Renaissance Capital LLC Reduces Stock Holdings in Nextpower Inc. $NXT

Key Points

• Renaissance Capital LLC cut its stake in Nextpower by 36% in Q4, selling 45,205 shares and now holding 80,407 shares (about 0.05% of Nextpower, ~$7.0M), making NXT its sixth-largest position.
• Company insiders have been net sellers: CEO Daniel S. Shugar sold 59,456 shares for roughly $6.25M and insiders disposed of 104,348 shares (~$10.88M) in the last three months, leaving insiders with just 0.56% ownership.
• Nextpower beat Q4 expectations with EPS $1.10 (vs. $0.93) and $909M revenue (vs. $812M), and analysts maintain a consensus "Moderate Buy" rating with an average price target of $117.47.

Renaissance Capital LLC lessened its holdings in shares of Nextpower Inc. (NASDAQ:NXT - Free Report) by 36.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 80,407 shares of the company's stock after selling 45,205 shares during the period. Nextpower accounts for approximately 5.0% of Renaissance Capital LLC's holdings, making the stock its 6th biggest position. Renaissance Capital LLC owned 0.05% of Nextpower worth $7,004,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Signaturefd LLC boosted its holdings in shares of Nextpower by 4.1% during the 4th quarter. Signaturefd LLC now owns 3,216 shares of the company's stock valued at $280,000 after buying an additional 126 shares in the last quarter. Allworth Financial LP boosted its holdings in shares of Nextpower by 16.8% during the 3rd quarter. Allworth Financial LP now owns 979 shares of the company's stock valued at $72,000 after buying an additional 141 shares in the last quarter. Fifth Third Bancorp boosted its holdings in shares of Nextpower by 15.9% during the 3rd quarter. Fifth Third Bancorp now owns 1,264 shares of the company's stock valued at $94,000 after buying an additional 173 shares in the last quarter. Baillie Gifford & Co. boosted its holdings in shares of Nextpower by 76.5% during the 4th quarter. Baillie Gifford & Co. now owns 420 shares of the company's stock valued at $37,000 after buying an additional 182 shares in the last quarter. Finally, CWM LLC boosted its stake in Nextpower by 3.2% in the 4th quarter. CWM LLC now owns 5,978 shares of the company's stock worth $521,000 after purchasing an additional 183 shares in the last quarter. Institutional investors own 67.41% of the company's stock.

Insider Transactions at Nextpower

In other Nextpower news, Director William D. Watkins sold 5,000 shares of the business's stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $118.57, for a total value of $592,850.00. Following the completion of the transaction, the director owned 11,777 shares of the company's stock, valued at approximately $1,396,398.89. The trade was a 29.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Daniel S. Shugar sold 59,456 shares of the company's stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $105.17, for a total transaction of $6,252,987.52. Following the sale, the chief executive officer directly owned 746,339 shares of the company's stock, valued at $78,492,472.63. The trade was a 7.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 104,348 shares of company stock valued at $10,876,525. 0.56% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts recently issued reports on NXT shares. Barclays upped their price target on shares of Nextpower from $115.00 to $123.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 7th. Bank of America upped their price target on shares of Nextpower from $102.00 to $108.00 and gave the stock a "buy" rating in a research note on Thursday, January 22nd. Weiss Ratings reiterated a "buy (b-)" rating on shares of Nextpower in a research note on Friday, March 27th. Wall Street Zen cut shares of Nextpower from a "buy" rating to a "hold" rating in a research note on Monday. Finally, Susquehanna upped their price target on shares of Nextpower from $133.00 to $136.00 and gave the stock a "positive" rating in a research note on Thursday, April 9th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $117.47.

Nextpower Stock Performance

Shares of NASDAQ:NXT opened at $121.41 on Monday. Nextpower Inc. has a fifty-two week low of $37.16 and a fifty-two week high of $131.72. The business has a 50-day simple moving average of $114.59 and a two-hundred day simple moving average of $102.96. The firm has a market cap of $18.03 billion, a price-to-earnings ratio of 31.05, a price-to-earnings-growth ratio of 5.77 and a beta of 2.02.

Nextpower (NASDAQ:NXT - Get Free Report) last issued its earnings results on Tuesday, January 27th. The company reported $1.10 earnings per share for the quarter, topping analysts' consensus estimates of $0.93 by $0.17. Nextpower had a return on equity of 32.01% and a net margin of 16.43%.The business had revenue of $909.35 million during the quarter, compared to analyst estimates of $812.43 million. As a group, research analysts predict that Nextpower Inc. will post 3.72 earnings per share for the current year.

Nextpower Company 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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