VIRGINIA RETIREMENT SYSTEMS ET Al Acquires New Stake in Nextpower Inc. $NXT

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Nextpower Inc. (NASDAQ:NXT) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 15,038 shares of the company’s stock, valued at approximately $1,792,000.

Several other institutional investors also recently bought and sold shares of the company. Smartleaf Asset Management LLC boosted its stake in shares of Nextpower by 107.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 299 shares of the company’s stock valued at $26,000 after purchasing an additional 155 shares during the period. Signature Equity Partners LLC lifted its holdings in Nextpower by 76.4% during the 1st quarter. Signature Equity Partners LLC now owns 261 shares of the company’s stock worth $31,000 after buying an additional 113 shares in the last quarter. Huntington National Bank boosted its position in Nextpower by 480.3% in the 4th quarter. Huntington National Bank now owns 383 shares of the company’s stock valued at $33,000 after buying an additional 317 shares during the period. Continuum Advisory LLC acquired a new position in shares of Nextpower in the second quarter worth $37,000. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of Nextpower by 511.1% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 495 shares of the company’s stock worth $37,000 after acquiring an additional 414 shares during the period. 67.41% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Nextpower news, CEO Daniel S. Shugar sold 67,636 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $103.07, for a total transaction of $6,971,242.52. Following the sale, the chief executive officer owned 871,131 shares of the company’s stock, valued at approximately $89,787,472.17. This trade represents a 7.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Brandi Thomas sold 7,415 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $91.25, for a total transaction of $676,618.75. Following the sale, the director owned 7,914 shares of the company’s stock, valued at $722,152.50. This represents a 48.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 100,431 shares of company stock valued at $10,039,748 over the last 90 days. Insiders own 0.84% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on NXT. Freedom Capital upgraded Nextpower from a “hold” rating to a “strong-buy” rating in a report on Friday, July 31st. UBS Group reiterated a “buy” rating and issued a $160.00 price objective on shares of Nextpower in a research note on Monday, August 3rd. Jefferies Financial Group reissued a “buy” rating and set a $131.00 price objective on shares of Nextpower in a research report on Friday, July 31st. Guggenheim upgraded shares of Nextpower from a “neutral” rating to a “buy” rating and set a $125.00 target price on the stock in a research note on Wednesday, July 15th. Finally, BNP Paribas Exane raised their target price on shares of Nextpower from $177.00 to $182.00 and gave the company an “outperform” rating in a report on Friday, May 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $144.96.

Nextpower Price Performance

Nextpower stock opened at $82.89 on Friday. The stock has a market cap of $12.58 billion, a PE ratio of 21.47, a P/E/G ratio of 1.61 and a beta of 1.92. The stock’s fifty day moving average is $96.07 and its two-hundred day moving average is $112.00. Nextpower Inc. has a 1-year low of $65.75 and a 1-year high of $163.13.

Nextpower (NASDAQ:NXT) last released its quarterly earnings data on Thursday, July 30th. The company reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.15. Nextpower had a return on equity of 26.29% and a net margin of 16.36%.The business had revenue of $935.17 million during the quarter, compared to analysts’ expectations of $935.39 million. On average, research analysts expect that Nextpower Inc. will post 3.76 earnings per share for the current fiscal year.

Nextpower Company Profile

Nextracker Inc (NASDAQ: NXT) is a solar technology company that designs, manufactures and supplies intelligent solar tracker systems for utility-scale and distributed-generation photovoltaic projects. Its tracker systems adjust the position of solar panels throughout the day to help optimize energy production.

The company’s product portfolio includes single-axis solar tracking systems, associated hardware and controls, as well as software and digital tools used to monitor and manage solar plant performance.