Norges Bank Takes $170.92 Million Position in Nextpower Inc. $NXT

Key Points

• Norges Bank disclosed a new fourth-quarter stake in Nextpower, buying 1,962,097 shares worth about $170.9 million and owning 1.32% of the company.
• Analysts remain broadly bullish on NXT, with 20 Buy ratings and an average target price of $147.27; several firms recently raised targets, including Jefferies to $159 and Northland to $162.
• Nextpower reported strong quarterly results, beating estimates with $1.05 EPS on $880.5 million in revenue, while insiders also sold shares under pre-arranged plans and the stock traded near $146.47.

Norges Bank acquired a new stake in Nextpower Inc. (NASDAQ:NXT - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,962,097 shares of the company's stock, valued at approximately $170,918,000. Norges Bank owned 1.32% of Nextpower as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Whittier Trust Co. of Nevada Inc. increased its holdings in shares of Nextpower by 268.7% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 306 shares of the company's stock valued at $28,000 after purchasing an additional 223 shares during the period. Huntington National Bank increased its holdings in shares of Nextpower by 480.3% in the fourth quarter. Huntington National Bank now owns 383 shares of the company's stock valued at $33,000 after purchasing an additional 317 shares during the period. Foster Dykema Cabot & Partners LLC acquired a new position in shares of Nextpower in the third quarter valued at about $36,000. Baillie Gifford & Co. increased its holdings in shares of Nextpower by 76.5% in the fourth quarter. Baillie Gifford & Co. now owns 420 shares of the company's stock valued at $37,000 after purchasing an additional 182 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in shares of Nextpower by 511.1% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 495 shares of the company's stock valued at $37,000 after purchasing an additional 414 shares during the period. 67.41% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NXT has been the topic of a number of research reports. Loop Capital set a $135.00 price objective on Nextpower in a report on Wednesday, May 13th. Jefferies Financial Group upped their target price on Nextpower from $145.00 to $159.00 and gave the stock a "buy" rating in a research note on Friday, May 29th. Needham & Company LLC restated a "buy" rating and issued a $149.00 target price on shares of Nextpower in a research note on Friday, May 29th. Citigroup upped their target price on Nextpower from $114.00 to $145.00 and gave the stock a "buy" rating in a research note on Wednesday, May 13th. Finally, Wall Street Zen downgraded Nextpower from a "buy" rating to a "hold" rating in a research note on Monday, April 27th. Twenty research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $147.27.

Nextpower News Summary

Here are the key news stories impacting Nextpower this week:

• Positive Sentiment: Glj Research raised its price target on Nextpower to $149.44 and kept a buy rating, reinforcing bullish sentiment on the stock. Benzinga
• Positive Sentiment: Northland Securities lifted multiple EPS estimates for Nextpower and maintained an Outperform rating with a $162 target, signaling confidence in longer-term earnings growth.
• Neutral Sentiment: Nextpower’s lawsuit against GameChange could strengthen its intellectual property position, but it also introduces a legal fight that may take time to resolve. PV Tech
• Negative Sentiment: COO Nicholas Marco Miller and CFO Charles D. Boynton sold shares, which can temper investor enthusiasm even though both trades were made under pre-arranged plans.

Insiders Place Their Bets

In other news, CEO Daniel S. Shugar sold 26,077 shares of the business'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 completion of the sale, the chief executive officer directly owned 931,419 shares in the company, valued at $125,480,767.68. The trade was a 2.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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. Also, President Howard Wenger sold 62,670 shares of the business's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $130.25, for a total value of $8,162,767.50. Following the completion of the sale, the president owned 426,467 shares of the company's stock, valued at $55,547,326.75. This trade represents a 12.81% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 228,030 shares of company stock valued at $28,812,757. 0.56% of the stock is owned by insiders.

Nextpower Stock Down 3.8%

Shares of NXT opened at $146.47 on Thursday. Nextpower Inc. has a 52 week low of $51.69 and a 52 week high of $163.13. The company has a market capitalization of $22.01 billion, a price-to-earnings ratio of 38.24, a PEG ratio of 3.63 and a beta of 1.73. The stock's 50-day moving average price is $123.76 and its 200-day moving average price is $109.53.

Nextpower (NASDAQ:NXT - Get Free Report) last issued its quarterly earnings data on Tuesday, May 12th. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $0.89 by $0.16. The company had revenue of $880.52 million for the quarter, compared to analyst estimates 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, equities analysts anticipate that Nextpower Inc. will post 3.67 EPS for the current fiscal year.

Nextpower Profile

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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