Vanguard Group Inc. Has $1.23 Billion Holdings in Nextpower Inc. $NXT

Key Points

• Vanguard Group Inc. slightly trimmed its holding in Nextpower to 14,106,121 shares (down 0.4%), representing 9.51% of the company and valued at roughly $1.23 billion, while institutional investors collectively own 67.41% of the stock.
• Nextpower beat quarterly expectations with EPS of $1.10 versus $0.93 and revenue of $909.35 million versus $812.43 million estimated, and the stock trades with a market cap of $17.81 billion and a P/E of 30.67.
• CEO Daniel S. Shugar sold 59,456 shares at an average price of $105.17 (a 7.38% reduction in his stake), and analysts maintain a consensus of Moderate Buy with an average target price of $117.79.

Vanguard Group Inc. decreased its holdings in Nextpower Inc. (NASDAQ:NXT - Free Report) by 0.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 14,106,121 shares of the company's stock after selling 61,724 shares during the quarter. Vanguard Group Inc. owned 9.51% of Nextpower worth $1,228,784,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in NXT. Westfield Capital Management Co. LP boosted its position in shares of Nextpower by 6.1% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,398,057 shares of the company's stock valued at $103,442,000 after purchasing an additional 80,493 shares in the last quarter. Belpointe Asset Management LLC bought a new stake in Nextpower in the third quarter worth approximately $832,000. Strs Ohio increased its holdings in Nextpower by 219.8% in the third quarter. Strs Ohio now owns 110,000 shares of the company's stock worth $8,139,000 after purchasing an additional 75,600 shares in the last quarter. New York Life Investment Management LLC acquired a new position in Nextpower in the third quarter valued at approximately $1,008,000. Finally, American Century Companies Inc. boosted its holdings in shares of Nextpower by 23.4% during the 3rd quarter. American Century Companies Inc. now owns 675,886 shares of the company's stock worth $50,009,000 after buying an additional 128,296 shares in the last quarter. Institutional investors and hedge funds own 67.41% of the company's stock.

Nextpower Stock Up 0.7%

Shares of NXT opened at $119.93 on Friday. The business's fifty day moving average is $114.44 and its 200 day moving average is $103.65. Nextpower Inc. has a 12-month low of $40.85 and a 12-month high of $131.72. The stock has a market cap of $17.81 billion, a P/E ratio of 30.67, a P/E/G ratio of 5.66 and a beta of 2.02.

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

Analyst Ratings Changes

NXT has been the subject of several research analyst reports. Needham & Company LLC lifted their price objective on shares of Nextpower from $103.00 to $138.00 and gave the company a "buy" rating in a research note on Thursday, January 29th. Northland Securities set a $111.00 target price on shares of Nextpower in a research note on Tuesday, January 6th. Wall Street Zen cut shares of Nextpower from a "buy" rating to a "hold" rating in a report on Monday, April 27th. KeyCorp reaffirmed an "overweight" rating on shares of Nextpower in a research note on Friday, March 13th. Finally, BMO Capital Markets reiterated a "market perform" rating and set a $104.00 price objective on shares of Nextpower in a report on Wednesday, January 28th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $117.79.

Insider Activity

In other news, CEO Daniel S. Shugar sold 59,456 shares of the business'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 completion of 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.56% of the stock is owned by corporate insiders.

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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