Nextpower Inc. $NXT Shares Sold by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. reduced its holdings in shares of Nextpower Inc. (NASDAQ:NXT) by 44.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 44,557 shares of the company’s stock after selling 35,365 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Nextpower were worth $3,881,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Foster Dykema Cabot & Partners LLC acquired a new stake in Nextpower in the third quarter valued at $36,000. Northwestern Mutual Wealth Management Co. increased its position in shares of Nextpower by 511.1% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 495 shares of the company’s stock worth $37,000 after purchasing an additional 414 shares during the last quarter. BOKF NA raised its stake in shares of Nextpower by 1,135.7% in the 3rd quarter. BOKF NA now owns 519 shares of the company’s stock valued at $38,000 after purchasing an additional 477 shares in the last quarter. MAI Capital Management raised its stake in shares of Nextpower by 309.4% in the 2nd quarter. MAI Capital Management now owns 831 shares of the company’s stock valued at $45,000 after purchasing an additional 628 shares in the last quarter. Finally, Allworth Financial LP lifted its position in shares of Nextpower by 16.8% during the third quarter. Allworth Financial LP now owns 979 shares of the company’s stock worth $72,000 after purchasing an additional 141 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextpower Stock Performance

Shares of Nextpower stock opened at $120.03 on Monday. The stock has a market capitalization of $17.82 billion, a price-to-earnings ratio of 30.70, a PEG ratio of 2.85 and a beta of 2.41. Nextpower Inc. has a twelve month low of $36.06 and a twelve month high of $131.72. The business’s 50 day simple moving average is $114.12 and its 200-day simple moving average is $97.20.

Nextpower (NASDAQ:NXT) last released its quarterly earnings data on Tuesday, January 27th. The company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.17. The business 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%. Sell-side analysts predict that Nextpower Inc. will post 3.29 earnings per share for the current year.

Wall Street Analysts Forecast Growth

NXT has been the subject of a number of research reports. Barclays set a $115.00 price target on Nextpower in a research note on Thursday, January 29th. Northland Securities set a $111.00 price objective on Nextpower in a research note on Tuesday, January 6th. Bank of America lifted their target price on Nextpower from $102.00 to $108.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. Jefferies Financial Group boosted their price target on Nextpower from $122.00 to $138.00 and gave the company a “buy” rating in a report on Tuesday, March 17th. Finally, UBS Group raised their price objective on Nextpower from $125.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, January 28th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have assigned 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.

Insiders Place Their Bets

In other Nextpower news, CEO Daniel S. Shugar sold 59,456 shares of the business’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $105.17, for a total transaction of $6,252,987.52. Following the completion of the transaction, the chief executive officer directly owned 746,339 shares of the company’s stock, valued at $78,492,472.63. The trade was a 7.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William D. Watkins sold 5,000 shares of the company’s stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $118.57, for a total transaction of $592,850.00. Following the completion of the transaction, the director owned 11,777 shares of the company’s stock, valued at approximately $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 104,348 shares of company stock worth $10,876,525 over the last quarter. 0.56% of the stock is currently owned by company insiders.

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.