Nextpower Inc. $NXT Stake Lessened by AMF Tjanstepension AB

Key Points

• AMF Tjanstepension AB cut its Nextpower stake by 54.4% in the third quarter, selling 32,140 shares and retaining 26,977 shares valued at approximately $2.1 million. Institutional investors collectively own 67.41% of the company.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $139.77, although several firms recently lowered their targets.
• Nextpower shares opened at $77.63, near their 52-week low of $76.50 and below both their 50-day and 200-day moving averages, despite the company’s latest quarterly earnings beating expectations.

AMF Tjanstepension AB lessened its holdings in shares of Nextpower Inc. (NASDAQ:NXT - Free Report) by 54.4% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 26,977 shares of the company's stock after selling 32,140 shares during the quarter. AMF Tjanstepension AB's holdings in Nextpower were worth $2,102,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of NXT. Fundsmith LLP acquired a new position in Nextpower during the second quarter valued at approximately $340,275,000. Bank of America Corp DE increased its position in shares of Nextpower by 34.6% in the first quarter. Bank of America Corp DE now owns 1,568,235 shares of the company's stock worth $189,051,000 after acquiring an additional 402,770 shares in the last quarter. Janus Henderson Group PLC raised 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 acquiring an additional 780,958 shares during the period. Assetmark Inc. raised its stake in shares of Nextpower by 96.6% in the 1st 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 lifted its holdings in shares of Nextpower by 20.0% during the 2nd 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 in the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on NXT shares. Roth Capital reaffirmed a "buy" rating and set a $175.00 price target on shares of Nextpower in a research report on Tuesday, July 28th. Susquehanna cut their price objective on Nextpower from $157.00 to $150.00 and set a "positive" rating on the stock in a research report on Wednesday, October 14th. Royal Bank Of Canada reduced their price objective on Nextpower from $149.00 to $147.00 and set an "outperform" rating on the stock in a research note on Friday, July 31st. Truist Financial upped their target price on Nextpower from $140.00 to $145.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Finally, Weiss Ratings lowered Nextpower from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $139.77.

Nextpower News Summary

Here are the key news stories impacting Nextpower this week:

• Positive Sentiment: Truist maintained a Buy rating on Nextpower, signaling continued confidence in the company’s longer-term prospects. Truist Financial Remains a Buy on Nextpower Inc
• Positive Sentiment: Analyst coverage cited an average price target of approximately $140.85, suggesting substantial potential upside if Nextpower meets expectations and sentiment improves. Nextpower Stock Has Average Target Price
• Positive Sentiment: Citigroup cut its price target from $121 to $111 but retained a Buy rating; the target reduction reflects more cautious assumptions rather than a change to a bearish recommendation. Citigroup Nextpower Price Target Update
• Neutral Sentiment: Nextpower’s latest session saw a decline larger than the general market, indicating weak near-term trading momentum and heightened investor sensitivity ahead of earnings. Nextpower Suffers a Larger Drop Than the General Market
• Negative Sentiment: Zacks’ earnings preview said Nextpower lacks the usual indicators for a likely quarterly beat and expects earnings to decline, raising the risk of disappointing results or cautious guidance. Nextpower Q2 Earnings Preview
• Negative Sentiment: JPMorgan lowered its expectations for Nextpower’s share price, adding to the recent stream of more conservative analyst views. JPMorgan Lowers Expectations for Nextpower

Nextpower Stock Performance

Shares of NXT opened at $77.63 on Friday. The company has a market capitalization of $11.78 billion, a P/E ratio of 21.24, a P/E/G ratio of 1.97 and a beta of 1.94. Nextpower Inc. has a one year low of $76.50 and a one year high of $163.13. The stock has a 50-day moving average price of $84.02 and a 200 day moving average price of $105.36.

Nextpower (NASDAQ:NXT - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The company reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.15. The company had revenue of $935.17 million for the quarter, compared to the consensus estimate of $935.39 million. Nextpower had a return on equity of 26.29% and a net margin of 16.36%. As a group, equities research analysts forecast that Nextpower Inc. will post 3.80 earnings per share for the current fiscal year.

Insider Buying and Selling at Nextpower

In related news, CFO Charles Boynton sold 4,500 shares of Nextpower stock in a transaction on 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 owned 354,000 shares in the company, valued at approximately $28,312,920. The trade was a 1.26% decrease in their ownership of the stock. The sale was disclosed in a filing 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, Director Julia Blunden sold 3,692 shares of the company's stock in a transaction on Monday, August 24th. The shares were sold at an average price of $84.10, for a total transaction of $310,497.20. Following the completion of the sale, the director directly owned 2,742 shares in the company, valued at $230,602.20. This represents a 57.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 100,431 shares of company stock valued at $10,039,748. Corporate insiders own 0.84% of the company's stock.

About Nextpower

Nextracker Inc is a renewable energy technology company that designs, manufactures and supplies intelligent solar-tracking systems for utility-scale and large commercial solar power projects. Its systems adjust the position of solar panels throughout the day to help photovoltaic modules capture more sunlight and improve energy production.

The company's product portfolio includes single-axis solar trackers, structural components, foundations and related hardware, as well as software and controls designed to optimize tracker performance.

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