Gateway Investment Advisers LLC Increases Holdings in Nextpower Inc. $NXT

Key Points

• Gateway Investment Advisers LLC increased its Nextpower stake by 215.1% in the fourth quarter, ending with 24,006 shares worth about $2.09 million.
• Several other institutional investors also raised positions, and hedge funds and other institutions now own 67.41% of Nextpower’s stock.
• Nextpower shares were up 4.2% to $125.91, while Wall Street analysts remain broadly bullish with a Moderate Buy consensus and an average price target of $117.79.

Gateway Investment Advisers LLC lifted its position in shares of Nextpower Inc. (NASDAQ:NXT - Free Report) by 215.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,006 shares of the company's stock after acquiring an additional 16,388 shares during the quarter. Gateway Investment Advisers LLC's holdings in Nextpower were worth $2,091,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of NXT. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of Nextpower by 268.7% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 306 shares of the company's stock worth $28,000 after acquiring an additional 223 shares in the last quarter. Foster Dykema Cabot & Partners LLC purchased a new stake in shares of Nextpower during the 3rd quarter worth approximately $36,000. Baillie Gifford & Co. boosted its stake 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 in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake 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 in the last quarter. Finally, BOKF NA boosted its stake in shares of Nextpower by 1,135.7% during the 3rd quarter. BOKF NA now owns 519 shares of the company's stock worth $38,000 after acquiring an additional 477 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Nextpower Trading Up 4.2%

Shares of NASDAQ NXT opened at $125.91 on Friday. Nextpower Inc. has a 12-month low of $44.75 and a 12-month high of $131.72. The company has a market cap of $18.70 billion, a P/E ratio of 32.20, a P/E/G ratio of 5.75 and a beta of 1.60. The stock has a fifty day moving average price of $114.71 and a 200 day moving average price of $104.61.

Insider Buying and Selling at Nextpower

In other news, CEO Daniel S. Shugar sold 59,456 shares of the firm's stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $105.17, for a total transaction of $6,252,987.52. Following the completion of the sale, the chief executive officer directly owned 746,339 shares in the company, valued at $78,492,472.63. This trade represents a 7.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.56% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

NXT has been the topic of a number of recent research reports. Bank of America upped their target price on Nextpower from $102.00 to $108.00 and gave the company a "buy" rating in a research note on Thursday, January 22nd. Roth Mkm reaffirmed a "buy" rating and issued a $130.00 target price on shares of Nextpower in a research note on Wednesday, January 28th. Needham & Company LLC upped their target price on Nextpower from $103.00 to $138.00 and gave the company a "buy" rating in a research note on Thursday, January 29th. Robert W. Baird upped their target price on Nextpower from $126.00 to $133.00 and gave the company an "outperform" rating in a research note on Tuesday, April 28th. Finally, Barclays upped their target price on Nextpower from $115.00 to $123.00 and gave the company an "overweight" rating in a research note on Tuesday, April 7th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Nextpower presently has a consensus rating of "Moderate Buy" and an average price target of $117.79.

Nextpower 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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