First Trust Advisors LP Trims Stock Position in Nextpower Inc. $NXT

First Trust Advisors LP reduced its stake in Nextpower Inc. (NASDAQ:NXT) by 13.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 521,167 shares of the company’s stock after selling 80,265 shares during the quarter. First Trust Advisors LP owned 0.35% of Nextpower worth $38,561,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Westfield Capital Management Co. LP increased its stake in Nextpower by 6.1% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,398,057 shares of the company’s stock valued at $103,442,000 after buying an additional 80,493 shares during the period. Belpointe Asset Management LLC purchased a new position in Nextpower during the 3rd quarter worth $832,000. Strs Ohio lifted its stake in shares of Nextpower by 219.8% in the 3rd quarter. Strs Ohio now owns 110,000 shares of the company’s stock worth $8,139,000 after acquiring an additional 75,600 shares during the period. New York Life Investment Management LLC acquired a new stake in shares of Nextpower in the 3rd quarter worth $1,008,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Nextpower by 31.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 72,500 shares of the company’s stock valued at $5,364,000 after acquiring an additional 17,500 shares in the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextpower Stock Performance

NXT stock opened at $115.90 on Friday. The stock’s 50 day moving average price is $108.36 and its 200 day moving average price is $92.80. The firm has a market cap of $17.21 billion, a P/E ratio of 29.64, a PEG ratio of 2.77 and a beta of 2.41. Nextpower Inc. has a 1 year low of $36.06 and a 1 year high of $131.59.

Nextpower (NASDAQ:NXT) last released its quarterly 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 company 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 year.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. UBS Group increased 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. TD Cowen lifted their price objective on Nextpower from $88.00 to $105.00 and gave the company a “hold” rating in a report on Wednesday, January 28th. Wall Street Zen cut Nextpower from a “strong-buy” rating to a “buy” rating in a research report on Sunday, January 25th. Mizuho set a $81.00 target price on Nextpower in a research note on Friday, January 23rd. Finally, Robert W. Baird set a $126.00 price target on Nextpower in a research note on Wednesday, January 28th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, Nextpower has a consensus rating of “Moderate Buy” and a consensus target price of $110.01.

Insider Transactions at Nextpower

In other Nextpower news, Director William D. Watkins sold 5,000 shares of the company’s stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $118.57, for a total value of $592,850.00. Following the transaction, the director directly owned 11,777 shares in the company, valued at approximately $1,396,398.89. This represents a 29.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Daniel S. Shugar sold 59,456 shares of the firm’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 sale, the chief executive officer directly owned 746,339 shares in the company, valued at $78,492,472.63. This represents a 7.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 104,348 shares of company stock valued at $10,876,525. 0.56% of the stock is currently owned by company insiders.

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.