Nextpower Inc. $NXT Stock: Assenagon Asset Management S.A. Boosts Position

Key Points

• Assenagon Asset Management increased its Nextpower stake by 61.1% in the third quarter to 55,818 shares valued at approximately $4.35 million. Institutional investors and hedge funds collectively own 67.41% of the stock.
• Nextpower reported quarterly earnings of $1.20 per share, beating analyst expectations of $1.05, while revenue reached $935.17 million. Analysts project $3.80 in full-year EPS.
• The stock opened at $79.03, down 0.8%, well below its 52-week high of $163.13. Despite recent insider selling, analysts maintain a “Moderate Buy” consensus with an average price target of $140.85.

Assenagon Asset Management S.A. raised its stake in shares of Nextpower Inc. (NASDAQ:NXT - Free Report) by 61.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 55,818 shares of the company's stock after acquiring an additional 21,165 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Nextpower were worth $4,350,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Signature Equity Partners LLC boosted its holdings in Nextpower by 76.4% in the first quarter. Signature Equity Partners LLC now owns 261 shares of the company's stock worth $31,000 after purchasing an additional 113 shares during the period. Continuum Advisory LLC bought a new stake in Nextpower during the second quarter valued at $37,000. Root Financial Partners LLC increased its stake in Nextpower by 30.0% during the first quarter. Root Financial Partners LLC now owns 446 shares of the company's stock valued at $54,000 after purchasing an additional 103 shares during the last quarter. Trust Co. of Vermont bought a new stake in Nextpower during the second quarter valued at $63,000. Finally, Westfuller Advisors LLC acquired a new stake in shares of Nextpower during the first quarter worth $66,000. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextpower Stock Down 0.8%

Shares of NXT opened at $79.03 on Wednesday. The firm has a market capitalization of $11.99 billion, a PE ratio of 20.47, a P/E/G ratio of 1.92 and a beta of 1.94. The firm has a 50-day moving average price of $84.99 and a 200 day moving average price of $105.83. Nextpower Inc. has a 52-week low of $76.71 and a 52-week high of $163.13.

Nextpower (NASDAQ:NXT - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The company reported $1.20 earnings per share for the quarter, topping analysts' consensus estimates of $1.05 by $0.15. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. The company had revenue of $935.17 million during the quarter, compared to analyst estimates of $935.39 million. On average, equities analysts expect that Nextpower Inc. will post 3.80 EPS for the current year.

Insider Transactions at Nextpower

In other Nextpower news, President Howard Wenger sold 11,176 shares of the company's stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $104.78, for a total value of $1,171,021.28. Following the completion of the sale, the president directly owned 419,868 shares of the company's stock, valued at approximately $43,993,769.04. This represents a 2.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Julia Blunden sold 3,692 shares of the firm's stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $84.10, for a total transaction of $310,497.20. Following the transaction, the director owned 2,742 shares of the company's stock, valued at approximately $230,602.20. This trade represents a 57.38% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 100,431 shares of company stock valued at $10,039,748 in the last quarter. 0.84% of the stock is owned by company insiders.

Analysts Set New Price Targets

NXT has been the subject of a number of recent research reports. Royal Bank Of Canada lowered their price objective on shares of Nextpower from $149.00 to $147.00 and set an "outperform" rating for the company in a research report on Friday, July 31st. UBS Group reiterated a "buy" rating and set a $160.00 price objective on shares of Nextpower in a research note on Monday, August 3rd. Guggenheim raised shares of Nextpower from a "neutral" rating to a "buy" rating and set a $125.00 target price on the stock in a report on Wednesday, July 15th. Jefferies Financial Group set a $115.00 target price on shares of Nextpower in a report on Friday. Finally, BMO Capital Markets upgraded Nextpower from a "hold" rating to an "outperform" rating and set a $132.00 target price for the company in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $140.85.

Nextpower Company Profile

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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