Nextpower Inc. $NXT Stock Holdings Lifted by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management increased its Nextpower stake by 69.2% in the third quarter, adding about 1.77 million shares and bringing its holdings to 4.33 million shares, or 2.86% of the company. Institutional investors collectively own 67.41% of NXT.
• Nextpower beat quarterly estimates, reporting $1.31 in earnings per share and $1.11 billion in revenue, versus forecasts of $1.10 and $1.06 billion, respectively.
• Analysts rate the stock a “Moderate Buy,” with an average price target of $135.19. Insiders sold 98,142 shares worth about $9.82 million over the past three months.

Pictet Asset Management Holding SA increased its holdings in Nextpower Inc. (NASDAQ:NXT - Free Report) by 69.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,334,659 shares of the company's stock after purchasing an additional 1,772,231 shares during the quarter. Pictet Asset Management Holding SA owned 2.86% of Nextpower worth $337,899,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also bought and sold shares of NXT. Alps Advisors Inc. increased its stake in shares of Nextpower by 19.3% in the third quarter. Alps Advisors Inc. now owns 85,383 shares of the company's stock worth $6,654,000 after buying an additional 13,839 shares during the period. Heritage Family Offices LLP purchased a new stake in shares of Nextpower during the third quarter worth about $29,000. Kestra Advisory Services LLC boosted its holdings in shares of Nextpower by 6.8% during the third quarter. Kestra Advisory Services LLC now owns 4,643 shares of the company's stock worth $362,000 after purchasing an additional 295 shares during the period. TFB Advisors LLC grew its stake in shares of Nextpower by 5.0% in the third quarter. TFB Advisors LLC now owns 3,793 shares of the company's stock worth $296,000 after purchasing an additional 182 shares during the last quarter. Finally, AIA Group Ltd grew its stake in shares of Nextpower by 91.8% in the third quarter. AIA Group Ltd now owns 10,857 shares of the company's stock worth $846,000 after purchasing an additional 5,197 shares during the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Nextpower

In other Nextpower news, CFO Charles D. Boynton sold 4,500 shares of the firm's stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $79.98, for a total transaction of $359,910.00. Following the sale, the chief financial officer owned 354,000 shares in the company, valued at approximately $28,312,920. This trade represents a 1.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Julia Blunden sold 3,692 shares of the stock in a transaction on Monday, August 24th. The stock was 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 of the company's stock, valued at approximately $230,602.20. This trade represents a 57.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 98,142 shares of company stock worth $9,817,212 over the last three months. 0.84% of the stock is currently owned by insiders.

Nextpower Trading Up 5.3%

NASDAQ:NXT opened at $104.90 on Friday. The company has a market cap of $15.92 billion, a PE ratio of 26.42, a price-to-earnings-growth ratio of 2.19 and a beta of 1.93. Nextpower Inc. has a 12 month low of $75.40 and a 12 month high of $163.13. The company has a 50 day simple moving average of $83.73 and a two-hundred day simple moving average of $106.73.

Nextpower (NASDAQ:NXT - Get Free Report) last posted its earnings results on Wednesday, October 28th. The company reported $1.31 earnings per share for the quarter, beating analysts' consensus estimates of $1.10 by $0.21. Nextpower had a return on equity of 25.33% and a net margin of 15.98%. The company had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.06 billion. Research analysts forecast that Nextpower Inc. will post 4.01 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on NXT shares. Robert W. Baird cut their price objective on Nextpower from $156.00 to $116.00 and set an "outperform" rating on the stock in a research report on Tuesday, September 22nd. Weiss Ratings restated a "hold (c+)" rating on shares of Nextpower in a report on Tuesday, October 27th. JPMorgan Chase & Co. reduced their price target on Nextpower from $136.00 to $134.00 and set an "overweight" rating for the company in a report on Thursday, October 29th. Truist Financial upped their target price on shares of Nextpower from $140.00 to $145.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Finally, TD Cowen upgraded shares of Nextpower to a "hold" rating in a report on Monday, October 5th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $135.19.

Nextpower Company Profile

Nextpower, Inc, formerly known as Nextracker, designs and supplies solar-tracking systems and related technology for utility-scale solar power plants. Its equipment helps solar panels follow the sun across the day, increasing the amount of energy generated by a project.

The company's offerings include its NX Horizon tracker platform and TrueCapture software, which uses data and controls to adjust tracker positioning to site conditions. Nextpower also provides engineering and project support services to solar developers, contractors and plant operators.

Serving customers in markets around the world, the company traces its roots to Nextracker, which was founded in 2013.

Want to see what other hedge funds are holding NXT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Nextpower Inc. (NASDAQ:NXT - Free Report).

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.