CI Investments Inc. Sells 12,285 Shares of Nextpower Inc. $NXT

CI Investments Inc. reduced its holdings in shares of Nextpower Inc. (NASDAQ:NXT) by 93.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 911 shares of the company’s stock after selling 12,285 shares during the quarter. CI Investments Inc.’s holdings in Nextpower were worth $67,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Elo Mutual Pension Insurance Co lifted its holdings in shares of Nextpower by 42.5% in the third quarter. Elo Mutual Pension Insurance Co now owns 52,741 shares of the company’s stock worth $3,902,000 after acquiring an additional 15,726 shares during the last quarter. William Blair Investment Management LLC acquired a new position in Nextpower during the 3rd quarter worth approximately $108,739,000. American Century Companies Inc. lifted its stake in Nextpower by 23.4% in the 3rd quarter. American Century Companies Inc. now owns 675,886 shares of the company’s stock valued at $50,009,000 after purchasing an additional 128,296 shares during the last quarter. Erste Asset Management GmbH boosted its position in Nextpower by 1.0% in the third quarter. Erste Asset Management GmbH now owns 740,396 shares of the company’s stock valued at $56,363,000 after buying an additional 7,192 shares in the last quarter. Finally, Xponance Inc. grew its stake in shares of Nextpower by 3.4% during the third quarter. Xponance Inc. now owns 22,071 shares of the company’s stock worth $1,633,000 after buying an additional 721 shares during the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Daniel S. Shugar sold 59,456 shares of the business’s stock in a transaction on Monday, March 9th. The shares were sold at an average price of $105.17, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William D. Watkins sold 5,000 shares of the company’s 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 sale, the director directly owned 11,777 shares in the company, valued at $1,396,398.89. This trade represents a 29.80% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 138,073 shares of company stock valued at $13,847,023 over the last quarter. Insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on NXT. Barclays set a $115.00 price objective on Nextpower in a report on Thursday, January 29th. Wells Fargo & Company lifted 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. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $119.00 price objective on shares of Nextpower in a research note on Thursday, January 29th. UBS Group upped their price target on shares of Nextpower from $125.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, January 28th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Nextpower in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $108.32.

Nextpower Price Performance

Shares of NXT stock opened at $108.13 on Tuesday. The stock has a market capitalization of $16.06 billion, a PE ratio of 27.65, a PEG ratio of 2.98 and a beta of 2.41. The business’s 50 day simple moving average is $106.66 and its 200 day simple moving average is $92.15. Nextpower Inc. has a one year low of $36.06 and a one year high of $131.59.

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 analysts’ consensus estimates of $0.93 by $0.17. Nextpower had a net margin of 16.43% and a return on equity of 32.01%. The firm had revenue of $909.35 million for the quarter, compared to the consensus estimate of $812.43 million. As a group, research analysts expect that Nextpower Inc. will post 3.29 earnings per share for the current year.

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.