Persistent Asset Partners Ltd Takes Position in Nextpower Inc. $NXT

Persistent Asset Partners Ltd purchased a new stake in Nextpower Inc. (NASDAQ:NXT) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 10,000 shares of the company’s stock, valued at approximately $740,000.

Several other large investors have also recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. raised its stake in Nextpower by 122.3% in the 2nd 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. raised its stake in 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 purchasing an additional 782 shares in the last quarter. MAI Capital Management increased its holdings in Nextpower by 309.4% in the 2nd quarter. MAI Capital Management now owns 831 shares of the company’s stock valued at $45,000 after buying an additional 628 shares during the period. EverSource Wealth Advisors LLC raised its position 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 buying an additional 724 shares in the last quarter. Finally, Fifth Third Bancorp lifted its holdings in shares of Nextpower by 15.9% during the 3rd quarter. Fifth Third Bancorp now owns 1,264 shares of the company’s stock worth $94,000 after acquiring an additional 173 shares during the period. Institutional investors own 67.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on NXT. Barclays set a $115.00 target price on shares of Nextpower in a research note on Thursday, January 29th. JPMorgan Chase & Co. upped their price target on shares of Nextpower from $92.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, October 24th. Jefferies Financial Group downgraded shares of Nextpower from a “strong-buy” rating to a “hold” rating in a research report on Sunday, February 8th. KeyCorp upgraded shares of Nextpower from a “sector weight” rating to an “overweight” rating and set a $142.00 price objective on the stock in a report on Wednesday, January 28th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Nextpower in a research report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $108.32.

Nextpower Trading Down 6.8%

Shares of NASDAQ:NXT opened at $116.05 on Friday. Nextpower Inc. has a 12 month low of $36.06 and a 12 month high of $131.59. The company has a 50-day moving average price of $101.94 and a 200-day moving average price of $87.50. The company has a market cap of $17.23 billion, a price-to-earnings ratio of 29.68, a price-to-earnings-growth ratio of 3.66 and a beta of 2.35.

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

Insider Transactions at Nextpower

In other Nextpower 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 value of $2,970,498.00. Following the completion of the transaction, the chief accounting officer directly 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 completion of the transaction, the director owned 11,777 shares in the company, valued at approximately $1,396,398.89. This represents a 29.80% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.56% of the stock is currently owned by company insiders.

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.