LSV Asset Management Invests $326,000 in Nextpower Inc. $NXT

LSV Asset Management acquired a new position in Nextpower Inc. (NASDAQ:NXT) during the third quarter, Holdings Channel reports. The firm acquired 4,400 shares of the company’s stock, valued at approximately $326,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Nextpower by 19.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 437,490 shares of the company’s stock worth $18,436,000 after acquiring an additional 71,842 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Nextpower by 7.2% in the second quarter. Allspring Global Investments Holdings LLC now owns 21,155 shares of the company’s stock worth $1,217,000 after purchasing an additional 1,420 shares during the last quarter. Envestnet Portfolio Solutions Inc. purchased a new stake in Nextpower in the second quarter valued at approximately $612,000. Allianz Asset Management GmbH raised its stake in Nextpower by 34.6% in the second quarter. Allianz Asset Management GmbH now owns 76,547 shares of the company’s stock valued at $4,162,000 after purchasing an additional 19,657 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Nextpower during the second quarter valued at approximately $956,000. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CAO David P. Bennett sold 33,725 shares of Nextpower stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $88.08, for a total transaction of $2,970,498.00. Following the sale, the chief accounting officer owned 130,967 shares of the company’s stock, valued at approximately $11,535,573.36. The trade was a 20.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William D. Watkins sold 5,000 shares of the business’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 transaction, the director owned 11,777 shares in the company, valued at $1,396,398.89. This represents a 29.80% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.56% of the company’s stock.

Nextpower Price Performance

NASDAQ NXT opened at $122.59 on Wednesday. Nextpower Inc. has a 1 year low of $36.06 and a 1 year high of $131.59. The stock has a market capitalization of $18.20 billion, a PE ratio of 31.35, a PEG ratio of 3.42 and a beta of 2.35. The business’s 50-day moving average is $100.78 and its 200 day moving average is $87.04.

Nextpower (NASDAQ:NXT) last released its quarterly earnings data on Tuesday, January 27th. The company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.17. The business 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%. As a group, equities research analysts anticipate that Nextpower Inc. will post 3.29 earnings per share for the current year.

Analyst Ratings Changes

NXT has been the topic of several research reports. Weiss Ratings restated a “buy (b-)” rating on shares of Nextpower in a research report on Monday, December 29th. Robert W. Baird set a $126.00 target price on Nextpower in a research note on Wednesday, January 28th. Wells Fargo & Company lifted their price target on Nextpower from $109.00 to $127.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 28th. Citigroup upgraded Nextpower from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $66.00 to $114.00 in a report on Tuesday, October 21st. Finally, Roth Mkm reissued a “buy” rating and set a $130.00 price objective on shares of Nextpower in a report on Wednesday, January 28th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $108.32.

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.