Danske Bank A S Takes Position in Nextpower Inc. $NXT

Danske Bank A S bought a new position in shares of Nextpower Inc. (NASDAQ:NXT) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 450,039 shares of the company’s stock, valued at approximately $33,298,000. Danske Bank A S owned approximately 0.30% of Nextpower as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Nextpower by 2.0% in the 3rd quarter. Vanguard Group Inc. now owns 14,167,845 shares of the company’s stock worth $1,048,279,000 after buying an additional 283,981 shares in the last quarter. Primecap Management Co. CA increased its holdings in Nextpower by 1.1% during the 2nd quarter. Primecap Management Co. CA now owns 7,675,821 shares of the company’s stock valued at $417,334,000 after acquiring an additional 83,227 shares in the last quarter. State Street Corp raised its position in Nextpower by 0.6% during the third quarter. State Street Corp now owns 5,391,696 shares of the company’s stock worth $398,932,000 after acquiring an additional 31,689 shares during the last quarter. Encompass Capital Advisors LLC lifted 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 valued at $158,748,000 after purchasing an additional 289,663 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Nextpower by 9.9% in the third quarter. Invesco Ltd. now owns 2,725,449 shares of the company’s stock valued at $201,656,000 after purchasing an additional 245,412 shares in the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Daniel S. Shugar sold 59,456 shares of the company’s stock in a transaction on 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 completion of 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 position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director William D. Watkins sold 5,000 shares of the 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 directly owned 11,777 shares in the company, valued at $1,396,398.89. This trade represents a 29.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 104,348 shares of company stock worth $10,876,525. 0.56% of the stock is currently owned by insiders.

Nextpower Price Performance

NXT opened at $115.38 on Thursday. Nextpower Inc. has a 12 month low of $36.06 and a 12 month high of $131.59. The business has a 50-day moving average of $110.60 and a two-hundred day moving average of $94.40. The stock has a market capitalization of $17.13 billion, a price-to-earnings ratio of 29.51, a price-to-earnings-growth ratio of 2.90 and a beta of 2.41.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings data 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 net margin of 16.43% and a return on equity of 32.01%. The business had revenue of $909.35 million for the quarter, compared to analyst estimates of $812.43 million. Equities research analysts anticipate that Nextpower Inc. will post 3.29 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Bank of America increased their target price on Nextpower from $102.00 to $108.00 and gave the company a “buy” rating in a report on Thursday, January 22nd. Wells Fargo & Company upped their price objective on Nextpower from $109.00 to $127.00 and gave the company an “overweight” rating in a research report on Wednesday, January 28th. Wall Street Zen lowered Nextpower from a “strong-buy” rating to a “buy” rating in a research note on Sunday, January 25th. Roth Mkm reiterated a “buy” rating and set a $130.00 price objective on shares of Nextpower in a research report on Wednesday, January 28th. Finally, KeyCorp reissued an “overweight” rating on shares of Nextpower in a research note on Friday, March 13th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $111.49.

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.