Allianz Asset Management GmbH Boosts Stake in Nextpower Inc. $NXT

Allianz Asset Management GmbH grew its holdings in shares of Nextpower Inc. (NASDAQ:NXT) by 938.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 794,538 shares of the company’s stock after purchasing an additional 717,991 shares during the period. Allianz Asset Management GmbH owned about 0.54% of Nextpower worth $58,788,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cullen Frost Bankers Inc. grew its stake in shares of Nextpower by 122.3% during the second quarter. Cullen Frost Bankers Inc. now owns 589 shares of the company’s stock worth $32,000 after purchasing an additional 324 shares in the last quarter. Hantz Financial Services Inc. lifted its holdings in Nextpower by 1,737.8% during the 2nd quarter. Hantz Financial Services Inc. now owns 827 shares of the company’s stock worth $45,000 after buying an additional 782 shares during the last quarter. MAI Capital Management lifted its holdings in Nextpower by 309.4% during the 2nd quarter. MAI Capital Management now owns 831 shares of the company’s stock worth $45,000 after buying an additional 628 shares during the last quarter. EverSource Wealth Advisors LLC increased 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 valued at $61,000 after acquiring an additional 724 shares during the last quarter. Finally, Global Retirement Partners LLC raised its position in shares of Nextpower by 42,633.3% during the 3rd quarter. Global Retirement Partners LLC now owns 1,282 shares of the company’s stock worth $95,000 after acquiring an additional 1,279 shares in the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Nextpower

In other Nextpower news, Director William D. Watkins sold 5,000 shares of the firm’s stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $118.57, for a total transaction of $592,850.00. Following the completion of the transaction, the director directly owned 11,777 shares in the company, valued at approximately $1,396,398.89. This trade represents a 29.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Daniel S. Shugar sold 47,743 shares of the company’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $91.28, for a total transaction of $4,357,981.04. Following the completion of the sale, the chief executive officer directly owned 624,882 shares in the company, valued at $57,039,228.96. This trade represents a 7.10% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 96,468 shares of company stock valued at $8,839,829. Insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

NXT has been the subject of a number of research analyst reports. Wall Street Zen downgraded Nextpower from a “strong-buy” rating to a “buy” rating in a report on Sunday, January 25th. Susquehanna upped their target price on shares of Nextpower from $76.00 to $100.00 and gave the company a “positive” rating in a report on Monday, October 13th. Guggenheim set a $74.00 price objective on Nextpower in a report on Wednesday, October 22nd. Mizuho set a $81.00 target price on Nextpower in a report on Friday, January 23rd. Finally, Northland Securities set a $111.00 target price on Nextpower in a research report on Tuesday, January 6th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $108.32.

Nextpower Stock Performance

NASDAQ:NXT opened at $116.72 on Thursday. Nextpower Inc. has a 1 year low of $36.06 and a 1 year high of $131.59. The stock has a fifty day moving average price of $95.54 and a two-hundred day moving average price of $83.31. The stock has a market capitalization of $17.32 billion, a price-to-earnings ratio of 29.85, a PEG ratio of 3.53 and a beta of 2.35.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings results on Tuesday, January 27th. The company reported $1.10 EPS for the quarter, topping the consensus estimate of $0.93 by $0.17. The business had revenue of $909.35 million for the quarter, compared to analyst estimates of $812.43 million. Nextpower had a return on equity of 32.01% and a net margin of 16.43%. On average, analysts predict that Nextpower Inc. will post 3.29 EPS for the current year.

About Nextpower

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.