Nextpower Inc. $NXT Shares Sold by Comerica Bank

Key Points

• Comerica Bank cut its Nextpower stake by 48.1% in Q4, selling 103,523 shares and retaining 111,539 shares worth about $9.72 million (roughly 0.08% of the company).
• Insiders have been net sellers, offloading 104,348 shares in the last three months, including CEO Daniel S. Shugar's sale of 59,456 shares for $6.25 million (a 7.38% reduction in his position).
• Nextpower recently beat expectations—reporting $1.10 EPS vs. $0.93 est. and $909.35M revenue vs. $812.43M est.—trades around $114 with a 52‑week range of $37.16–$131.72, and carries a consensus "Moderate Buy" rating with a $117.79 average price target and 67.41% institutional ownership.

Comerica Bank decreased its position in shares of Nextpower Inc. (NASDAQ:NXT - Free Report) by 48.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 111,539 shares of the company's stock after selling 103,523 shares during the quarter. Comerica Bank owned approximately 0.08% of Nextpower worth $9,716,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of NXT. William Blair Investment Management LLC acquired a new position in shares of Nextpower during the 3rd quarter valued at about $108,739,000. Amundi boosted its position in shares of 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 acquiring an additional 1,287,071 shares during the last quarter. Allianz Asset Management GmbH boosted its position in shares of Nextpower by 938.0% during the 3rd quarter. Allianz Asset Management GmbH now owns 794,538 shares of the company's stock valued at $58,788,000 after acquiring an additional 717,991 shares during the last quarter. Electron Capital Partners LLC boosted its position in shares of Nextpower by 2,017.7% during the 3rd quarter. Electron Capital Partners LLC now owns 566,415 shares of the company's stock valued at $41,909,000 after acquiring an additional 539,668 shares during the last quarter. Finally, Danske Bank A S acquired a new position in shares of Nextpower during the 3rd quarter valued at about $33,298,000. Institutional investors and hedge funds own 67.41% of the company's stock.

Insider Activity

In related news, CEO Daniel S. Shugar sold 59,456 shares of the stock in a transaction dated 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 transaction, the chief executive officer owned 746,339 shares of the company's stock, valued at approximately $78,492,472.63. This represents a 7.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William D. Watkins sold 5,000 shares of the stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $118.57, for a total value of $592,850.00. Following the transaction, the director directly owned 11,777 shares in the company, valued at approximately $1,396,398.89. The trade was a 29.80% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 104,348 shares of company stock worth $10,876,525. 0.56% of the stock is owned by corporate insiders.

Nextpower Stock Down 1.9%

Shares of Nextpower stock opened at $114.27 on Thursday. Nextpower Inc. has a 52 week low of $37.16 and a 52 week high of $131.72. The business's fifty day simple moving average is $114.38 and its 200-day simple moving average is $103.54. The firm has a market cap of $16.97 billion, a PE ratio of 29.23, a price-to-earnings-growth ratio of 5.83 and a beta of 2.02.

Nextpower (NASDAQ:NXT - Get Free Report) last posted its earnings results on Tuesday, January 27th. The company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.17. Nextpower had a return on equity of 32.01% and a net margin of 16.43%.The firm had revenue of $909.35 million for the quarter, compared to analyst estimates of $812.43 million. As a group, equities analysts expect that Nextpower Inc. will post 3.72 earnings per share for the current year.

Wall Street Analysts Forecast Growth

NXT has been the topic of several recent research reports. Robert W. Baird boosted their price target on shares of Nextpower from $126.00 to $133.00 and gave the company an "outperform" rating in a research report on Tuesday. UBS Group upped their price target on Nextpower from $125.00 to $140.00 and gave the company a "buy" rating in a research note on Wednesday, January 28th. Mizuho set a $81.00 price target on Nextpower in a research note on Friday, January 23rd. Northland Securities set a $111.00 price target on Nextpower in a research note on Tuesday, January 6th. Finally, TD Cowen upped their price target on Nextpower from $88.00 to $105.00 and gave the company a "hold" rating in a research note on Wednesday, January 28th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $117.79.

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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