Nextpower Inc. $NXT Shares Bought by Swedbank AB

Swedbank AB raised its stake in Nextpower Inc. (NASDAQ:NXT) by 16.8% in the fourth quarter, HoldingsChannel.com reports. The fund owned 159,500 shares of the company’s stock after purchasing an additional 23,000 shares during the quarter. Swedbank AB’s holdings in Nextpower were worth $13,894,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Whittier Trust Co. of Nevada Inc. raised its holdings in shares of Nextpower by 268.7% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 306 shares of the company’s stock worth $28,000 after acquiring an additional 223 shares during the last quarter. Baillie Gifford & Co. raised its holdings in shares of Nextpower by 76.5% in the fourth quarter. Baillie Gifford & Co. now owns 420 shares of the company’s stock worth $37,000 after acquiring an additional 182 shares during the last quarter. Foster Dykema Cabot & Partners LLC acquired a new position in shares of Nextpower in the third quarter worth $36,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Nextpower by 511.1% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 495 shares of the company’s stock worth $37,000 after acquiring an additional 414 shares during the last quarter. Finally, Rakuten Securities Inc. raised its holdings in shares of Nextpower by 324.8% in the fourth quarter. Rakuten Securities Inc. now owns 514 shares of the company’s stock worth $45,000 after acquiring an additional 393 shares during the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. UBS Group boosted their price target on Nextpower from $125.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, January 28th. BMO Capital Markets reissued a “market perform” rating and issued a $104.00 price target on shares of Nextpower in a report on Wednesday, January 28th. Bank of America boosted their price target on Nextpower from $102.00 to $108.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. KeyCorp reaffirmed an “overweight” rating on shares of Nextpower in a research report on Friday, March 13th. Finally, TD Cowen lifted their price objective on Nextpower from $88.00 to $105.00 and gave the company a “hold” rating in a research report on Wednesday, January 28th. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Nextpower presently has an average rating of “Moderate Buy” and a consensus target price of $117.79.

Insider Activity at Nextpower

In other Nextpower news, CEO Daniel S. Shugar sold 59,456 shares of the business’s stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $105.17, for a total transaction of $6,252,987.52. Following the transaction, the chief executive officer owned 746,339 shares in the company, valued at $78,492,472.63. The trade was a 7.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.56% of the stock is currently owned by corporate insiders.

Nextpower Trading Up 4.2%

NXT stock opened at $125.91 on Friday. The stock has a 50-day moving average price of $114.71 and a two-hundred day moving average price of $104.61. Nextpower Inc. has a 12-month low of $44.75 and a 12-month high of $131.72. The company has a market cap of $18.70 billion, a PE ratio of 32.20, a price-to-earnings-growth ratio of 5.75 and a beta of 1.60.

Nextpower Company Profile

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.