7,007 Shares in Nextpower Inc. $NXT Bought by AIA Group Ltd

AIA Group Ltd bought a new position in shares of Nextpower Inc. (NASDAQ:NXT) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 7,007 shares of the company’s stock, valued at approximately $518,000.

Several other institutional investors have also recently added to or reduced their stakes in NXT. Allworth Financial LP grew its holdings 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. Natural Investments LLC boosted its position in shares of Nextpower by 0.9% in the 3rd quarter. Natural Investments LLC now owns 16,750 shares of the company’s stock valued at $1,239,000 after purchasing an additional 155 shares during the period. Fifth Third Bancorp grew its stake in Nextpower by 15.9% during the 3rd 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 last quarter. Farther Finance Advisors LLC grew its stake in Nextpower by 8.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,585 shares of the company’s stock worth $191,000 after buying an additional 198 shares during the last quarter. Finally, Redwood Investment Management LLC increased its position in Nextpower by 4.1% during the second quarter. Redwood Investment Management LLC now owns 5,177 shares of the company’s stock worth $281,000 after buying an additional 204 shares during the period. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. UBS Group increased their price target on shares of Nextpower from $125.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, January 28th. Wall Street Zen lowered shares of Nextpower from a “strong-buy” rating to a “buy” rating in a research note on Sunday, January 25th. Needham & Company LLC upped their target price on shares of Nextpower from $103.00 to $138.00 and gave the company a “buy” rating in a report on Thursday, January 29th. Bank of America increased their target price on shares of Nextpower from $102.00 to $108.00 and gave the stock a “buy” rating in a research note on Thursday, January 22nd. Finally, Barclays set a $115.00 price target on Nextpower in a report on Thursday, January 29th. 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 company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $111.49.

Nextpower Stock Down 3.7%

Shares of NASDAQ:NXT opened at $114.39 on Friday. Nextpower Inc. has a 52 week low of $36.06 and a 52 week high of $131.59. The company has a 50-day moving average price of $111.66 and a 200 day moving average price of $95.09. The company has a market cap of $16.98 billion, a P/E ratio of 29.26, a PEG ratio of 2.72 and a beta of 2.41.

Nextpower (NASDAQ:NXT) last posted its quarterly earnings results on Tuesday, January 27th. The company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.17. Nextpower had a return on equity of 32.01% and a net margin of 16.43%.The firm had revenue of $909.35 million for the quarter, compared to the consensus estimate of $812.43 million. Analysts expect that Nextpower Inc. will post 3.29 EPS for the current year.

Insiders Place Their Bets

In other Nextpower news, Director William D. Watkins sold 5,000 shares of the business’s stock in a transaction on Friday, January 30th. The stock was sold at an average price of $118.57, for a total transaction of $592,850.00. Following the sale, the director directly owned 11,777 shares in the company, valued at approximately $1,396,398.89. The trade was a 29.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Daniel S. Shugar sold 59,456 shares of the company’s stock in a transaction on Monday, March 9th. The shares were sold at an average price of $105.17, for a total value 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 position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 104,348 shares of company stock worth $10,876,525. 0.56% of the stock is owned by company insiders.

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.