points

• Danske Bank sold 220,685 shares of Nextpower, cutting its stake by 49% to 229,354 shares worth about $19.98 million (roughly 0.15% of the company) in the latest 13F filing.
• CEO Daniel S. Shugar sold 59,456 shares at an average price of $105.17 for proceeds of about $6.25 million, reducing his ownership by 7.38%; corporate insiders now own roughly 0.56% of the stock.
• Analysts have been raising price targets and issuing mostly positive ratings — the consensus is a “Moderate Buy” with a consensus price target of $117.79.

Danske Bank A S lowered its stake in shares of Nextpower Inc. (NASDAQ:NXT - Free Report) by 49.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 229,354 shares of the company's stock after selling 220,685 shares during the period. Danske Bank A S owned 0.15% of Nextpower worth $19,979,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of NXT. Whittier Trust Co. of Nevada Inc. grew its stake in Nextpower by 268.7% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 306 shares of the company's stock valued at $28,000 after buying an additional 223 shares in the last quarter. Baillie Gifford & Co. lifted its holdings in shares of Nextpower by 76.5% during the 4th quarter. Baillie Gifford & Co. now owns 420 shares of the company's stock worth $37,000 after acquiring an additional 182 shares during the last quarter. Foster Dykema Cabot & Partners LLC bought a new stake in shares of Nextpower during the 3rd quarter worth $36,000. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Nextpower by 511.1% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 495 shares of the company's stock worth $37,000 after acquiring an additional 414 shares during the last quarter. Finally, Rakuten Securities Inc. lifted its holdings in shares of Nextpower by 324.8% during the 4th quarter. Rakuten Securities Inc. now owns 514 shares of the company's stock worth $45,000 after acquiring an additional 393 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Wall Street Analyst Weigh In

NXT has been the subject of several recent research reports. Bank of America boosted their price target on shares of Nextpower from $102.00 to $108.00 and gave the stock a "buy" rating in a research note on Thursday, January 22nd. Barclays boosted their price objective on shares of Nextpower from $115.00 to $123.00 and gave the company an "overweight" rating in a research report on Tuesday, April 7th. Glj Research restated a "buy" rating and issued a $147.33 price objective on shares of Nextpower in a research report on Monday, March 16th. Jefferies Financial Group boosted their price objective on shares of Nextpower from $122.00 to $138.00 and gave the company a "buy" rating in a research report on Tuesday, March 17th. Finally, Wells Fargo & Company boosted their price target on shares of Nextpower from $109.00 to $127.00 and gave the company an "overweight" rating in a research report on Wednesday, January 28th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $117.79.

Insider Activity

In other news, CEO Daniel S. Shugar sold 59,456 shares of the company's stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $105.17, for a total value of $6,252,987.52. Following the transaction, the chief executive officer owned 746,339 shares in the company, valued at approximately $78,492,472.63. This represents a 7.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.56% of the company's stock.

Nextpower Stock Performance

Shares of NASDAQ NXT opened at $119.93 on Friday. The firm's 50 day moving average price is $114.44 and its 200-day moving average price is $103.77. The company has a market cap of $17.81 billion, a PE ratio of 30.67, a P/E/G ratio of 5.70 and a beta of 1.60. Nextpower Inc. has a 52-week low of $40.85 and a 52-week high of $131.72.

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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