Fifth Third Bancorp Raises Position in Nextpower Inc. $NXT

Fifth Third Bancorp grew its holdings in shares of Nextpower Inc. (NASDAQ:NXT) by 7,807.5% in the first quarter, HoldingsChannel reports. The fund owned 102,560 shares of the company’s stock after purchasing an additional 101,263 shares during the quarter. Fifth Third Bancorp’s holdings in Nextpower were worth $12,364,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Smartleaf Asset Management LLC lifted its position in shares of Nextpower by 107.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 299 shares of the company’s stock worth $26,000 after buying an additional 155 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted its position in shares of Nextpower by 268.7% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 306 shares of the company’s stock valued at $28,000 after acquiring an additional 223 shares during the last quarter. Huntington National Bank grew its holdings in shares of Nextpower by 480.3% in the fourth quarter. Huntington National Bank now owns 383 shares of the company’s stock valued at $33,000 after purchasing an additional 317 shares in the last quarter. Baillie Gifford & Co. increased its position in Nextpower by 76.5% in the fourth quarter. Baillie Gifford & Co. now owns 420 shares of the company’s stock worth $37,000 after purchasing an additional 182 shares during the last quarter. Finally, Kemnay Advisory Services Inc. purchased a new stake in Nextpower during the fourth quarter valued at $39,000. 67.41% of the stock is owned by institutional investors.

Nextpower Stock Up 5.0%

NXT opened at $104.66 on Wednesday. The business has a fifty day moving average of $124.97 and a 200 day moving average of $115.44. Nextpower Inc. has a 52-week low of $52.61 and a 52-week high of $163.13. The stock has a market cap of $15.73 billion, a P/E ratio of 27.33, a PEG ratio of 1.97 and a beta of 1.86.

Nextpower (NASDAQ:NXT) last released its earnings results on Tuesday, May 12th. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.89 by $0.16. Nextpower had a return on equity of 28.18% and a net margin of 16.46%.The business had revenue of $880.52 million for the quarter, compared to analyst estimates of $826.26 million. Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. Equities analysts anticipate that Nextpower Inc. will post 3.77 EPS for the current fiscal year.

Insider Transactions at Nextpower

In other Nextpower news, CEO Daniel S. Shugar sold 26,077 shares of the business’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $134.72, for a total value of $3,513,093.44. Following the completion of the sale, the chief executive officer directly owned 931,419 shares of the company’s stock, valued at $125,480,767.68. The trade was a 2.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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, COO Nicholas Marco Miller sold 24,511 shares of the business’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $127.32, for a total transaction of $3,120,740.52. Following the completion of the sale, the chief operating officer directly owned 221,533 shares of the company’s stock, valued at approximately $28,205,581.56. This trade represents a 9.96% 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. In the last quarter, insiders sold 168,574 shares of company stock valued at $22,559,770. Company insiders own 0.84% of the company’s stock.

Wall Street Analysts Forecast Growth

NXT has been the subject of a number of recent research reports. Jefferies Financial Group set a $153.00 price objective on shares of Nextpower in a research note on Friday, June 26th. Wall Street Zen cut Nextpower from a “buy” rating to a “hold” rating in a research note on Monday, April 27th. The Goldman Sachs Group restated a “buy” rating and set a $168.00 price objective on shares of Nextpower in a research report on Wednesday, July 1st. JPMorgan Chase & Co. lifted their target price on Nextpower from $155.00 to $174.00 and gave the stock an “overweight” rating in a report on Friday, May 29th. Finally, Robert W. Baird increased their price target on Nextpower from $133.00 to $156.00 and gave the company an “outperform” rating in a report on Wednesday, May 13th. Twenty-one analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $148.06.

Nextpower Company 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.