Vestcor Inc Grows Stake in Nextpower Inc. $NXT

Key Points

• Vestcor Inc increased its stake in Nextpower by 480.8% in the fourth quarter, ending with 21,947 shares worth about $1.91 million.
• Institutional interest in Nextpower remains strong overall, with hedge funds and other institutions owning 67.41% of the stock and several large investors recently adding positions.
• Analysts remain constructive on the company: Nextpower has a Moderate Buy consensus rating, and recent price targets were raised by firms including JPMorgan, BNP Paribas Exane, and Susquehanna.

Vestcor Inc lifted its holdings in shares of Nextpower Inc. (NASDAQ:NXT - Free Report) by 480.8% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 21,947 shares of the company's stock after acquiring an additional 18,168 shares during the period. Vestcor Inc's holdings in Nextpower were worth $1,912,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in NXT. Norges Bank purchased a new position in shares of Nextpower in the 4th quarter valued at $170,918,000. William Blair Investment Management LLC acquired a new position in Nextpower in the third quarter valued at $108,739,000. Amundi boosted its stake in Nextpower by 156.1% in the third quarter. Amundi now owns 2,111,628 shares of the company's stock valued at $161,600,000 after acquiring an additional 1,287,071 shares in the last quarter. Electron Capital Partners LLC grew its holdings in shares of Nextpower by 2,017.7% during the third quarter. Electron Capital Partners LLC now owns 566,415 shares of the company's stock worth $41,909,000 after purchasing an additional 539,668 shares during the last quarter. Finally, Danske Bank A S acquired a new stake in shares of Nextpower during the third quarter worth about $33,298,000. Hedge funds and other institutional investors own 67.41% of the company's stock.

Insider Buying and Selling

In other news, CEO Daniel S. Shugar sold 26,077 shares of Nextpower stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $134.72, for a total value of $3,513,093.44. Following the sale, the chief executive officer owned 931,419 shares of the company's stock, valued at $125,480,767.68. The trade was a 2.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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, CFO Charles D. Boynton sold 4,500 shares of the business's stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $151.79, for a total transaction of $683,055.00. Following the transaction, the chief financial officer owned 358,500 shares in the company, valued at approximately $54,416,715. This trade represents a 1.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 168,574 shares of company stock worth $22,559,770 in the last ninety days. Insiders own 0.56% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. JPMorgan Chase & Co. boosted their target price on Nextpower from $155.00 to $174.00 and gave the company an "overweight" rating in a report on Friday, May 29th. BNP Paribas Exane lifted their price target on Nextpower from $177.00 to $182.00 and gave the stock an "outperform" rating in a research report on Friday, May 29th. Susquehanna boosted their price objective on Nextpower from $161.00 to $180.00 and gave the company a "positive" rating in a research note on Monday, June 1st. BMO Capital Markets raised their target price on shares of Nextpower from $113.00 to $125.00 and gave the stock a "market perform" rating in a research report on Wednesday, May 13th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $149.00 target price on shares of Nextpower in a report on Friday, May 29th. Twenty equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Nextpower currently has a consensus rating of "Moderate Buy" and a consensus target price of $147.27.

Nextpower Price Performance

NXT opened at $131.57 on Monday. Nextpower Inc. has a 52 week low of $51.69 and a 52 week high of $163.13. The business has a 50 day moving average price of $124.30 and a two-hundred day moving average price of $110.23. The company has a market cap of $19.77 billion, a PE ratio of 34.35, a P/E/G ratio of 3.12 and a beta of 1.73.

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

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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