Renaissance Group LLC Purchases New Position in Nextpower Inc. $NXT

Renaissance Group LLC acquired a new stake in Nextpower Inc. (NASDAQ:NXT) in the fourth quarter, according to its most recent filing with the SEC. The fund acquired 73,688 shares of the company’s stock, valued at approximately $6,419,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of NXT. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Nextpower by 19.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 437,490 shares of the company’s stock valued at $18,436,000 after purchasing an additional 71,842 shares in the last quarter. M&T Bank Corp bought a new stake in shares of Nextpower during the 2nd quarter valued at $223,000. EverSource Wealth Advisors LLC lifted its holdings 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 purchasing an additional 724 shares in the last quarter. Cerity Partners LLC boosted its stake in Nextpower by 154.0% in the 2nd quarter. Cerity Partners LLC now owns 18,539 shares of the company’s stock worth $1,008,000 after purchasing an additional 11,239 shares during the period. Finally, California Public Employees Retirement System boosted its stake in Nextpower by 36.5% in the 2nd quarter. California Public Employees Retirement System now owns 222,960 shares of the company’s stock worth $12,122,000 after purchasing an additional 59,573 shares during the period. Institutional investors own 67.41% of the company’s stock.

Insider Activity

In other news, insider Bruce Ledesma sold 3,248 shares of the firm’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $134.72, for a total transaction of $437,570.56. Following the sale, the insider owned 246,130 shares in the company, valued at approximately $33,158,633.60. This trade represents a 1.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Howard Wenger sold 62,670 shares of Nextpower stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $130.25, for a total transaction of $8,162,767.50. Following the sale, the president directly owned 426,467 shares of the company’s stock, valued at $55,547,326.75. This represents a 12.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 168,574 shares of company stock worth $22,559,770. Corporate insiders own 0.56% of the company’s stock.

Nextpower Trading Down 6.1%

Shares of NASDAQ NXT opened at $111.95 on Thursday. The business has a 50-day moving average of $124.39 and a 200-day moving average of $110.87. The firm has a market capitalization of $16.82 billion, a price-to-earnings ratio of 29.23, a PEG ratio of 2.83 and a beta of 1.73. Nextpower Inc. has a 12 month low of $51.69 and a 12 month high of $163.13.

Nextpower (NASDAQ:NXT) last announced its earnings results on Tuesday, May 12th. The company reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.16. Nextpower had a net margin of 16.46% and a return on equity of 28.18%. The business had revenue of $880.52 million for the quarter, compared to the consensus estimate of $826.26 million. Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. On average, analysts predict that Nextpower Inc. will post 3.69 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on NXT shares. Royal Bank Of Canada upped their price target on Nextpower from $146.00 to $149.00 and gave the company an “outperform” rating in a research report on Friday, May 29th. BMO Capital Markets raised their price objective on shares of Nextpower from $113.00 to $125.00 and gave the company a “market perform” rating in a research report on Wednesday, May 13th. BNP Paribas Exane boosted their price objective on shares of Nextpower from $177.00 to $182.00 and gave the company an “outperform” rating in a research note on Friday, May 29th. Citigroup increased their target price on shares of Nextpower from $114.00 to $145.00 and gave the stock a “buy” rating in a research note on Wednesday, May 13th. Finally, Barclays upped their price target on shares of Nextpower from $123.00 to $142.00 and gave the stock an “overweight” rating in a report on Monday, May 18th. Twenty analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $147.77.

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.