TD Waterhouse Canada Inc. Trims Position in Nextpower Inc. $NXT

Key Points

• TD Waterhouse Canada cut its Nextpower stake by 99.1% in the second quarter, selling 45,193 shares and retaining 433 shares worth approximately $50,000. Institutional investors still own 67.41% of the company.
• Nextpower reported quarterly EPS of $1.20, beating the $1.05 consensus estimate, while revenue was approximately $935.17 million. The stock opened at $82.89, well below its 12-month high of $163.13.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $144.96, despite some target-price reductions. Insiders sold approximately 100,431 shares worth $10.04 million over the past 90 days.

TD Waterhouse Canada Inc. decreased its stake in shares of Nextpower Inc. (NASDAQ:NXT - Free Report) by 99.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 433 shares of the company's stock after selling 45,193 shares during the quarter. TD Waterhouse Canada Inc.'s holdings in Nextpower were worth $50,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Fundsmith LLP purchased a new position in Nextpower during the second quarter valued at approximately $340,275,000. Norges Bank purchased a new stake in Nextpower in the 4th quarter worth approximately $170,918,000. Amundi grew its stake in shares of Nextpower by 156.1% during the 3rd quarter. Amundi now owns 2,111,628 shares of the company's stock worth $161,600,000 after purchasing an additional 1,287,071 shares during the period. Janus Henderson Group PLC grew its stake in shares of Nextpower by 134.3% during the 1st quarter. Janus Henderson Group PLC now owns 1,362,466 shares of the company's stock worth $164,488,000 after purchasing an additional 780,958 shares during the period. Finally, Electron Capital Partners LLC increased its holdings in shares of Nextpower by 2,017.7% during the 3rd quarter. Electron Capital Partners LLC now owns 566,415 shares of the company's stock valued at $41,909,000 after purchasing an additional 539,668 shares in the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextpower Stock Performance

NXT stock opened at $82.89 on Monday. Nextpower Inc. has a 12-month low of $65.75 and a 12-month high of $163.13. The business's 50-day moving average is $96.07 and its 200 day moving average is $111.96. The stock has a market cap of $12.58 billion, a price-to-earnings ratio of 21.47, a PEG ratio of 1.64 and a beta of 1.92.

Nextpower (NASDAQ:NXT - Get Free Report) last announced its earnings results on Thursday, July 30th. The company reported $1.20 EPS for the quarter, beating 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%. As a group, equities analysts forecast that Nextpower Inc. will post 3.76 EPS for the current fiscal year.

Insider Activity at Nextpower

In other news, Director Julia Blunden sold 3,692 shares of the stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $84.10, for a total value of $310,497.20. Following the completion of the sale, the director directly owned 2,742 shares in the company, valued at $230,602.20. This represents a 57.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Charles D. Boynton sold 4,500 shares of the firm's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $79.98, for a total transaction of $359,910.00. Following the completion of the transaction, the chief financial officer directly owned 354,000 shares in the company, valued at approximately $28,312,920. This represents a 1.26% 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 100,431 shares of company stock worth $10,039,748 over the last 90 days. Corporate insiders own 0.84% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Barclays boosted their target price on shares of Nextpower from $142.00 to $147.00 and gave the company an "overweight" rating in a research note on Tuesday, July 7th. Piper Sandler started coverage on shares of Nextpower in a report on Tuesday, September 8th. They issued an "overweight" rating and a $116.00 price objective for the company. Freedom Capital upgraded shares of Nextpower from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 31st. Mizuho decreased their price objective on shares of Nextpower from $142.00 to $111.00 and set a "neutral" rating for the company in a research report on Tuesday, August 4th. Finally, Needham & Company LLC reissued a "buy" rating and set a $149.00 target price on shares of Nextpower in a research note on Friday, May 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $144.96.

Nextpower Company Profile

Nextracker Inc NASDAQ: NXT is a solar technology company that designs, manufactures and supplies intelligent solar tracker systems for utility-scale and distributed-generation photovoltaic projects. Its tracker systems adjust the position of solar panels throughout the day to help optimize energy production.

The company's product portfolio includes single-axis solar tracking systems, associated hardware and controls, as well as software and digital tools used to monitor and manage solar plant performance.

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