VIRGINIA RETIREMENT SYSTEMS ET Al Takes Position in Nextpower Inc. $NXT

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Nextpower Inc. (NASDAQ:NXT) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 15,038 shares of the company’s stock, valued at approximately $1,792,000.

Other hedge funds have also recently added to or reduced their stakes in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Nextpower by 19.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 437,490 shares of the company’s stock valued at $18,436,000 after buying an additional 71,842 shares during the last quarter. M&T Bank Corp purchased a new position in shares of Nextpower during the second quarter worth approximately $223,000. EverSource Wealth Advisors LLC increased its holdings in shares of Nextpower by 179.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the company’s stock valued at $61,000 after acquiring an additional 724 shares during the period. Cerity Partners LLC raised its position in Nextpower by 154.0% in the 2nd quarter. Cerity Partners LLC now owns 18,539 shares of the company’s stock valued at $1,008,000 after purchasing an additional 11,239 shares during the last quarter. Finally, California Public Employees Retirement System raised its position in Nextpower by 36.5% in the 2nd quarter. California Public Employees Retirement System now owns 222,960 shares of the company’s stock valued at $12,122,000 after purchasing an additional 59,573 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextpower Price Performance

NASDAQ:NXT opened at $82.89 on Friday. The firm has a market cap of $12.58 billion, a price-to-earnings ratio of 21.47, a price-to-earnings-growth ratio of 1.61 and a beta of 1.92. The firm’s fifty day moving average price is $96.07 and its 200 day moving average price is $112.00. Nextpower Inc. has a 1-year low of $65.75 and a 1-year high of $163.13.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings data on Thursday, July 30th. The company reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.15. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. The company had revenue of $935.17 million during the quarter, compared to the consensus estimate of $935.39 million. As a group, analysts expect that Nextpower Inc. will post 3.76 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

NXT has been the topic of several research reports. Truist Financial raised their price objective on shares of Nextpower from $140.00 to $145.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Roth Capital reaffirmed a “buy” rating and issued a $175.00 target price on shares of Nextpower in a report on Tuesday, July 28th. Weiss Ratings downgraded shares of Nextpower from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, July 29th. Wells Fargo & Company raised their price target on Nextpower from $143.00 to $151.00 and gave the stock an “overweight” rating in a report on Friday, May 29th. Finally, Needham & Company LLC restated a “buy” rating and issued a $149.00 price target on shares of Nextpower in a research report on Friday, May 29th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $144.96.

Insider Buying and Selling at Nextpower

In related news, President Howard Wenger sold 11,176 shares of the firm’s 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 completion of the sale, the president owned 419,868 shares in the company, valued at $43,993,769.04. This trade represents a 2.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Daniel S. Shugar sold 67,636 shares of Nextpower stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $103.07, for a total value of $6,971,242.52. Following the completion of the sale, the chief executive officer directly owned 871,131 shares in the company, valued at $89,787,472.17. This represents a 7.20% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 100,431 shares of company stock valued at $10,039,748. Insiders own 0.84% of the company’s stock.

About Nextpower

Nextracker Inc (NASDAQ: NXT) is a solar technology company that designs, manufactures and supplies intelligent solar tracker systems for utility-scale and distributed-generation photovoltaic projects. Its tracker systems adjust the position of solar panels throughout the day to help optimize energy production.

The company’s product portfolio includes single-axis solar tracking systems, associated hardware and controls, as well as software and digital tools used to monitor and manage solar plant performance.