Truist Financial Corp Makes New Investment in Nextpower Inc. $NXT

Truist Financial Corp bought a new position in shares of Nextpower Inc. (NASDAQ:NXT) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 4,502 shares of the company’s stock, valued at approximately $333,000.

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

Insider Buying and Selling at Nextpower

In other news, CEO Daniel S. Shugar sold 47,743 shares of the firm’s stock in a transaction dated 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 directly owned 624,882 shares in the company, valued at approximately $57,039,228.96. This trade represents a 7.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William D. Watkins sold 5,000 shares of the company’s stock in a transaction dated 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 directly owned 11,777 shares in the company, valued at $1,396,398.89. This represents a 29.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 96,468 shares of company stock valued at $8,839,829. 0.56% of the stock is currently owned by insiders.

Analysts Set New Price Targets

NXT has been the topic of a number of analyst reports. Robert W. Baird set a $126.00 target price on Nextpower in a research note on Wednesday, January 28th. The Goldman Sachs Group boosted their target price on shares of Nextpower from $89.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, October 27th. UBS Group upped their price target on shares of Nextpower from $125.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, January 28th. Weiss Ratings reissued a “buy (b-)” rating on shares of Nextpower in a research report on Monday, December 29th. Finally, TD Cowen raised their target price on shares of Nextpower from $88.00 to $105.00 and gave the stock a “hold” rating in a research report on Wednesday, January 28th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, Nextpower presently has a consensus rating of “Moderate Buy” and a consensus target price of $108.32.

Nextpower Trading Up 1.9%

Shares of NASDAQ NXT opened at $116.44 on Friday. Nextpower Inc. has a 12-month low of $36.06 and a 12-month high of $131.59. The stock’s fifty day simple moving average is $99.57 and its two-hundred day simple moving average is $85.83. The stock has a market capitalization of $17.29 billion, a PE ratio of 29.78, a price-to-earnings-growth ratio of 3.36 and a beta of 2.35.

Nextpower (NASDAQ:NXT) last issued its quarterly earnings data 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 firm had revenue of $909.35 million during the quarter, compared to analysts’ expectations of $812.43 million. On average, equities analysts predict that Nextpower Inc. will post 3.29 earnings per share for the current fiscal year.

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.