Mitsubishi UFJ Asset Management Co. Ltd. Reduces Position in Nextpower Inc. $NXT

Key Points

• Mitsubishi UFJ Asset Management cut its Nextpower stake by 38.7% in the fourth quarter, selling 38,207 shares and ending with 60,594 shares valued at about $5.6 million.
• Despite that sale, institutional ownership remains high, with hedge funds and other investors holding 67.41% of Nextpower’s stock; several large firms like Vanguard and State Street also added to their positions.
• Wall Street sentiment is bullish: analysts have a consensus “Moderate Buy” rating with an average price target of $117.79, while several firms recently raised targets as high as $140.

Mitsubishi UFJ Asset Management Co. Ltd. decreased its stake in shares of Nextpower Inc. (NASDAQ:NXT - Free Report) by 38.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 60,594 shares of the company's stock after selling 38,207 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.'s holdings in Nextpower were worth $5,622,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Nextpower by 2.0% during the third quarter. Vanguard Group Inc. now owns 14,167,845 shares of the company's stock valued at $1,048,279,000 after buying an additional 283,981 shares during the last quarter. State Street Corp lifted its position in Nextpower by 0.6% during the 3rd quarter. State Street Corp now owns 5,391,696 shares of the company's stock worth $398,932,000 after acquiring an additional 31,689 shares during the period. Invesco Ltd. lifted its position in Nextpower by 9.9% during the 3rd quarter. Invesco Ltd. now owns 2,725,449 shares of the company's stock worth $201,656,000 after acquiring an additional 245,412 shares during the period. Dimensional Fund Advisors LP grew its stake in Nextpower by 2.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,357,523 shares of the company's stock valued at $174,459,000 after purchasing an additional 67,362 shares during the last quarter. Finally, Amundi grew its stake in Nextpower by 156.1% during the 3rd quarter. Amundi now owns 2,111,628 shares of the company's stock valued at $161,600,000 after purchasing an additional 1,287,071 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Wall Street Analysts Forecast Growth

NXT has been the subject of several research analyst reports. Jefferies Financial Group raised their price objective on Nextpower from $122.00 to $138.00 and gave the stock a "buy" rating in a research note on Tuesday, March 17th. TD Cowen upped their target price on Nextpower from $88.00 to $105.00 and gave the company a "hold" rating in a research report on Wednesday, January 28th. The Goldman Sachs Group set a $140.00 price target on shares of Nextpower and gave the stock a "buy" rating in a report on Tuesday, April 14th. Mizuho set a $81.00 price target on shares of Nextpower in a research report on Friday, January 23rd. Finally, Roth Mkm restated a "buy" rating and set a $130.00 price objective on shares of Nextpower in a research note on Wednesday, January 28th. One equities 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, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $117.79.

Insider Buying and Selling

In related news, CEO Daniel S. Shugar sold 59,456 shares of Nextpower stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 746,339 shares in the company, valued at approximately $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 can be accessed through this hyperlink. 0.56% of the stock is currently owned by company insiders.

Nextpower Stock Performance

NASDAQ NXT opened at $125.91 on Monday. The firm has a market capitalization of $18.70 billion, a P/E ratio of 32.20, a PEG ratio of 5.99 and a beta of 1.60. The stock has a 50-day simple moving average of $114.71 and a two-hundred day simple moving average of $104.61. Nextpower Inc. has a fifty-two week low of $44.75 and a fifty-two week high of $131.72.

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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