CoreCap Advisors LLC Purchases Shares of 4,305 Nextpower Inc. $NXT

CoreCap Advisors LLC acquired a new position in Nextpower Inc. (NASDAQ:NXT) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 4,305 shares of the company’s stock, valued at approximately $375,000.

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

Insider Activity at Nextpower

In other news, Director William D. Watkins sold 5,000 shares of the 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 transaction, the director owned 11,777 shares in the company, valued at $1,396,398.89. This represents a 29.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 transaction, the chief executive officer owned 746,339 shares in the company, valued at approximately $78,492,472.63. This trade represents a 7.38% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 104,348 shares of company stock valued at $10,876,525 over the last three months. Insiders own 0.56% of the company’s stock.

Nextpower Price Performance

Shares of Nextpower stock opened at $120.55 on Wednesday. The firm has a market cap of $17.90 billion, a price-to-earnings ratio of 30.83, a P/E/G ratio of 2.67 and a beta of 2.41. Nextpower Inc. has a 52-week low of $36.06 and a 52-week high of $131.72. The stock has a 50-day simple moving average of $114.93 and a 200-day simple moving average of $97.90.

Nextpower (NASDAQ:NXT) last released its quarterly earnings data on Tuesday, January 27th. The company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.17. The firm had revenue of $909.35 million for the quarter, compared to the consensus estimate 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 predict that Nextpower Inc. will post 3.29 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on NXT shares. TD Cowen upped their price target on Nextpower from $88.00 to $105.00 and gave the company a “hold” rating in a research report on Wednesday, January 28th. Weiss Ratings restated a “buy (b-)” rating on shares of Nextpower in a research report on Friday. Glj Research reaffirmed a “buy” rating and set a $147.33 target price on shares of Nextpower in a research note on Monday, March 16th. UBS Group upped their target price on Nextpower from $125.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, January 28th. Finally, Jefferies Financial Group increased their price target on shares of Nextpower from $122.00 to $138.00 and gave the stock a “buy” rating in a research report on Tuesday, March 17th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus 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.