Shell Asset Management Co. Decreases Position in Nextpower Inc. $NXT

Shell Asset Management Co. lowered its stake in Nextpower Inc. (NASDAQ:NXT) by 95.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,283 shares of the company’s stock after selling 50,064 shares during the quarter. Shell Asset Management Co.’s holdings in Nextpower were worth $169,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cullen Frost Bankers Inc. grew its position in Nextpower by 122.3% in the second quarter. Cullen Frost Bankers Inc. now owns 589 shares of the company’s stock valued at $32,000 after acquiring an additional 324 shares in the last quarter. Hantz Financial Services Inc. boosted its stake in shares of 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 during the period. MAI Capital Management grew its holdings in Nextpower by 309.4% during the 2nd quarter. MAI Capital Management now owns 831 shares of the company’s stock valued at $45,000 after purchasing an additional 628 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in Nextpower by 179.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the company’s stock worth $61,000 after buying an additional 724 shares during the period. Finally, Global Retirement Partners LLC lifted its holdings in Nextpower by 42,633.3% in the 3rd quarter. Global Retirement Partners LLC now owns 1,282 shares of the company’s stock worth $95,000 after buying an additional 1,279 shares in the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Needham & Company LLC raised their target price on Nextpower from $103.00 to $138.00 and gave the company a “buy” rating in a research note on Thursday, January 29th. BMO Capital Markets restated a “market perform” rating and set a $104.00 price objective on shares of Nextpower in a research note on Wednesday, January 28th. Northland Securities set a $111.00 price objective on Nextpower in a report on Tuesday, January 6th. Royal Bank Of Canada increased their target price on Nextpower from $93.00 to $96.00 and gave the company an “outperform” rating in a research note on Thursday, November 13th. Finally, Bank of America raised their price target on shares of Nextpower from $102.00 to $108.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $108.32.

Nextpower Trading Up 1.5%

Shares of NXT opened at $124.49 on Thursday. Nextpower Inc. has a 52 week low of $36.06 and a 52 week high of $131.59. The firm has a market cap of $18.48 billion, a price-to-earnings ratio of 31.84, a PEG ratio of 3.61 and a beta of 2.35. The stock has a 50 day moving average of $101.48 and a 200-day moving average of $87.30.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings data on Tuesday, January 27th. The company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.17. The firm 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%. On average, sell-side analysts predict that Nextpower Inc. will post 3.29 earnings per share for the current fiscal year.

Insider Activity

In other Nextpower news, Director William D. Watkins sold 5,000 shares of Nextpower stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $118.57, for a total value of $592,850.00. Following the completion of the transaction, the director directly owned 11,777 shares in the company, valued at $1,396,398.89. The trade was a 29.80% decrease in their ownership of the stock. The sale 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 that occurred on 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 transaction, the chief accounting officer directly owned 130,967 shares of the company’s stock, valued at $11,535,573.36. This trade represents a 20.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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.