Vise Technologies Inc. Makes New Investment in Nextpower Inc. $NXT

Key Points

• Vise Technologies acquired 10,854 Nextpower shares in the third quarter, valued at approximately $846,000. Institutional investors and hedge funds collectively own 67.41% of the company.
• Nextpower reported quarterly earnings of $1.31 per share, beating the $1.10 analyst consensus, and revenue of $1.11 billion, above estimates of $1.06 billion.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $135.37. Company insiders sold 19,330 shares worth about $1.67 million over the past 90 days.

Vise Technologies Inc. acquired a new position in shares of Nextpower Inc. (NASDAQ:NXT - Free Report) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 10,854 shares of the company's stock, valued at approximately $846,000.

Several other institutional investors and hedge funds have also made changes to their positions in NXT. Signature Equity Partners LLC increased its position in shares of Nextpower by 76.4% in the 1st quarter. Signature Equity Partners LLC now owns 261 shares of the company's stock valued at $31,000 after acquiring an additional 113 shares during the period. Continuum Advisory LLC purchased a new position in Nextpower in the 2nd quarter worth $37,000. Trust Co. of Vermont purchased a new position in Nextpower in the 2nd quarter worth $63,000. AlphaCentric Advisors LLC acquired a new stake in Nextpower during the 1st quarter worth about $67,000. Finally, International Assets Investment Management LLC acquired a new stake in Nextpower during the 1st quarter worth about $96,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Nextpower Stock Performance

Shares of NXT opened at $104.89 on Tuesday. The business's 50-day moving average is $84.12 and its two-hundred day moving average is $106.75. The company has a market capitalization of $15.91 billion, a P/E ratio of 26.88, a P/E/G ratio of 2.23 and a beta of 1.93. Nextpower Inc. has a fifty-two week low of $75.40 and a fifty-two week high of $163.13.

Nextpower (NASDAQ:NXT - Get Free Report) last released its quarterly earnings data on Wednesday, October 28th. The company reported $1.31 earnings per share for the quarter, beating analysts' consensus estimates of $1.10 by $0.21. The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.06 billion. Nextpower had a return on equity of 25.33% and a net margin of 15.98%. Analysts forecast that Nextpower Inc. will post 4.01 EPS for the current year.

Insider Buying and Selling

In related news, CFO Charles Boynton sold 4,500 shares of Nextpower stock in a transaction that occurred on 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 trade represents a 1.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Brandi Thomas sold 7,415 shares of Nextpower stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $91.25, for a total value of $676,618.75. Following the transaction, the director owned 7,914 shares of the company's stock, valued at approximately $722,152.50. This represents a 48.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 19,330 shares of company stock valued at $1,674,948 over the last ninety days. Company insiders own 0.84% of the company's stock.

Analysts Set New Price Targets

NXT has been the topic of several research analyst reports. Barclays dropped their price target on Nextpower from $147.00 to $146.00 and set an "overweight" rating on the stock in a research note on Tuesday, October 13th. Roth Capital set a $140.00 price objective on Nextpower in a research note on Thursday, October 29th. TD Cowen raised Nextpower to a "hold" rating in a report on Monday, October 5th. Piper Sandler upped their target price on Nextpower from $110.00 to $115.00 and gave the company an "overweight" rating in a research report on Monday. Finally, Truist Financial upped their target price on Nextpower from $140.00 to $145.00 and gave the company a "buy" rating in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $135.37.

About Nextpower

Nextpower, Inc, formerly known as Nextracker, designs and supplies solar-tracking systems and related technology for utility-scale solar power plants. Its equipment helps solar panels follow the sun across the day, increasing the amount of energy generated by a project.

The company's offerings include its NX Horizon tracker platform and TrueCapture software, which uses data and controls to adjust tracker positioning to site conditions. Nextpower also provides engineering and project support services to solar developers, contractors and plant operators.

Serving customers in markets around the world, the company traces its roots to Nextracker, which was founded in 2013.

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