Azzad Asset Management Inc. ADV Makes New $988,000 Investment in Nextpower Inc. $NXT

Azzad Asset Management Inc. ADV purchased a new position in shares of Nextpower Inc. (NASDAQ:NXT) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 11,345 shares of the company’s stock, valued at approximately $988,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Signaturefd LLC grew its stake in Nextpower by 4.1% during the fourth quarter. Signaturefd LLC now owns 3,216 shares of the company’s stock worth $280,000 after buying an additional 126 shares during the period. Allworth Financial LP grew its stake in Nextpower by 16.8% during the third quarter. Allworth Financial LP now owns 979 shares of the company’s stock worth $72,000 after buying an additional 141 shares during the period. Natural Investments LLC grew its stake in Nextpower by 0.9% during the third quarter. Natural Investments LLC now owns 16,750 shares of the company’s stock worth $1,239,000 after buying an additional 155 shares during the period. Fifth Third Bancorp grew its stake in Nextpower by 15.9% during the third quarter. Fifth Third Bancorp now owns 1,264 shares of the company’s stock worth $94,000 after buying an additional 173 shares during the period. Finally, Stratos Wealth Partners LTD. grew its stake in Nextpower by 5.9% during the fourth quarter. Stratos Wealth Partners LTD. now owns 3,402 shares of the company’s stock worth $296,000 after buying an additional 191 shares during the period. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have commented on NXT shares. KeyCorp restated an “overweight” rating on shares of Nextpower in a research note on Friday, March 13th. Wells Fargo & Company boosted their price objective on Nextpower from $109.00 to $127.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 28th. Glj Research restated a “buy” rating and set a $147.33 price objective on shares of Nextpower in a research note on Monday, March 16th. Needham & Company LLC boosted their price objective on Nextpower from $103.00 to $138.00 and gave the stock a “buy” rating in a research note on Thursday, January 29th. Finally, UBS Group boosted 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 research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $111.84.

Nextpower Stock Up 1.0%

NXT opened at $109.18 on Wednesday. The firm has a market capitalization of $16.21 billion, a P/E ratio of 27.92, a P/E/G ratio of 2.57 and a beta of 2.02. The firm’s 50 day moving average is $115.73 and its 200-day moving average is $99.44. Nextpower Inc. has a 52-week low of $36.06 and a 52-week high of $131.72.

Nextpower (NASDAQ:NXT) last announced its earnings results on Tuesday, January 27th. The company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.17. The company had revenue of $909.35 million during 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%. Equities analysts expect that Nextpower Inc. will post 3.29 earnings per share for the current fiscal year.

Insider Activity

In other news, 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 completion of the sale, the chief executive officer directly owned 746,339 shares in the company, valued at $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 available at this hyperlink. Also, Director William D. Watkins sold 5,000 shares of the stock in a transaction that occurred 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 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 ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 104,348 shares of company stock valued at $10,876,525 over the last 90 days. Insiders own 0.56% of the company’s stock.

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.