Empirical Financial Services LLC d.b.a. Empirical Wealth Management Buys New Shares in Nextpower Inc. $NXT

Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new stake in shares of Nextpower Inc. (NASDAQ:NXT) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 11,668 shares of the company’s stock, valued at approximately $863,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NXT. Vanguard Group Inc. raised its holdings in shares of Nextpower by 2.0% during the 3rd quarter. Vanguard Group Inc. now owns 14,167,845 shares of the company’s stock valued at $1,048,279,000 after buying an additional 283,981 shares in the last quarter. Primecap Management Co. CA grew its stake in shares of Nextpower by 1.1% during the second quarter. Primecap Management Co. CA now owns 7,675,821 shares of the company’s stock valued at $417,334,000 after buying an additional 83,227 shares during the last quarter. Encompass Capital Advisors LLC increased its holdings in shares of Nextpower by 11.0% in the second quarter. Encompass Capital Advisors LLC now owns 2,919,777 shares of the company’s stock worth $158,748,000 after buying an additional 289,663 shares during the period. Norges Bank bought a new stake in shares of Nextpower in the 2nd quarter valued at about $140,772,000. Finally, Handelsbanken Fonder AB boosted its holdings in Nextpower by 8.3% during the 2nd quarter. Handelsbanken Fonder AB now owns 2,303,206 shares of the company’s stock valued at $125,225,000 after acquiring an additional 176,530 shares during the period. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Nextpower Trading Up 2.8%

Shares of Nextpower stock opened at $119.34 on Monday. Nextpower Inc. has a 12 month low of $36.06 and a 12 month high of $131.59. The firm has a market capitalization of $17.72 billion, a P/E ratio of 30.52, a P/E/G ratio of 3.51 and a beta of 2.34. The business has a fifty day simple moving average of $102.59 and a two-hundred day simple moving average of $88.40.

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

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. KeyCorp upgraded Nextpower from a “sector weight” rating to an “overweight” rating and set a $142.00 price objective for the company in a report on Wednesday, January 28th. TD Cowen upped their target price on Nextpower from $88.00 to $105.00 and gave the company a “hold” rating in a report on Wednesday, January 28th. Wells Fargo & Company lifted their price target on shares of Nextpower from $109.00 to $127.00 and gave the company an “overweight” rating in a report on Wednesday, January 28th. Bank of America boosted their price objective on shares of Nextpower from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Thursday, January 22nd. Finally, Barclays set a $115.00 target price on shares of Nextpower in a research report on Thursday, January 29th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $108.32.

Insider Buying and Selling at Nextpower

In other Nextpower news, CAO David P. Bennett sold 33,725 shares of Nextpower stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $88.08, for a total value of $2,970,498.00. Following the completion of the sale, the chief accounting officer owned 130,967 shares of the company’s stock, valued at approximately $11,535,573.36. This trade represents a 20.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William D. Watkins sold 5,000 shares of the business’s stock in a transaction on Friday, January 30th. The stock was sold at an average price of $118.57, for a total value of $592,850.00. Following the completion of the transaction, the director owned 11,777 shares of the company’s stock, valued at $1,396,398.89. This represents a 29.80% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.56% of the company’s stock.

Nextpower 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.