Nextpower Inc. $NXT Shares Purchased by E. Ohman J or Asset Management AB

Key Points

• E. Ohman J or Asset Management AB increased its Nextpower stake by 26.5% in the second quarter, bringing its holdings to 50,098 shares valued at approximately $5.97 million. Institutional investors collectively own 67.41% of the company.
• Analyst sentiment remains positive, with Nextpower carrying a consensus “Moderate Buy” rating and an average price target of $146.12, despite one recent price-target cut by Mizuho.
• Nextpower reported quarterly earnings of $1.20 per share, beating expectations of $1.05, while revenue of $935.17 million was roughly in line with estimates. The stock opened at $102.91, below its 50-day and 200-day moving averages.

E. Ohman J or Asset Management AB lifted its holdings in shares of Nextpower Inc. (NASDAQ:NXT - Free Report) by 26.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 50,098 shares of the company's stock after acquiring an additional 10,500 shares during the period. E. Ohman J or Asset Management AB's holdings in Nextpower were worth $5,969,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new stake in Nextpower during the 4th quarter valued at approximately $170,918,000. Amundi grew its stake in shares of Nextpower by 156.1% in 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. Janus Henderson Group PLC grew its stake in shares of Nextpower by 134.3% in the 1st quarter. Janus Henderson Group PLC now owns 1,362,466 shares of the company's stock valued at $164,488,000 after purchasing an additional 780,958 shares during the last quarter. Electron Capital Partners LLC increased its holdings in shares of Nextpower by 2,017.7% in the third quarter. Electron Capital Partners LLC now owns 566,415 shares of the company's stock valued at $41,909,000 after purchasing an additional 539,668 shares during the period. Finally, Lord Abbett & CO. LLC increased its holdings in shares of Nextpower by 142.3% in the fourth quarter. Lord Abbett & CO. LLC now owns 848,110 shares of the company's stock valued at $73,879,000 after purchasing an additional 498,110 shares during the period. Hedge funds and other institutional investors own 67.41% of the company's stock.

Insiders Place Their Bets

In other Nextpower news, CFO Charles D. Boynton sold 4,500 shares of the company's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $151.79, for a total value of $683,055.00. Following the transaction, the chief financial officer directly owned 358,500 shares in the company, valued at approximately $54,416,715. This represents a 1.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Daniel S. Shugar sold 26,077 shares of the firm's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $134.72, for a total transaction of $3,513,093.44. Following the sale, the chief executive officer directly owned 931,419 shares in the company, valued at $125,480,767.68. This represents a 2.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 170,863 shares of company stock valued at $22,782,306. Insiders own 0.84% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on NXT shares. Freedom Capital upgraded shares of Nextpower from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 31st. Truist Financial upped their price objective on shares of Nextpower from $140.00 to $145.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. The Goldman Sachs Group restated a "buy" rating and issued a $168.00 target price on shares of Nextpower in a research note on Wednesday, July 1st. Robert W. Baird lifted their target price on shares of Nextpower from $133.00 to $156.00 and gave the company an "outperform" rating in a report on Wednesday, May 13th. Finally, Mizuho cut their price target 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. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $146.12.

Nextpower Trading Down 0.3%

Shares of NXT opened at $102.91 on Tuesday. The firm has a market capitalization of $15.61 billion, a P/E ratio of 26.66, a PEG ratio of 2.07 and a beta of 1.95. The firm's 50-day moving average is $112.65 and its two-hundred day moving average is $116.48. Nextpower Inc. has a twelve month low of $52.61 and a twelve month high of $163.13.

Nextpower (NASDAQ:NXT - Get Free Report) last posted its earnings results on Thursday, July 30th. The company reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.15. The firm had revenue of $935.17 million during the quarter, compared to the consensus estimate of $935.39 million. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. Analysts predict that Nextpower Inc. will post 3.73 EPS for the current year.

About Nextpower

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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