Nextpower Inc. $NXT Stock: Loring Wolcott & Coolidge Fiduciary Advisors LLP MA Grows Stake

Key Points

• Institutional ownership increased: Loring Wolcott & Coolidge Fiduciary Advisors raised its Nextpower stake by 5,400.8% to 27,504 shares, while institutional investors collectively own 67.41% of the stock.
• Analyst sentiment remains positive: Nextpower has a consensus “Moderate Buy” rating and an average price target of $139.77, despite some recent downgrades and target-price cuts.
• Shares have declined significantly: NXT opened at $78.89, near its 12-month low of $75.40 and well below its 12-month high of $163.13. The company nonetheless beat quarterly EPS estimates, reporting $1.20 versus the $1.05 consensus.

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its stake in Nextpower Inc. (NASDAQ:NXT - Free Report) by 5,400.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 27,504 shares of the company's stock after acquiring an additional 27,004 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA's holdings in Nextpower were worth $2,143,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Fundsmith LLP acquired a new position in shares of Nextpower during the second quarter valued at approximately $340,275,000. Robeco Schweiz AG lifted its position in Nextpower by 98.8% in the third quarter. Robeco Schweiz AG now owns 1,721,087 shares of the company's stock worth $134,124,000 after purchasing an additional 855,460 shares during the period. Janus Henderson Group PLC lifted its position in Nextpower by 134.3% in the first quarter. Janus Henderson Group PLC now owns 1,362,466 shares of the company's stock worth $164,488,000 after purchasing an additional 780,958 shares during the period. Assetmark Inc. lifted its position in Nextpower by 96.6% in the first quarter. Assetmark Inc. now owns 840,966 shares of the company's stock worth $101,378,000 after purchasing an additional 413,142 shares during the period. Finally, Bank of America Corp DE lifted its position in 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 purchasing an additional 402,770 shares during the period. 67.41% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Weiss Ratings lowered Nextpower from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, July 29th. Glj Research reissued a "buy" rating and issued a $149.00 price objective on shares of Nextpower in a research note on Wednesday, August 5th. Deutsche Bank Aktiengesellschaft set a $137.00 price objective on Nextpower in a research note on Monday, August 3rd. Citigroup cut their price objective on Nextpower from $121.00 to $111.00 and set a "buy" rating for the company in a report on Wednesday, October 21st. Finally, Zacks Research cut Nextpower from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $139.77.

Insider Activity

In other Nextpower news, CEO Daniel S. Shugar sold 67,636 shares of the firm's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $103.07, for a total transaction of $6,971,242.52. Following the completion of the sale, the chief executive officer directly owned 871,131 shares in the company, valued at approximately $89,787,472.17. This trade represents a 7.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Charles D. Boynton sold 4,500 shares of the firm's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $79.98, for a total value of $359,910.00. Following the sale, the chief financial officer owned 354,000 shares of the company's stock, valued at $28,312,920. The trade was a 1.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 100,431 shares of company stock valued at $10,039,748 in the last ninety days. Corporate insiders own 0.84% of the company's stock.

Nextpower Price Performance

Shares of NASDAQ:NXT opened at $78.89 on Monday. The company's fifty day moving average is $83.56 and its two-hundred day moving average is $105.15. Nextpower Inc. has a 12-month low of $75.40 and a 12-month high of $163.13. The company has a market cap of $11.97 billion, a P/E ratio of 20.44, a price-to-earnings-growth ratio of 1.90 and a beta of 1.94.

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

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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