Bank of New York Mellon Corp Has $116.47 Million Position in Nextpower Inc. $NXT

Bank of New York Mellon Corp lowered its position in Nextpower Inc. (NASDAQ:NXT) by 1.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 966,120 shares of the company’s stock after selling 17,541 shares during the quarter. Bank of New York Mellon Corp owned 0.65% of Nextpower worth $116,466,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Smartleaf Asset Management LLC grew its stake in Nextpower by 107.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 299 shares of the company’s stock worth $26,000 after purchasing an additional 155 shares during the period. Whittier Trust Co. of Nevada Inc. increased its stake in shares of Nextpower by 268.7% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 306 shares of the company’s stock valued at $28,000 after acquiring an additional 223 shares in the last quarter. Huntington National Bank boosted its stake in Nextpower by 480.3% during the fourth quarter. Huntington National Bank now owns 383 shares of the company’s stock worth $33,000 after acquiring an additional 317 shares in the last quarter. Baillie Gifford & Co. grew its holdings in Nextpower by 76.5% in the fourth quarter. Baillie Gifford & Co. now owns 420 shares of the company’s stock worth $37,000 after purchasing an additional 182 shares during the period. Finally, Kemnay Advisory Services Inc. bought a new stake in Nextpower in the fourth quarter valued at $39,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO Charles D. Boynton sold 4,500 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $151.79, for a total transaction of $683,055.00. Following the completion of the sale, the chief financial officer owned 358,500 shares of the company’s stock, valued at $54,416,715. This represents a 1.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Bruce Ledesma sold 3,248 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $134.72, for a total value of $437,570.56. Following the completion of the sale, the insider directly owned 246,130 shares of the company’s stock, valued at approximately $33,158,633.60. This represents a 1.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 168,574 shares of company stock valued at $22,559,770 over the last three months. Corporate insiders own 0.84% of the company’s stock.

Nextpower Price Performance

Nextpower stock opened at $100.23 on Tuesday. The firm has a 50-day moving average of $123.37 and a two-hundred day moving average of $115.86. Nextpower Inc. has a 1 year low of $52.61 and a 1 year high of $163.13. The stock has a market cap of $15.06 billion, a price-to-earnings ratio of 26.17, a price-to-earnings-growth ratio of 2.04 and a beta of 1.86.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings data on Tuesday, May 12th. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.16. The company had revenue of $880.52 million for the quarter, compared to analysts’ expectations of $826.26 million. Nextpower had a return on equity of 28.18% and a net margin of 16.46%.Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. Research analysts expect that Nextpower Inc. will post 3.75 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have commented on NXT. Zacks Research raised shares of Nextpower from a “hold” rating to a “strong-buy” rating in a report on Monday, July 13th. Truist Financial started coverage on Nextpower in a research note on Monday, July 13th. They issued a “buy” rating and a $140.00 target price on the stock. Susquehanna dropped their target price on shares of Nextpower from $180.00 to $168.00 and set a “positive” rating for the company in a research report on Friday, July 10th. UBS Group reiterated a “buy” rating and issued a $170.00 price target on shares of Nextpower in a research note on Friday, May 29th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $140.00 price objective on shares of Nextpower in a research report on Thursday, May 14th. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $149.42.

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.