Swedbank AB Grows Stake in Nextpower Inc. $NXT

Key Points

• Swedbank AB increased its Nextpower stake by 16.8% in the fourth quarter, buying 23,000 more shares and bringing its total to 159,500 shares valued at about $13.9 million.
• Several other large institutional investors also boosted their holdings, and hedge funds and institutions now own 67.41% of Nextpower’s stock.
• Analysts remain generally positive on the stock, with a consensus “Moderate Buy” rating and an average price target of $117.79, while the shares recently traded at $125.91.

Swedbank AB grew its holdings in Nextpower Inc. (NASDAQ:NXT - Free Report) by 16.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 159,500 shares of the company's stock after acquiring an additional 23,000 shares during the quarter. Swedbank AB owned about 0.11% of Nextpower worth $13,894,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Nextpower by 2.0% in the 3rd quarter. Vanguard Group Inc. now owns 14,167,845 shares of the company's stock valued at $1,048,279,000 after acquiring an additional 283,981 shares during the last quarter. State Street Corp grew its stake in Nextpower by 0.6% during the 3rd quarter. State Street Corp now owns 5,391,696 shares of the company's stock worth $398,932,000 after buying an additional 31,689 shares during the last quarter. Invesco Ltd. grew its stake in Nextpower by 9.9% during the 3rd quarter. Invesco Ltd. now owns 2,725,449 shares of the company's stock worth $201,656,000 after buying an additional 245,412 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Nextpower by 2.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,357,523 shares of the company's stock valued at $174,459,000 after purchasing an additional 67,362 shares during the last quarter. Finally, Amundi grew its stake in shares of 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 purchasing an additional 1,287,071 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Insider Transactions at Nextpower

In related news, CEO Daniel S. Shugar sold 59,456 shares of Nextpower stock in a transaction on Monday, March 9th. The stock was sold at an average price of $105.17, for a total transaction of $6,252,987.52. Following the completion of the transaction, the chief executive officer directly owned 746,339 shares of the company's stock, valued at approximately $78,492,472.63. The trade was a 7.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.56% of the company's stock.

Wall Street Analyst Weigh In

NXT has been the topic of several analyst reports. Robert W. Baird lifted their target price on Nextpower from $126.00 to $133.00 and gave the company an "outperform" rating in a research note on Tuesday, April 28th. Needham & Company LLC raised their price target on Nextpower from $103.00 to $138.00 and gave the company a "buy" rating in a report on Thursday, January 29th. Wells Fargo & Company raised their price target on Nextpower from $109.00 to $127.00 and gave the company an "overweight" rating in a report on Wednesday, January 28th. Roth Mkm reissued a "buy" rating and issued a $130.00 price target on shares of Nextpower in a report on Wednesday, January 28th. Finally, Mizuho set a $81.00 price objective on Nextpower in a report on Friday, January 23rd. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, Nextpower has a consensus rating of "Moderate Buy" and a consensus target price of $117.79.

Nextpower Stock Performance

Shares of NXT stock opened at $125.91 on Friday. The stock has a fifty day moving average price of $114.71 and a 200 day moving average price of $104.61. The stock has a market cap of $18.70 billion, a PE ratio of 32.20, a P/E/G ratio of 5.75 and a beta of 1.60. Nextpower Inc. has a 1 year low of $44.75 and a 1 year high of $131.72.

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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