Envestnet Asset Management Inc. Raises Position in Nextpower Inc. $NXT

Envestnet Asset Management Inc. lifted its holdings in Nextpower Inc. (NASDAQ:NXT) by 5.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 104,789 shares of the company’s stock after purchasing an additional 5,401 shares during the quarter. Envestnet Asset Management Inc. owned about 0.07% of Nextpower worth $7,753,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Cullen Frost Bankers Inc. raised its stake in Nextpower by 122.3% in the second quarter. Cullen Frost Bankers Inc. now owns 589 shares of the company’s stock valued at $32,000 after buying an additional 324 shares during the last quarter. Hantz Financial Services Inc. increased its holdings in shares of Nextpower by 1,737.8% during the second quarter. Hantz Financial Services Inc. now owns 827 shares of the company’s stock valued at $45,000 after acquiring an additional 782 shares in the last quarter. MAI Capital Management raised its position in shares of Nextpower by 309.4% in the 2nd quarter. MAI Capital Management now owns 831 shares of the company’s stock valued at $45,000 after purchasing an additional 628 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Nextpower by 179.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the company’s stock worth $61,000 after purchasing an additional 724 shares in the last quarter. Finally, Global Retirement Partners LLC grew its position in Nextpower by 42,633.3% during the 3rd quarter. Global Retirement Partners LLC now owns 1,282 shares of the company’s stock worth $95,000 after purchasing an additional 1,279 shares during the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Nextpower Stock Performance

Shares of NXT opened at $119.34 on Friday. The business’s 50-day moving average is $102.59 and its two-hundred day moving average is $87.94. The company has a market capitalization of $17.72 billion, a P/E ratio of 30.52, a P/E/G ratio of 3.41 and a beta of 2.35. Nextpower Inc. has a fifty-two week low of $36.06 and a fifty-two week high of $131.59.

Nextpower (NASDAQ:NXT) last issued its quarterly earnings data on Tuesday, January 27th. The company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.17. The business had revenue of $909.35 million during the quarter, compared to analysts’ expectations of $812.43 million. Nextpower had a return on equity of 32.01% and a net margin of 16.43%. Analysts forecast that Nextpower Inc. will post 3.29 EPS for the current year.

Insider Activity at Nextpower

In related news, CAO David P. Bennett sold 33,725 shares of the firm’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $88.08, for a total transaction of $2,970,498.00. Following the sale, the chief accounting officer owned 130,967 shares in the company, valued at approximately $11,535,573.36. This trade represents a 20.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William D. Watkins sold 5,000 shares of Nextpower stock in a transaction on Friday, January 30th. The shares were sold at an average price of $118.57, for a total transaction of $592,850.00. Following the completion of the transaction, the director directly owned 11,777 shares of the company’s stock, valued at $1,396,398.89. The trade was a 29.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.56% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have issued reports on NXT. UBS Group raised their price target on shares of Nextpower from $125.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, January 28th. Wells Fargo & Company upped their target price on Nextpower from $109.00 to $127.00 and gave the company an “overweight” rating in a research report on Wednesday, January 28th. Bank of America raised their target price on Nextpower from $102.00 to $108.00 and gave the stock a “buy” rating in a research note on Thursday, January 22nd. Roth Mkm reaffirmed a “buy” rating and set a $130.00 price target on shares of Nextpower in a research report on Wednesday, January 28th. Finally, Northland Securities set a $111.00 price objective on Nextpower in a report on Tuesday, January 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $108.32.

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.