Nextpower Inc. $NXT Shares Acquired by Perpetual Ltd

Key Points

• Perpetual Ltd increased its Nextpower stake by 16.2% in the third quarter, bringing its holdings to 194,578 shares valued at approximately $15.2 million. Institutional investors collectively own 67.41% of the company.
• Analysts maintain a generally bullish outlook, with a consensus rating of “Moderate Buy” and an average price target of $142.77, despite several recent target-price reductions.
• Nextpower shares opened at $84.86, near the lower end of their 52-week range, while the company recently beat quarterly EPS estimates with $1.20 per share versus the $1.05 consensus. Insiders sold about $10.0 million of stock over the past 90 days.

Perpetual Ltd lifted its stake in Nextpower Inc. (NASDAQ:NXT - Free Report) by 16.2% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 194,578 shares of the company's stock after purchasing an additional 27,098 shares during the quarter. Perpetual Ltd owned about 0.13% of Nextpower worth $15,163,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Fundsmith LLP purchased a new stake in Nextpower during the 2nd quarter valued at $340,275,000. Bank of America Corp DE increased its position in Nextpower by 34.6% during the first quarter. Bank of America Corp DE now owns 1,568,235 shares of the company's stock valued at $189,051,000 after acquiring an additional 402,770 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of Nextpower by 134.3% in the first quarter. Janus Henderson Group PLC now owns 1,362,466 shares of the company's stock valued at $164,488,000 after acquiring an additional 780,958 shares during the period. Assetmark Inc. raised its stake in shares of Nextpower by 96.6% in the first quarter. Assetmark Inc. now owns 840,966 shares of the company's stock valued at $101,378,000 after acquiring an additional 413,142 shares during the period. Finally, Wedge Capital Management L L P NC raised its stake in shares of Nextpower by 20.0% in the second quarter. Wedge Capital Management L L P NC now owns 600,671 shares of the company's stock valued at $71,564,000 after acquiring an additional 100,186 shares during the period. Institutional investors own 67.41% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on NXT shares. Mizuho lowered their target price on shares of Nextpower from $142.00 to $111.00 and set a "neutral" rating for the company in a report on Tuesday, August 4th. Citigroup cut their price target on shares of Nextpower from $132.00 to $121.00 and set a "buy" rating on the stock in a report on Wednesday, October 7th. Piper Sandler reduced their price objective on shares of Nextpower from $116.00 to $110.00 and set an "overweight" rating on the stock in a research report on Wednesday, September 30th. TD Cowen raised shares of Nextpower to a "hold" rating in a research note on Monday, October 5th. Finally, Robert W. Baird dropped their target price on Nextpower from $156.00 to $116.00 and set an "outperform" rating for the company in a research report on Tuesday, September 22nd. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $142.77.

Nextpower Stock Down 1.5%

NXT stock opened at $84.86 on Tuesday. Nextpower Inc. has a twelve month low of $76.71 and a twelve month high of $163.13. The firm has a market cap of $12.88 billion, a price-to-earnings ratio of 21.98, a PEG ratio of 2.10 and a beta of 1.94. The business's fifty day simple moving average is $87.28 and its two-hundred day simple moving average is $107.45.

Nextpower (NASDAQ:NXT - Get Free Report) last issued its earnings results on Thursday, July 30th. The company reported $1.20 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.05 by $0.15. The firm had revenue of $935.17 million during the quarter, compared to analyst estimates of $935.39 million. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. Research analysts expect that Nextpower Inc. will post 3.75 EPS for the current year.

Insider Activity at Nextpower

In other Nextpower news, CFO Charles Boynton sold 4,500 shares of the business's stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $79.98, for a total value of $359,910.00. Following the completion of the sale, the chief financial officer directly owned 354,000 shares of the company's stock, valued at $28,312,920. The trade was a 1.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Daniel Shugar sold 67,636 shares of the company's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $103.07, for a total transaction of $6,971,242.52. Following the completion of the transaction, the chief executive officer owned 871,131 shares in the company, valued at $89,787,472.17. This represents a 7.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 100,431 shares of company stock worth $10,039,748 over the last ninety days. 0.84% of the stock is currently owned by company insiders.

About Nextpower

Nextracker Inc NASDAQ: NXT is a renewable energy technology company that designs and supplies intelligent solar tracking systems for utility-scale and large distributed-generation photovoltaic projects. Its systems help solar panels follow the sun throughout the day, improving energy production and supporting the development of large solar power facilities.

The company's product portfolio includes solar tracker hardware, structural components, controls, and software designed to optimize project performance.

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.