AE Wealth Management LLC Buys Shares of 4,189 Nextpower Inc. $NXT

AE Wealth Management LLC purchased a new position in Nextpower Inc. (NASDAQ:NXT) in the third quarter, Holdings Channel.com reports. The firm purchased 4,189 shares of the company’s stock, valued at approximately $310,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NXT. Great Lakes Advisors LLC boosted its holdings in shares of Nextpower by 18.4% in the third quarter. Great Lakes Advisors LLC now owns 5,548 shares of the company’s stock worth $410,000 after buying an additional 861 shares during the last quarter. New York State Common Retirement Fund grew its holdings in Nextpower by 0.4% during the third quarter. New York State Common Retirement Fund now owns 468,890 shares of the company’s stock valued at $34,693,000 after purchasing an additional 1,700 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Nextpower by 31.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 72,500 shares of the company’s stock worth $5,364,000 after buying an additional 17,500 shares during the period. Ballentine Partners LLC lifted its position in shares of Nextpower by 22.3% during the 3rd quarter. Ballentine Partners LLC now owns 4,955 shares of the company’s stock valued at $367,000 after buying an additional 902 shares in the last quarter. Finally, Federated Hermes Inc. grew its stake in shares of Nextpower by 1.7% during the 3rd quarter. Federated Hermes Inc. now owns 353,899 shares of the company’s stock valued at $26,185,000 after acquiring an additional 5,964 shares during the period. Institutional investors own 67.41% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Citigroup upgraded shares of Nextpower from a “neutral” rating to a “buy” rating and raised their target price for the stock from $66.00 to $114.00 in a research note on Tuesday, October 21st. Susquehanna lifted their target price on shares of Nextpower from $76.00 to $100.00 and gave the company a “positive” rating in a research note on Monday, October 13th. UBS Group upped their target price on shares of Nextpower from $125.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, January 28th. Jefferies Financial Group reissued a “buy” rating on shares of Nextpower in a report on Wednesday, January 28th. Finally, Royal Bank Of Canada boosted their price objective on Nextpower from $93.00 to $96.00 and gave the company an “outperform” rating in a research report on Thursday, November 13th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, Nextpower currently has an average rating of “Moderate Buy” and a consensus price target of $108.32.

Nextpower Trading Up 6.1%

NASDAQ:NXT opened at $121.37 on Friday. The business’s 50-day moving average is $96.60 and its 200 day moving average is $83.94. Nextpower Inc. has a 12 month low of $36.06 and a 12 month high of $131.59. The company has a market capitalization of $18.01 billion, a P/E ratio of 31.04, a P/E/G ratio of 3.37 and a beta of 2.35.

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, topping analysts’ consensus estimates of $0.93 by $0.17. The business 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%. On average, research analysts forecast that Nextpower Inc. will post 3.29 earnings per share for the current year.

Insiders Place Their Bets

In other Nextpower news, CEO Daniel S. Shugar sold 47,743 shares of Nextpower stock in a transaction on Monday, November 17th. The shares were sold at an average price of $91.28, for a total value of $4,357,981.04. Following the completion of the transaction, the chief executive officer directly owned 624,882 shares of the company’s stock, valued at $57,039,228.96. This trade represents a 7.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director William D. Watkins sold 10,000 shares of the business’s stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $91.85, for a total transaction of $918,500.00. Following the completion of the sale, the director owned 16,777 shares in the company, valued at approximately $1,540,967.45. This trade represents a 37.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 96,468 shares of company stock valued at $8,839,829 in the last three months. Corporate insiders own 0.56% of the company’s stock.

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.