Neo Ivy Capital Management Invests $1.79 Million in Nextpower Inc. $NXT

Neo Ivy Capital Management bought a new position in shares of Nextpower Inc. (NASDAQ:NXT) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 24,252 shares of the company’s stock, valued at approximately $1,794,000.

A number of other institutional investors and hedge funds have also bought and sold shares of NXT. SPX Gestao de Recursos Ltda acquired a new stake in Nextpower during the third quarter worth approximately $274,000. Foster Dykema Cabot & Partners LLC bought a new stake in shares of Nextpower during the third quarter worth approximately $36,000. Gabelli Funds LLC acquired a new position in shares of Nextpower in the third quarter valued at approximately $225,000. Dimensional Fund Advisors LP grew its position in shares of Nextpower by 2.9% in the third quarter. Dimensional Fund Advisors LP now owns 2,357,523 shares of the company’s stock valued at $174,459,000 after purchasing an additional 67,362 shares during the last quarter. Finally, Picton Mahoney Asset Management bought a new position in shares of Nextpower during the third quarter worth approximately $786,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

Analysts Set New Price Targets

NXT has been the subject of several research reports. Bank of America lifted their price target on Nextpower from $102.00 to $108.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Robert W. Baird set a $126.00 price objective on Nextpower in a research report on Wednesday, January 28th. Weiss Ratings reissued a “buy (b-)” rating on shares of Nextpower in a report on Monday, December 29th. Royal Bank Of Canada boosted their target price on shares of Nextpower from $93.00 to $96.00 and gave the company an “outperform” rating in a research report on Thursday, November 13th. Finally, Northland Securities set a $111.00 price target on shares of Nextpower in a research note on Tuesday, January 6th. One investment 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 data from MarketBeat, Nextpower currently has a consensus rating of “Moderate Buy” and a consensus price target of $108.32.

Nextpower Price Performance

Shares of NASDAQ:NXT opened at $101.43 on Friday. The business’s 50 day simple moving average is $106.30 and its 200 day simple moving average is $91.49. Nextpower Inc. has a 1 year low of $36.06 and a 1 year high of $131.59. The company has a market capitalization of $15.06 billion, a P/E ratio of 25.94, a P/E/G ratio of 3.04 and a beta of 2.41.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings data on Tuesday, January 27th. The company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.17. The firm had revenue of $909.35 million during the quarter, compared to analysts’ expectations of $812.43 million. Nextpower had a return on equity of 32.01% and a net margin of 16.43%. On average, sell-side analysts anticipate that Nextpower Inc. will post 3.29 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Daniel S. Shugar sold 39,892 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $101.04, for a total value of $4,030,687.68. Following the completion of the transaction, the chief executive officer directly owned 584,990 shares in the company, valued at approximately $59,107,389.60. The trade was a 6.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William D. Watkins sold 5,000 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $1,396,398.89. This trade represents a 29.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 78,617 shares of company stock worth $7,594,036 over the last ninety days. Corporate insiders own 0.56% of the company’s stock.

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.