Wedge Capital Management L L P NC Sells 399,330 Shares of Nextpower Inc. $NXT

Key Points

• Wedge Capital sold 399,330 shares of Nextpower, trimming its stake by 38.4% to 639,680 shares (about $55.7M), leaving Nextpower as roughly 1.0% of Wedge’s holdings and ~0.43% ownership of the company.
• Nextpower reported a quarterly beat with $1.10 EPS vs. $0.93 expected and revenue of $909.35M (vs. $812.43M est.), and the stock trades near $120 with a market cap of $17.8B.
• Analysts are broadly bullish—MarketBeat shows a consensus of "Moderate Buy" with an average target of $111.49, and several firms have recently raised price targets (e.g., Needham $138, Wells Fargo $127).

Wedge Capital Management L L P NC cut its holdings in shares of Nextpower Inc. (NASDAQ:NXT - Free Report) by 38.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 639,680 shares of the company's stock after selling 399,330 shares during the quarter. Nextpower accounts for approximately 1.0% of Wedge Capital Management L L P NC's holdings, making the stock its 25th biggest holding. Wedge Capital Management L L P NC owned approximately 0.43% of Nextpower worth $55,723,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Foster Dykema Cabot & Partners LLC bought a new position in shares of Nextpower during the 3rd quarter valued at $36,000. Northwestern Mutual Wealth Management Co. lifted its stake in Nextpower by 511.1% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 495 shares of the company's stock worth $37,000 after purchasing an additional 414 shares during the last quarter. BOKF NA boosted its position in Nextpower by 1,135.7% during the third quarter. BOKF NA now owns 519 shares of the company's stock valued at $38,000 after buying an additional 477 shares during the period. MAI Capital Management grew its stake in shares of Nextpower by 309.4% during the second quarter. MAI Capital Management now owns 831 shares of the company's stock valued at $45,000 after buying an additional 628 shares during the last quarter. Finally, Allworth Financial LP grew its stake in shares of Nextpower by 16.8% during the third quarter. Allworth Financial LP now owns 979 shares of the company's stock valued at $72,000 after buying an additional 141 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Mizuho set a $81.00 target price on Nextpower in a research note on Friday, January 23rd. Wells Fargo & Company raised their price target on Nextpower from $109.00 to $127.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 28th. Needham & Company LLC boosted their price objective on Nextpower from $103.00 to $138.00 and gave the company a "buy" rating in a research report on Thursday, January 29th. TD Cowen increased their price objective on Nextpower from $88.00 to $105.00 and gave the company a "hold" rating in a research note on Wednesday, January 28th. Finally, BMO Capital Markets restated a "market perform" rating and issued a $104.00 target price on shares of Nextpower in a report on Wednesday, January 28th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, Nextpower currently has an average rating of "Moderate Buy" and an average target price of $111.49.

Nextpower Trading Up 0.2%

Nextpower stock opened at $120.03 on Friday. The firm has a market cap of $17.82 billion, a P/E ratio of 30.70, a P/E/G ratio of 2.85 and a beta of 2.41. Nextpower Inc. has a 1-year low of $36.06 and a 1-year high of $131.72. The firm has a 50-day moving average of $114.12 and a 200-day moving average of $96.77.

Nextpower (NASDAQ:NXT - Get Free Report) last released 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 return on equity of 32.01% and a net margin of 16.43%.The business had revenue of $909.35 million during the quarter, compared to analyst estimates of $812.43 million. Research analysts forecast that Nextpower Inc. will post 3.29 earnings per share for the current fiscal year.

Insider Activity at Nextpower

In related news, Director William D. Watkins sold 5,000 shares of the company's stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $118.57, for a total transaction of $592,850.00. Following the completion of the transaction, the director owned 11,777 shares in the company, valued at $1,396,398.89. This represents a 29.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Daniel S. Shugar sold 59,456 shares of the firm's stock in a transaction on Monday, March 9th. The stock was sold at an average price of $105.17, for a total value 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 position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 104,348 shares of company stock worth $10,876,525 over the last three months. Insiders own 0.56% of the company's stock.

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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