New York Life Investment Management LLC Buys 9,563 Shares of Nextpower Inc. $NXT

New York Life Investment Management LLC raised its stake in Nextpower Inc. (NASDAQ:NXT) by 65.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,236 shares of the company’s stock after acquiring an additional 9,563 shares during the period. New York Life Investment Management LLC’s holdings in Nextpower were worth $1,889,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Heritage Family Offices LLP acquired a new stake in shares of Nextpower during the 3rd quarter worth $29,000. Signature Equity Partners LLC increased its position in shares of Nextpower by 76.4% in the first quarter. Signature Equity Partners LLC now owns 261 shares of the company’s stock worth $31,000 after purchasing an additional 113 shares during the period. Continuum Advisory LLC acquired a new position in Nextpower in the second quarter valued at about $37,000. Trust Co. of Vermont acquired a new position in Nextpower in the second quarter valued at about $63,000. Finally, AlphaCentric Advisors LLC bought a new stake in Nextpower during the first quarter worth about $67,000. 67.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Zacks Research lowered shares of Nextpower from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 11th. BMO Capital Markets cut their price target on shares of Nextpower from $132.00 to $114.00 and set an “outperform” rating for the company in a report on Wednesday, October 21st. Freedom Capital upgraded shares of Nextpower from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 31st. TD Cowen raised shares of Nextpower to a “hold” rating in a research note on Monday, October 5th. Finally, Cantor Fitzgerald boosted their price objective on shares of Nextpower from $55.00 to $125.00 and gave the company an “overweight” rating in a research report on Thursday, November 5th. One analyst has rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $134.93.

Insider Activity

In other news, Director Brandi Thomas sold 7,415 shares of Nextpower stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $91.25, for a total transaction of $676,618.75. Following the sale, the director directly owned 7,914 shares of the company’s stock, valued at approximately $722,152.50. This trade represents a 48.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Charles Boynton sold 4,500 shares of the business’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $79.98, for a total value of $359,910.00. Following the sale, the chief financial officer owned 354,000 shares in the company, valued at approximately $28,312,920. This trade represents a 1.26% 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. Over the last three months, insiders have sold 19,330 shares of company stock valued at $1,674,948. 0.84% of the stock is currently owned by corporate insiders.

Nextpower Trading Up 1.5%

Nextpower stock traded up $1.43 during midday trading on Friday, reaching $95.03. The company’s stock had a trading volume of 1,999,538 shares, compared to its average volume of 3,263,900. The business has a 50-day moving average price of $85.28 and a 200-day moving average price of $106.58. The stock has a market cap of $14.31 billion, a PE ratio of 23.94, a price-to-earnings-growth ratio of 1.97 and a beta of 1.93. Nextpower Inc. has a 52 week low of $75.40 and a 52 week high of $163.13.

Nextpower (NASDAQ:NXT) last issued its quarterly earnings data on Wednesday, October 28th. The company reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.21. Nextpower had a return on equity of 25.33% and a net margin of 15.98%. The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.06 billion. As a group, research analysts predict that Nextpower Inc. will post 3.98 EPS for the current fiscal year.

Nextpower Company Profile

Nextpower, Inc., formerly known as Nextracker, designs and supplies solar-tracking systems and related technology for utility-scale solar power plants. Its equipment helps solar panels follow the sun across the day, increasing the amount of energy generated by a project. The company’s offerings include its NX Horizon tracker platform and TrueCapture software, which uses data and controls to adjust tracker positioning to site conditions. Nextpower also provides engineering and project support services to solar developers, contractors and plant operators.