Renaissance Group LLC Purchases New Position in Nextpower Inc. $NXT

Key Points

• Renaissance Group LLC opened a new position in Nextpower, buying 73,688 shares worth about $6.4 million in the fourth quarter.
• Institutional interest in Nextpower remains strong, with hedge funds and other investors owning 67.41% of the stock and several firms making large recent purchases or adding to their stakes.
• Nextpower reported better-than-expected quarterly results, posting EPS of $1.05 versus $0.89 expected and revenue of $880.52 million, while analysts mostly remain bullish with a consensus Moderate Buy rating and $147.77 target price.

Renaissance Group LLC purchased a new stake in shares of Nextpower Inc. (NASDAQ:NXT - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund purchased 73,688 shares of the company's stock, valued at approximately $6,419,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank bought a new position in shares of Nextpower in the fourth quarter valued at approximately $170,918,000. William Blair Investment Management LLC bought a new stake in Nextpower during the third quarter worth $108,739,000. Amundi raised its position in Nextpower by 156.1% in the 3rd quarter. Amundi now owns 2,111,628 shares of the company's stock valued at $161,600,000 after buying an additional 1,287,071 shares during the last quarter. Electron Capital Partners LLC raised its position in Nextpower by 2,017.7% in the 3rd quarter. Electron Capital Partners LLC now owns 566,415 shares of the company's stock valued at $41,909,000 after buying an additional 539,668 shares during the last quarter. Finally, Danske Bank A S bought a new position in Nextpower during the 3rd quarter valued at $33,298,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextpower Stock Performance

Shares of NASDAQ:NXT opened at $111.95 on Thursday. The company's 50-day moving average is $124.39 and its 200 day moving average is $110.87. The company has a market capitalization of $16.82 billion, a P/E ratio of 29.23, a price-to-earnings-growth ratio of 2.83 and a beta of 1.73. Nextpower Inc. has a fifty-two week low of $51.69 and a fifty-two week high of $163.13.

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

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Robert W. Baird lifted their price objective on shares of Nextpower from $133.00 to $156.00 and gave the stock an "outperform" rating in a report on Wednesday, May 13th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $140.00 price target on shares of Nextpower in a research report on Thursday, May 14th. Roth Mkm restated a "buy" rating and set a $155.00 price target on shares of Nextpower in a report on Wednesday, May 13th. Royal Bank Of Canada upped their price objective on shares of Nextpower from $146.00 to $149.00 and gave the stock an "outperform" rating in a research report on Friday, May 29th. Finally, UBS Group reissued a "buy" rating and set a $170.00 target price on shares of Nextpower in a research report on Friday, May 29th. Twenty research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Nextpower presently has a consensus rating of "Moderate Buy" and a consensus target price of $147.77.

Insider Buying and Selling

In related news, President Howard Wenger sold 62,670 shares of the company's stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $130.25, for a total value of $8,162,767.50. Following the transaction, the president 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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, COO Nicholas Marco Miller sold 22,427 shares of the firm's stock in a transaction on Friday, May 29th. The stock was 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 directly owned 186,194 shares of the company's stock, valued at $29,046,264. This represents a 10.75% 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 168,574 shares of company stock worth $22,559,770 in the last three months. Insiders own 0.56% of the company's stock.

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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