Maxi Investments CY Ltd Takes $2.31 Million Position in Nextpower Inc. $NXT

Key Points

• Maxi Investments CY Ltd initiated a new stake in Nextpower, buying 26,500 shares in Q4 worth approximately $2.31 million.
• CEO Daniel S. Shugar sold 59,456 shares on March 9 at an average of $105.17 for about $6.25 million, reducing his ownership by 7.38%; insiders now hold 0.56% of the stock.
• Nextpower shares opened at $120.86 with a market cap of $17.94 billion and a P/E of 30.91, and Wall Street consensus is a Moderate Buy with an average price target of $117.79.

Maxi Investments CY Ltd bought a new position in shares of Nextpower Inc. (NASDAQ:NXT - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 26,500 shares of the company's stock, valued at approximately $2,308,000.

Several other large investors have also recently made changes to their positions in the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Nextpower by 19.6% during 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 purchasing an additional 71,842 shares in the last quarter. M&T Bank Corp purchased a new stake in shares of Nextpower in the 2nd quarter valued at $223,000. EverSource Wealth Advisors LLC lifted its stake in Nextpower by 179.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the company's stock worth $61,000 after acquiring an additional 724 shares in the last quarter. Cerity Partners LLC lifted its stake in Nextpower by 154.0% during the 2nd quarter. Cerity Partners LLC now owns 18,539 shares of the company's stock worth $1,008,000 after acquiring an additional 11,239 shares in the last quarter. Finally, California Public Employees Retirement System boosted its holdings in Nextpower by 36.5% during the 2nd quarter. California Public Employees Retirement System now owns 222,960 shares of the company's stock valued at $12,122,000 after acquiring an additional 59,573 shares during the period. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Nextpower

In related news, CEO Daniel S. Shugar sold 59,456 shares of the firm'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 sale, the chief executive officer owned 746,339 shares of the company's stock, 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 through this hyperlink. Insiders own 0.56% of the company's stock.

Nextpower Price Performance

NXT stock opened at $120.86 on Friday. The business's 50-day moving average is $114.71 and its two-hundred day moving average is $104.61. The firm has a market capitalization of $17.94 billion, a P/E ratio of 30.91, a P/E/G ratio of 5.99 and a beta of 1.60. Nextpower Inc. has a 1 year low of $43.68 and a 1 year high of $131.72.

Wall Street Analyst Weigh In

NXT has been the subject of several research reports. KeyCorp reaffirmed an "overweight" rating on shares of Nextpower in a research report on Friday, March 13th. Deutsche Bank Aktiengesellschaft set a $129.00 price objective on shares of Nextpower and gave the company a "buy" rating in a research note on Thursday, April 9th. UBS Group lifted their price objective on shares of Nextpower from $125.00 to $140.00 and gave the company a "buy" rating in a report on Wednesday, January 28th. Mizuho set a $81.00 target price on shares of Nextpower in a research note on Friday, January 23rd. Finally, BMO Capital Markets reiterated a "market perform" rating and set a $104.00 target price on shares of Nextpower in a report on Wednesday, January 28th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Nextpower presently has an average rating of "Moderate Buy" and an average price target of $117.79.

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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