VIRGINIA RETIREMENT SYSTEMS ET Al Acquires New Stake in Nextpower Inc. $NXT

Key Points

• Virginia Retirement Systems acquired 15,038 shares of Nextpower, valued at approximately $1.79 million, while institutional investors collectively own 67.41% of the stock.
• Analysts maintain a “Moderate Buy” consensus, with 24 of 28 ratings at Buy or Strong Buy and an average price target of $144.96.
• Nextpower reported quarterly EPS of $1.20, beating estimates of $1.05, while revenue of $935.17 million was roughly in line with expectations; insiders have sold about $10.04 million of stock over the past 90 days.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Nextpower Inc. (NASDAQ:NXT - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 15,038 shares of the company's stock, valued at approximately $1,792,000.

Several other institutional investors also recently bought and sold shares of the company. Smartleaf Asset Management LLC boosted its stake in shares of Nextpower by 107.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 299 shares of the company's stock valued at $26,000 after purchasing an additional 155 shares during the period. Signature Equity Partners LLC lifted its holdings in Nextpower by 76.4% during the 1st quarter. Signature Equity Partners LLC now owns 261 shares of the company's stock worth $31,000 after buying an additional 113 shares in the last quarter. Huntington National Bank boosted its position in Nextpower by 480.3% in the 4th quarter. Huntington National Bank now owns 383 shares of the company's stock valued at $33,000 after buying an additional 317 shares during the period. Continuum Advisory LLC acquired a new position in shares of Nextpower in the second quarter worth $37,000. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of Nextpower by 511.1% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 495 shares of the company's stock worth $37,000 after acquiring an additional 414 shares during the period. 67.41% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Nextpower news, CEO Daniel S. Shugar sold 67,636 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $103.07, for a total transaction of $6,971,242.52. Following the sale, the chief executive officer owned 871,131 shares of the company's stock, valued at approximately $89,787,472.17. This trade represents a 7.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Brandi Thomas sold 7,415 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $91.25, for a total transaction of $676,618.75. Following the sale, the director owned 7,914 shares of the company's stock, valued at $722,152.50. This represents a 48.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 100,431 shares of company stock valued at $10,039,748 over the last 90 days. Insiders own 0.84% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on NXT. Freedom Capital upgraded Nextpower from a "hold" rating to a "strong-buy" rating in a report on Friday, July 31st. UBS Group reiterated a "buy" rating and issued a $160.00 price objective on shares of Nextpower in a research note on Monday, August 3rd. Jefferies Financial Group reissued a "buy" rating and set a $131.00 price objective on shares of Nextpower in a research report on Friday, July 31st. Guggenheim upgraded shares of Nextpower from a "neutral" rating to a "buy" rating and set a $125.00 target price on the stock in a research note on Wednesday, July 15th. Finally, BNP Paribas Exane raised their target price on shares of Nextpower from $177.00 to $182.00 and gave the company an "outperform" rating in a report 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 assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $144.96.

Nextpower Price Performance

Nextpower stock opened at $82.89 on Friday. The stock has a market cap of $12.58 billion, a PE ratio of 21.47, a P/E/G ratio of 1.61 and a beta of 1.92. The stock's fifty day moving average is $96.07 and its two-hundred day moving average is $112.00. Nextpower Inc. has a 1-year low of $65.75 and a 1-year high of $163.13.

Nextpower (NASDAQ:NXT - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.15. Nextpower had a return on equity of 26.29% and a net margin of 16.36%.The business had revenue of $935.17 million during the quarter, compared to analysts' expectations of $935.39 million. On average, research analysts expect that Nextpower Inc. will post 3.76 earnings per share for the current fiscal year.

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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