New York Life Investment Management LLC Takes $1.01 Million Position in Nextpower Inc. $NXT

New York Life Investment Management LLC bought a new position in Nextpower Inc. (NASDAQ:NXT) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 13,623 shares of the company’s stock, valued at approximately $1,008,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of NXT. Cullen Frost Bankers Inc. boosted its stake in Nextpower by 122.3% during the second quarter. Cullen Frost Bankers Inc. now owns 589 shares of the company’s stock valued at $32,000 after buying an additional 324 shares in the last quarter. Hantz Financial Services Inc. boosted its position in shares of Nextpower by 1,737.8% during the 2nd quarter. Hantz Financial Services Inc. now owns 827 shares of the company’s stock valued at $45,000 after purchasing an additional 782 shares in the last quarter. MAI Capital Management grew its stake in shares of Nextpower by 309.4% in the 2nd quarter. MAI Capital Management now owns 831 shares of the company’s stock worth $45,000 after purchasing an additional 628 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Nextpower by 179.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the company’s stock worth $61,000 after purchasing an additional 724 shares in the last quarter. Finally, Global Retirement Partners LLC lifted its stake in Nextpower by 42,633.3% during the third quarter. Global Retirement Partners LLC now owns 1,282 shares of the company’s stock valued at $95,000 after purchasing an additional 1,279 shares during the last quarter. Institutional investors own 67.41% of the company’s stock.

Nextpower Trading Up 1.9%

Shares of NASDAQ:NXT opened at $116.44 on Friday. The stock has a market capitalization of $17.29 billion, a PE ratio of 29.78, a P/E/G ratio of 3.36 and a beta of 2.35. Nextpower Inc. has a 1 year low of $36.06 and a 1 year high of $131.59. The firm has a fifty day moving average price of $99.57 and a 200 day moving average price of $85.83.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings results on Tuesday, January 27th. The company reported $1.10 earnings per share for the quarter, topping 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 company had revenue of $909.35 million during the quarter, compared to analysts’ expectations of $812.43 million. On average, sell-side analysts forecast that Nextpower Inc. will post 3.29 earnings per share for the current fiscal year.

Insider Transactions at Nextpower

In other news, CAO David P. Bennett sold 33,725 shares of the firm’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $88.08, for a total value of $2,970,498.00. Following the sale, the chief accounting officer directly owned 130,967 shares of the company’s stock, valued at approximately $11,535,573.36. This trade represents a 20.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Daniel S. Shugar sold 47,743 shares of the stock in a transaction that occurred 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 sale, the chief executive officer owned 624,882 shares of the company’s stock, valued at approximately $57,039,228.96. The trade was a 7.10% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 96,468 shares of company stock worth $8,839,829. 0.56% of the stock is owned by insiders.

Wall Street Analyst Weigh In

NXT has been the topic of several research reports. Royal Bank Of Canada upped their price target on Nextpower from $93.00 to $96.00 and gave the company an “outperform” rating in a report on Thursday, November 13th. Barclays set a $115.00 price target on Nextpower in a research note on Thursday, January 29th. JPMorgan Chase & Co. raised their target price on shares of Nextpower from $92.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, October 24th. The Goldman Sachs Group upped their price target on shares of Nextpower from $89.00 to $125.00 and gave the company a “buy” rating in a research report on Monday, October 27th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $119.00 price objective on shares of Nextpower in a research report on Thursday, January 29th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $108.32.

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.