Fundsmith LLP Invests $340.27 Million in Nextpower Inc. $NXT

Fundsmith LLP bought a new stake in shares of Nextpower Inc. (NASDAQ:NXT) during the 2nd quarter, HoldingsChannel reports. The firm bought 2,856,092 shares of the company’s stock, valued at approximately $340,275,000. Nextpower comprises approximately 2.5% of Fundsmith LLP’s investment portfolio, making the stock its 22nd largest position.

Other hedge funds have also made changes to their positions in the company. Smartleaf Asset Management LLC grew its position in Nextpower by 107.6% during 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 in the last quarter. Signature Equity Partners LLC lifted its position in Nextpower by 76.4% in 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 stake in shares of Nextpower by 480.3% during 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. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Nextpower by 511.1% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 495 shares of the company’s stock valued at $37,000 after acquiring an additional 414 shares in the last quarter. Finally, BOKF NA grew its holdings in shares of Nextpower by 1,135.7% during the 3rd quarter. BOKF NA now owns 519 shares of the company’s stock valued at $38,000 after acquiring an additional 477 shares in the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Daniel S. Shugar sold 67,636 shares of the stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $103.07, for a total transaction of $6,971,242.52. Following the transaction, the chief executive officer owned 871,131 shares of the company’s stock, valued at approximately $89,787,472.17. This represents a 7.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Howard Wenger sold 11,176 shares of the stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $104.78, for a total value of $1,171,021.28. Following the transaction, the president directly owned 419,868 shares in the company, valued at approximately $43,993,769.04. This represents a 2.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 95,931 shares of company stock worth $9,679,838. Insiders own 0.84% of the company’s stock.

Analysts Set New Price Targets

NXT has been the subject of a number of research reports. Weiss Ratings cut Nextpower from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, July 29th. BMO Capital Markets raised Nextpower from a “hold” rating to an “outperform” rating and set a $132.00 price target for the company in a research note on Friday, July 31st. Truist Financial lifted their price target on Nextpower from $140.00 to $145.00 and gave the company a “buy” rating in a report on Friday, July 31st. Zacks Research cut Nextpower from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 11th. Finally, Citigroup dropped their price objective on Nextpower from $145.00 to $132.00 and set a “buy” rating on the stock in a report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $146.12.

Nextpower Stock Performance

NXT stock opened at $85.44 on Monday. The firm has a market cap of $12.96 billion, a PE ratio of 22.13, a PEG ratio of 1.72 and a beta of 1.95. Nextpower Inc. has a 1 year low of $64.30 and a 1 year high of $163.13. The company has a fifty day simple moving average of $102.59 and a 200 day simple moving average of $114.44.

Nextpower (NASDAQ:NXT) last posted its earnings results on Thursday, July 30th. The company reported $1.20 EPS for the quarter, topping the consensus estimate of $1.05 by $0.15. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. The firm had revenue of $935.17 million for the quarter, compared to the consensus estimate of $935.39 million. As a group, analysts forecast that Nextpower Inc. will post 3.7 EPS for the current fiscal 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.