Lord Abbett & CO. LLC Boosts Holdings in Nextpower Inc. $NXT

Lord Abbett & CO. LLC raised its stake in shares of Nextpower Inc. (NASDAQ:NXT) by 142.3% during the 4th quarter, HoldingsChannel.com reports. The firm owned 848,110 shares of the company’s stock after acquiring an additional 498,110 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Nextpower were worth $73,879,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Nextpower in the fourth quarter worth about $170,918,000. William Blair Investment Management LLC purchased a new position in shares of Nextpower in the third quarter worth about $108,739,000. Amundi lifted its stake in shares of Nextpower by 156.1% in the third quarter. Amundi now owns 2,111,628 shares of the company’s stock worth $161,600,000 after buying an additional 1,287,071 shares in the last quarter. Electron Capital Partners LLC lifted its stake in shares of Nextpower by 2,017.7% in the third quarter. Electron Capital Partners LLC now owns 566,415 shares of the company’s stock worth $41,909,000 after buying an additional 539,668 shares in the last quarter. Finally, Danske Bank A S purchased a new position in shares of Nextpower in the third quarter worth about $33,298,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Charles D. Boynton sold 4,500 shares of the firm’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $151.79, for a total transaction of $683,055.00. Following the completion of the sale, the chief financial officer directly 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. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Bruce Ledesma sold 3,248 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $134.72, for a total transaction of $437,570.56. Following the sale, the insider owned 246,130 shares of the company’s stock, valued at approximately $33,158,633.60. The trade was a 1.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Insiders sold 168,574 shares of company stock valued at $22,559,770 in the last quarter. Insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on NXT. UBS Group reissued a “buy” rating and issued a $170.00 price target on shares of Nextpower in a research note on Friday, May 29th. TD Cowen raised their price target on shares of Nextpower from $105.00 to $135.00 and gave the stock a “hold” rating in a research note on Wednesday, May 13th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $140.00 price target on shares of Nextpower in a research note on Thursday, May 14th. Citigroup raised their price target on shares of Nextpower from $114.00 to $145.00 and gave the stock a “buy” rating in a research note on Wednesday, May 13th. Finally, Jefferies Financial Group raised their price target on shares of Nextpower from $145.00 to $159.00 and gave the stock a “buy” rating in a research note on Friday, May 29th. Twenty investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $147.77.

Nextpower Trading Up 1.8%

Nextpower stock opened at $121.88 on Friday. Nextpower Inc. has a 12-month low of $51.69 and a 12-month high of $163.13. The stock has a market cap of $18.31 billion, a P/E ratio of 31.82, a PEG ratio of 2.84 and a beta of 1.73. The company has a 50-day moving average price of $124.40 and a 200 day moving average price of $111.17.

Nextpower (NASDAQ:NXT) last released its quarterly earnings data on Tuesday, May 12th. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.16. Nextpower had a net margin of 16.46% and a return on equity of 28.18%. The firm had revenue of $880.52 million during the quarter, compared to analysts’ expectations of $826.26 million. Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. As a group, analysts forecast that Nextpower Inc. will post 3.69 EPS for the current year.

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.