Private Client Services LLC Has $975,000 Stock Position in Nextpower Inc. $NXT

Key Points

• Private Client Services LLC cut its Nextpower position by 65% in the second quarter, selling 15,217 shares and retaining 8,180 shares worth approximately $975,000. Institutional investors collectively own 67.41% of the company.
• Wall Street remains broadly bullish, with analysts giving Nextpower a “Moderate Buy” consensus rating and an average price target of $147.38, well above the reported share price of $90.67.
• Nextpower exceeded quarterly earnings expectations, reporting adjusted EPS of $1.20 versus the $1.05 consensus, while revenue was approximately $935.17 million. Insiders sold a combined 168,574 shares worth $22.6 million during the quarter, primarily through pre-arranged plans.

Private Client Services LLC lessened its position in shares of Nextpower Inc. (NASDAQ:NXT - Free Report) by 65.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,180 shares of the company's stock after selling 15,217 shares during the quarter. Private Client Services LLC's holdings in Nextpower were worth $975,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of NXT. Jupiter Asset Management Ltd. boosted its stake in Nextpower by 0.3% during the fourth quarter. Jupiter Asset Management Ltd. now owns 26,706 shares of the company's stock worth $2,326,000 after buying an additional 86 shares in the last quarter. Root Financial Partners LLC lifted its holdings in shares of Nextpower by 30.0% during the 1st quarter. Root Financial Partners LLC now owns 446 shares of the company's stock worth $54,000 after acquiring an additional 103 shares during the period. Signature Equity Partners LLC lifted its holdings in shares of Nextpower by 76.4% during the 1st quarter. Signature Equity Partners LLC now owns 261 shares of the company's stock worth $31,000 after acquiring an additional 113 shares during the period. Janney Montgomery Scott LLC boosted its position in shares of Nextpower by 2.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 5,963 shares of the company's stock valued at $719,000 after acquiring an additional 119 shares in the last quarter. Finally, Signaturefd LLC increased its stake in Nextpower by 4.1% in the fourth quarter. Signaturefd LLC now owns 3,216 shares of the company's stock valued at $280,000 after acquiring an additional 126 shares during the period. 67.41% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on NXT shares. Deutsche Bank Aktiengesellschaft set a $137.00 price target on shares of Nextpower in a research report on Monday. Royal Bank Of Canada lowered their price objective on Nextpower from $149.00 to $147.00 and set an "outperform" rating on the stock in a research note on Friday. Robert W. Baird increased their target price on Nextpower from $133.00 to $156.00 and gave the stock an "outperform" rating in a report on Wednesday, May 13th. Wells Fargo & Company raised their target price on Nextpower from $143.00 to $151.00 and gave the stock an "overweight" rating in a research report on Friday, May 29th. Finally, Barclays boosted their price target on Nextpower from $142.00 to $147.00 and gave the company an "overweight" rating in a research note on Tuesday, July 7th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $147.38.

Insider Buying and Selling

In other Nextpower news, COO Nicholas Marco Miller sold 22,427 shares of the company's stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $156.00, for a total value of $3,498,612.00. Following the completion of the sale, the chief operating officer owned 186,194 shares of the company's stock, valued at approximately $29,046,264. This represents a 10.75% decrease in their ownership of the stock. The sale was disclosed in a document filed 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, President Howard Wenger sold 62,670 shares of Nextpower stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $130.25, for a total transaction of $8,162,767.50. Following the transaction, the president directly owned 426,467 shares in the company, valued at approximately $55,547,326.75. This 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. Insiders sold a total of 168,574 shares of company stock worth $22,559,770 over the last quarter. Insiders own 0.84% of the company's stock.

Nextpower Stock Up 0.9%

NXT stock opened at $90.67 on Tuesday. The business's fifty day moving average is $116.70 and its 200-day moving average is $116.33. The company has a market cap of $13.62 billion, a P/E ratio of 23.49, a price-to-earnings-growth ratio of 1.79 and a beta of 1.95. Nextpower Inc. has a twelve month low of $52.61 and a twelve month high of $163.13.

Nextpower (NASDAQ:NXT - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The company reported $1.20 EPS for the quarter, topping analysts' consensus estimates of $1.05 by $0.15. The business had revenue of $935.17 million during the quarter, compared to analysts' expectations of $935.39 million. Nextpower had a return on equity of 26.29% and a net margin of 16.36%. Research analysts anticipate that Nextpower Inc. will post 3.73 earnings per share for the current fiscal year.

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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