Nextpower Inc. $NXT Stock: Viking Fund Management LLC Boosts Stake

Key Points

• Viking Fund Management increased its Nextpower stake by 84.2% in the third quarter, purchasing 16,000 additional shares and bringing its holdings to 35,000 shares valued at approximately $2.73 million. Institutional investors collectively own 67.41% of the company.
• Nextpower reported quarterly EPS of $1.20, exceeding analyst expectations of $1.05, while revenue totaled approximately $935.17 million. Analysts currently expect full-year EPS of $3.77.
• Shares opened at $82.56, well below their 52-week high of $163.13. Despite mixed analyst actions, the stock has a consensus “Moderate Buy” rating and an average price target of $142.46.

Viking Fund Management LLC raised its stake in shares of Nextpower Inc. (NASDAQ:NXT - Free Report) by 84.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,000 shares of the company's stock after buying an additional 16,000 shares during the quarter. Viking Fund Management LLC's holdings in Nextpower were worth $2,728,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of NXT. Signature Equity Partners LLC increased its holdings in Nextpower by 76.4% in the 1st quarter. Signature Equity Partners LLC now owns 261 shares of the company's stock valued at $31,000 after acquiring an additional 113 shares during the last quarter. Continuum Advisory LLC bought a new position in Nextpower during the second quarter valued at approximately $37,000. University of Texas Texas AM Investment Management Co. boosted its stake in Nextpower by 60.3% during the fourth quarter. University of Texas Texas AM Investment Management Co. now owns 625 shares of the company's stock valued at $54,000 after buying an additional 235 shares during the last quarter. Root Financial Partners LLC boosted 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 buying an additional 103 shares during the last quarter. Finally, Trust Co. of Vermont purchased a new position in Nextpower during the 2nd quarter valued at approximately $63,000. Hedge funds and other institutional investors own 67.41% of the company's stock.

Nextpower Price Performance

Shares of NASDAQ NXT opened at $82.56 on Thursday. Nextpower Inc. has a 1-year low of $76.71 and a 1-year high of $163.13. The business's 50 day moving average is $86.74 and its two-hundred day moving average is $106.89. The stock has a market capitalization of $12.53 billion, a P/E ratio of 21.39, a PEG ratio of 2.15 and a beta of 1.94.

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, beating the consensus estimate of $1.05 by $0.15. The business 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%. As a group, equities research analysts anticipate that Nextpower Inc. will post 3.77 earnings per share for the current fiscal year.

Insider Activity at Nextpower

In related news, Director Brandi Thomas sold 7,415 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $91.25, for a total transaction of $676,618.75. Following the sale, the director owned 7,914 shares in the company, valued at approximately $722,152.50. This represents a 48.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Daniel Shugar sold 67,636 shares of the firm's stock in a transaction on Monday, August 10th. The stock was sold at an average price of $103.07, for a total value of $6,971,242.52. Following the completion of the sale, the chief executive officer owned 871,131 shares of the company's stock, valued at approximately $89,787,472.17. This represents a 7.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 100,431 shares of company stock worth $10,039,748 in the last ninety days. Corporate insiders own 0.84% of the company's stock.

Wall Street Analyst Weigh In

NXT has been the topic of a number of research reports. Zacks Research downgraded Nextpower from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 11th. UBS Group reaffirmed a "buy" rating and set a $160.00 price objective on shares of Nextpower in a report on Monday, August 3rd. Freedom Capital upgraded Nextpower from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 31st. Weiss Ratings lowered shares of Nextpower from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, July 29th. Finally, Piper Sandler cut their target price on shares of Nextpower from $116.00 to $110.00 and set an "overweight" rating for the company in a report on Wednesday, September 30th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, Nextpower has a consensus rating of "Moderate Buy" and an average price target of $142.46.

Nextpower Company Profile

Nextracker Inc NASDAQ: NXT is a renewable energy technology company that designs and supplies intelligent solar tracking systems for utility-scale and large distributed-generation photovoltaic projects. Its systems help solar panels follow the sun throughout the day, improving energy production and supporting the development of large solar power facilities.

The company's product portfolio includes solar tracker hardware, structural components, controls, and software designed to optimize project performance.

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