Nextpower Inc. $NXT Stock Position Reduced by E. Ohman J or Asset Management AB

Key Points

• E. Ohman J or Asset Management AB cut its Nextpower stake by 22.5% in the first quarter, selling 11,500 shares and leaving it with 39,598 shares valued at about $4.77 million.
• Several other institutional investors were active in the stock, and hedge funds and other institutions now own 67.41% of Nextpower’s shares.
• Nextpower beat quarterly expectations, reporting $1.05 EPS on revenue of $880.52 million, while analysts remain constructive with a Moderate Buy consensus and an average target price of $147.77.

E. Ohman J or Asset Management AB lessened its stake in Nextpower Inc. (NASDAQ:NXT - Free Report) by 22.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 39,598 shares of the company's stock after selling 11,500 shares during the quarter. E. Ohman J or Asset Management AB's holdings in Nextpower were worth $4,774,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Nextpower by 19.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 437,490 shares of the company's stock valued at $18,436,000 after acquiring an additional 71,842 shares in the last quarter. M&T Bank Corp purchased a new stake in shares of Nextpower during the second quarter worth $223,000. EverSource Wealth Advisors LLC raised its holdings in shares of Nextpower by 179.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the company's stock worth $61,000 after acquiring an additional 724 shares in the last quarter. Cerity Partners LLC boosted its position in Nextpower by 154.0% during the second quarter. Cerity Partners LLC now owns 18,539 shares of the company's stock valued at $1,008,000 after purchasing an additional 11,239 shares during the last quarter. Finally, California Public Employees Retirement System boosted its position in Nextpower by 36.5% during the second quarter. California Public Employees Retirement System now owns 222,960 shares of the company's stock valued at $12,122,000 after purchasing an additional 59,573 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Insiders Place Their Bets

In related news, COO Nicholas Marco Miller sold 24,511 shares of the business's stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $127.32, for a total value of $3,120,740.52. Following the completion of the sale, the chief operating officer directly owned 221,533 shares in the company, valued at approximately $28,205,581.56. The trade was a 9.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Daniel S. Shugar sold 26,077 shares of the company's stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $134.72, for a total value of $3,513,093.44. Following the sale, the chief executive officer directly owned 931,419 shares of the company's stock, valued at $125,480,767.68. The trade was a 2.72% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 168,574 shares of company stock worth $22,559,770 in the last three months. 0.56% of the stock is owned by insiders.

Nextpower Price Performance

Nextpower stock opened at $125.90 on Friday. The company has a market capitalization of $18.92 billion, a price-to-earnings ratio of 32.87, a PEG ratio of 2.98 and a beta of 1.73. Nextpower Inc. has a one year low of $51.69 and a one year high of $163.13. The company's fifty day moving average price is $125.73 and its two-hundred day moving average price is $112.40.

Nextpower (NASDAQ:NXT - Get Free Report) last announced its quarterly earnings results on Tuesday, May 12th. The company reported $1.05 earnings per share for the quarter, topping analysts' consensus estimates of $0.89 by $0.16. The company had revenue of $880.52 million during the quarter, compared to analysts' expectations of $826.26 million. Nextpower had a return on equity of 28.18% and a net margin of 16.46%.Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. As a group, sell-side analysts anticipate that Nextpower Inc. will post 3.69 earnings per share for the current year.

Wall Street Analyst Weigh In

NXT has been the topic of several research reports. Robert W. Baird upped their target price on Nextpower from $133.00 to $156.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 13th. Jefferies Financial Group lifted their price target on Nextpower from $145.00 to $159.00 and gave the company a "buy" rating in a report on Friday, May 29th. Barclays boosted their price target on Nextpower from $123.00 to $142.00 and gave the company an "overweight" rating in a research note on Monday, May 18th. Weiss Ratings upgraded Nextpower from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, May 20th. Finally, Roth Mkm reaffirmed a "buy" rating and set a $155.00 price objective on shares of Nextpower in a research report on Wednesday, May 13th. Twenty analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $147.77.

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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