American Century Companies Inc. Increases Holdings in Nextpower Inc. $NXT

American Century Companies Inc. lifted its position in shares of Nextpower Inc. (NASDAQ:NXT) by 23.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 675,886 shares of the company’s stock after buying an additional 128,296 shares during the quarter. American Century Companies Inc. owned approximately 0.46% of Nextpower worth $50,009,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new position in Nextpower in the second quarter worth approximately $140,772,000. Allianz Asset Management GmbH raised its position in shares of Nextpower by 938.0% in the 3rd quarter. Allianz Asset Management GmbH now owns 794,538 shares of the company’s stock worth $58,788,000 after acquiring an additional 717,991 shares in the last quarter. Voya Investment Management LLC lifted its stake in shares of Nextpower by 93.3% during the 3rd quarter. Voya Investment Management LLC now owns 613,634 shares of the company’s stock worth $45,403,000 after purchasing an additional 296,232 shares during the last quarter. Encompass Capital Advisors LLC boosted its position in Nextpower by 11.0% during the second quarter. Encompass Capital Advisors LLC now owns 2,919,777 shares of the company’s stock valued at $158,748,000 after purchasing an additional 289,663 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in Nextpower by 2.0% in the third quarter. Vanguard Group Inc. now owns 14,167,845 shares of the company’s stock valued at $1,048,279,000 after purchasing an additional 283,981 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Nextpower news, Director William D. Watkins sold 5,000 shares of the 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 transaction, the director directly owned 11,777 shares of the company’s stock, valued at $1,396,398.89. This trade represents a 29.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO David P. Bennett sold 33,725 shares of Nextpower stock in a transaction dated 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 completion of 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 position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. TD Cowen raised their target price on shares of Nextpower from $88.00 to $105.00 and gave the company a “hold” rating in a research note on Wednesday, January 28th. Bank of America increased their price objective on Nextpower from $102.00 to $108.00 and gave the company a “buy” rating in a report on Thursday, January 22nd. Needham & Company LLC raised their price objective on Nextpower from $103.00 to $138.00 and gave the stock a “buy” rating in a research report on Thursday, January 29th. BMO Capital Markets reaffirmed a “market perform” rating and set a $104.00 target price on shares of Nextpower in a research report on Wednesday, January 28th. Finally, Wells Fargo & Company increased their price target on Nextpower from $109.00 to $127.00 and gave the company an “overweight” rating in a research note on Wednesday, January 28th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, Nextpower currently has an average rating of “Moderate Buy” and an average target price of $108.32.

Nextpower Trading Down 0.5%

Shares of NXT stock opened at $103.40 on Friday. Nextpower Inc. has a 12-month low of $36.06 and a 12-month high of $131.59. The business’s 50 day moving average is $106.10 and its two-hundred day moving average is $91.25. The company has a market capitalization of $15.35 billion, a P/E ratio of 26.45, a P/E/G ratio of 3.06 and a beta of 2.41.

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

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.