Nextpower Inc. $NXT Shares Acquired by Reynders McVeigh Capital Management LLC

Key Points

• Institutional ownership increased: Reynders McVeigh Capital Management raised its Nextpower stake by 15% to 157,897 shares, while institutional investors collectively own 67.41% of the stock.
• Insiders have been selling: Company insiders sold 100,431 shares worth approximately $10.0 million over the past 90 days, including sales by the CEO and a director.
• Analyst sentiment remains positive despite a share-price decline: Shares fell 3.4% to $79.79, while analysts maintain a “Moderate Buy” consensus with a $144.96 price target. The company also exceeded quarterly earnings expectations, reporting $1.20 in EPS versus the $1.05 consensus.

Reynders McVeigh Capital Management LLC boosted its position in Nextpower Inc. (NASDAQ:NXT - Free Report) by 15.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 157,897 shares of the company's stock after purchasing an additional 20,547 shares during the quarter. Reynders McVeigh Capital Management LLC owned about 0.10% of Nextpower worth $18,812,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fundsmith LLP purchased a new stake in shares of Nextpower during the second quarter worth about $340,275,000. Norges Bank purchased a new position in shares of Nextpower during the fourth quarter valued at approximately $170,918,000. Janus Henderson Group PLC boosted its position in Nextpower by 134.3% during the first quarter. Janus Henderson Group PLC now owns 1,362,466 shares of the company's stock worth $164,488,000 after acquiring an additional 780,958 shares during the last quarter. Lord Abbett & CO. LLC boosted its position in Nextpower by 142.3% during the fourth quarter. Lord Abbett & CO. LLC now owns 848,110 shares of the company's stock worth $73,879,000 after acquiring an additional 498,110 shares during the last quarter. Finally, Assetmark Inc. grew its stake in Nextpower by 96.6% in the 1st quarter. Assetmark Inc. now owns 840,966 shares of the company's stock worth $101,378,000 after acquiring an additional 413,142 shares during the period. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Nextpower news, CEO Daniel S. Shugar sold 67,636 shares of Nextpower stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $103.07, for a total transaction of $6,971,242.52. Following the transaction, the chief executive officer directly owned 871,131 shares of the company's stock, valued at $89,787,472.17. The trade was a 7.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Julia Blunden sold 3,723 shares of the stock in a transaction on Friday, August 21st. The stock was sold at an average price of $88.08, for a total transaction of $327,921.84. Following the completion of the sale, the director directly owned 6,434 shares of the company's stock, valued at $566,706.72. The trade was a 36.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 100,431 shares of company stock worth $10,039,748. 0.84% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on NXT shares. JPMorgan Chase & Co. reduced their price target on Nextpower from $179.00 to $152.00 and set an "overweight" rating on the stock in a research note on Friday, July 31st. TD Cowen lowered their price objective on Nextpower from $135.00 to $118.00 and set a "hold" rating for the company in a research report on Monday, July 20th. Wells Fargo & Company upped their target price on Nextpower from $143.00 to $151.00 and gave the company an "overweight" rating in a research note on Friday, May 29th. Weiss Ratings downgraded Nextpower from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, July 29th. Finally, Jefferies Financial Group reissued a "buy" rating and issued a $131.00 price target on shares of Nextpower in a research note on Friday, July 31st. Two analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, Nextpower has an average rating of "Moderate Buy" and a consensus price target of $144.96.

Nextpower Stock Down 3.4%

Shares of NASDAQ NXT traded down $2.83 during trading on Tuesday, hitting $79.79. 2,432,520 shares of the company traded hands, compared to its average volume of 2,411,637. The firm has a market capitalization of $12.11 billion, a P/E ratio of 20.67, a P/E/G ratio of 1.64 and a beta of 1.92. The company has a 50-day moving average price of $95.42 and a 200-day moving average price of $111.70. Nextpower Inc. has a 1 year low of $66.70 and a 1 year high of $163.13.

Nextpower (NASDAQ:NXT - Get Free Report) last issued its earnings results on Thursday, July 30th. The company reported $1.20 earnings per share for the quarter, beating analysts' consensus estimates of $1.05 by $0.15. Nextpower had a return on equity of 26.29% and a net margin of 16.36%.The firm had revenue of $935.17 million for the quarter, compared to analysts' expectations of $935.39 million. Research analysts predict that Nextpower Inc. will post 3.76 EPS for the current fiscal year.

About Nextpower

Nextracker Inc NASDAQ: NXT is a solar technology company that designs, manufactures and supplies intelligent solar tracker systems for utility-scale and distributed-generation photovoltaic projects. Its tracker systems adjust the position of solar panels throughout the day to help optimize energy production.

The company's product portfolio includes single-axis solar tracking systems, associated hardware and controls, as well as software and digital tools used to monitor and manage solar plant 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.