M&T Bank Corp Has $926,000 Holdings in Nextpower Inc. $NXT

M&T Bank Corp raised its holdings in shares of Nextpower Inc. (NASDAQ:NXT) by 148.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 10,626 shares of the company’s stock after acquiring an additional 6,347 shares during the quarter. M&T Bank Corp’s holdings in Nextpower were worth $926,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Nextpower by 2.0% in the 3rd quarter. Vanguard Group Inc. now owns 14,167,845 shares of the company’s stock valued at $1,048,279,000 after acquiring an additional 283,981 shares during the last quarter. State Street Corp increased its stake in Nextpower by 0.6% during the 3rd quarter. State Street Corp now owns 5,391,696 shares of the company’s stock worth $398,932,000 after purchasing an additional 31,689 shares in the last quarter. Invesco Ltd. increased its stake in Nextpower by 9.9% during the 3rd quarter. Invesco Ltd. now owns 2,725,449 shares of the company’s stock worth $201,656,000 after purchasing an additional 245,412 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Nextpower by 2.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,357,523 shares of the company’s stock worth $174,459,000 after purchasing an additional 67,362 shares in the last quarter. Finally, Amundi increased its stake in Nextpower by 156.1% during the 3rd quarter. Amundi now owns 2,111,628 shares of the company’s stock worth $161,600,000 after purchasing an additional 1,287,071 shares in the last quarter. 67.41% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Wall Street Zen cut Nextpower from a “buy” rating to a “hold” rating in a research note on Monday. The Goldman Sachs Group set a $140.00 price target on Nextpower and gave the stock a “buy” rating in a research report on Tuesday, April 14th. Glj Research reaffirmed a “buy” rating and set a $147.33 price target on shares of Nextpower in a research report on Monday, March 16th. Northland Securities set a $111.00 price target on Nextpower in a research report on Tuesday, January 6th. Finally, KeyCorp reaffirmed an “overweight” rating on shares of Nextpower in a research report on Friday, March 13th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $117.79.

Nextpower Trading Up 4.3%

NASDAQ NXT opened at $119.13 on Friday. The company has a market cap of $17.69 billion, a PE ratio of 30.47, a PEG ratio of 5.43 and a beta of 2.02. Nextpower Inc. has a 12 month low of $40.60 and a 12 month high of $131.72. The stock has a 50 day moving average of $114.44 and a 200-day moving average of $103.65.

Nextpower (NASDAQ:NXT) last released its quarterly earnings data on Tuesday, January 27th. The company reported $1.10 EPS for the quarter, beating the consensus estimate of $0.93 by $0.17. The company had revenue of $909.35 million during the quarter, compared to the consensus estimate of $812.43 million. Nextpower had a return on equity of 32.01% and a net margin of 16.43%. As a group, sell-side analysts predict that Nextpower Inc. will post 3.72 EPS for the current fiscal year.

Insider Activity at Nextpower

In other news, CEO Daniel S. Shugar sold 59,456 shares of the stock in a transaction that occurred 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 owned 746,339 shares of the company’s stock, valued at approximately $78,492,472.63. This represents a 7.38% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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.