10,887 Shares in Nextpower Inc. $NXT Acquired by Kayne Anderson Capital Advisors LP

Kayne Anderson Capital Advisors LP purchased a new position in Nextpower Inc. (NASDAQ:NXT) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 10,887 shares of the company’s stock, valued at approximately $806,000.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Nextpower by 2.0% in the third quarter. Vanguard Group Inc. now owns 14,167,845 shares of the company’s stock worth $1,048,279,000 after purchasing an additional 283,981 shares during the last quarter. Primecap Management Co. CA boosted its position in Nextpower by 1.1% during the 2nd quarter. Primecap Management Co. CA now owns 7,675,821 shares of the company’s stock valued at $417,334,000 after buying an additional 83,227 shares during the period. Encompass Capital Advisors LLC grew its holdings in Nextpower by 11.0% in the 2nd quarter. Encompass Capital Advisors LLC now owns 2,919,777 shares of the company’s stock worth $158,748,000 after acquiring an additional 289,663 shares during the last quarter. Norges Bank purchased a new position in shares of Nextpower in the second quarter valued at about $140,772,000. Finally, Handelsbanken Fonder AB raised its stake in shares of Nextpower by 8.3% during the second quarter. Handelsbanken Fonder AB now owns 2,303,206 shares of the company’s stock valued at $125,225,000 after acquiring an additional 176,530 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextpower Stock Up 3.1%

NXT opened at $120.58 on Wednesday. Nextpower Inc. has a 52 week low of $36.06 and a 52 week high of $131.59. The stock has a market cap of $17.90 billion, a PE ratio of 30.84, a PEG ratio of 3.44 and a beta of 2.35. The business has a 50 day moving average of $103.84 and a 200-day moving average of $89.28.

Nextpower (NASDAQ:NXT) last issued its quarterly earnings results 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 company had revenue of $909.35 million for 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%. Equities analysts anticipate that Nextpower Inc. will post 3.29 EPS for the current year.

Wall Street Analysts Forecast Growth

NXT has been the topic of several recent analyst reports. Wall Street Zen cut Nextpower from a “strong-buy” rating to a “buy” rating in a research note on Sunday, January 25th. Royal Bank Of Canada increased their price objective on Nextpower from $93.00 to $96.00 and gave the stock an “outperform” rating in a report on Thursday, November 13th. Jefferies Financial Group cut Nextpower from a “strong-buy” rating to a “hold” rating in a research note on Sunday, February 8th. Barclays set a $115.00 target price on Nextpower in a report on Thursday, January 29th. Finally, KeyCorp upgraded shares of Nextpower from a “sector weight” rating to an “overweight” rating and set a $142.00 price target on the stock in a report on Wednesday, January 28th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, Nextpower has a consensus rating of “Moderate Buy” and a consensus target price of $108.32.

Insider Transactions at Nextpower

In related news, 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 sale, the director owned 11,777 shares of the company’s stock, valued at $1,396,398.89. The trade was a 29.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO David P. Bennett sold 33,725 shares of the company’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $88.08, for a total transaction of $2,970,498.00. Following the completion of the sale, the chief accounting officer owned 130,967 shares in the company, valued at approximately $11,535,573.36. This trade represents a 20.48% decrease in their position. The SEC filing for this sale provides additional information. 0.56% of the stock is owned by corporate 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.