Nextpower Inc. (NASDAQ:NXT) Short Interest Update

Nextpower Inc. (NASDAQ:NXT) saw a large growth in short interest in the month of March. As of March 13th, there was short interest totaling 6,832,548 shares, a growth of 28.2% from the February 26th total of 5,328,603 shares. Approximately 4.6% of the company’s stock are short sold. Based on an average daily trading volume, of 1,835,885 shares, the short-interest ratio is currently 3.7 days.

Insider Buying and Selling at Nextpower

In related news, CEO Daniel S. Shugar sold 59,456 shares of the 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 approximately $78,492,472.63. This trade represents a 7.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William D. Watkins sold 5,000 shares of Nextpower stock in a transaction on Friday, January 30th. The shares were sold at an average price of $118.57, for a total value of $592,850.00. Following the sale, the director directly owned 11,777 shares of the company’s stock, valued at approximately $1,396,398.89. The trade was a 29.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 104,348 shares of company stock worth $10,876,525. 0.56% of the stock is currently owned by corporate insiders.

Institutional Trading of Nextpower

A number of institutional investors and hedge funds have recently modified their holdings of NXT. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Nextpower by 19.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 437,490 shares of the company’s stock worth $18,436,000 after buying an additional 71,842 shares during the period. MAI Capital Management raised its holdings in Nextpower by 309.4% in the 2nd quarter. MAI Capital Management now owns 831 shares of the company’s stock worth $45,000 after acquiring an additional 628 shares during the period. American Century Companies Inc. lifted its position in Nextpower by 144.6% during the 2nd quarter. American Century Companies Inc. now owns 547,590 shares of the company’s stock worth $29,772,000 after acquiring an additional 323,717 shares during the last quarter. Russell Investments Group Ltd. lifted its position in Nextpower by 154.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 158,721 shares of the company’s stock worth $8,630,000 after acquiring an additional 96,377 shares during the last quarter. Finally, Quadrant Capital Group LLC boosted its holdings in Nextpower by 51.5% during the second quarter. Quadrant Capital Group LLC now owns 14,415 shares of the company’s stock valued at $784,000 after acquiring an additional 4,901 shares during the period. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Robert W. Baird set a $126.00 price target on Nextpower in a research note on Wednesday, January 28th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $119.00 price objective on shares of Nextpower in a report on Thursday, January 29th. Jefferies Financial Group raised their price objective on shares of Nextpower from $122.00 to $138.00 and gave the company a “buy” rating in a research report on Tuesday, March 17th. KeyCorp reiterated an “overweight” rating on shares of Nextpower in a research note on Friday, March 13th. Finally, Wells Fargo & Company boosted their target price on shares of Nextpower from $109.00 to $127.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 28th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Nextpower has an average rating of “Moderate Buy” and an average price target of $111.49.

Nextpower Stock Performance

Shares of NASDAQ NXT opened at $120.03 on Monday. The firm has a market cap of $17.82 billion, a price-to-earnings ratio of 30.70, a P/E/G ratio of 2.85 and a beta of 2.41. The business’s 50-day simple moving average is $114.12 and its 200-day simple moving average is $97.20. Nextpower has a 52 week low of $36.06 and a 52 week high of $131.72.

Nextpower (NASDAQ:NXT) last posted 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. The firm had revenue of $909.35 million during the quarter, compared to analyst estimates of $812.43 million. Nextpower had a return on equity of 32.01% and a net margin of 16.43%. As a group, equities research analysts forecast that Nextpower will post 3.29 earnings per share for the current year.

About Nextpower

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.