Grantham Mayo Van Otterloo & Co. LLC Reduces Stake in Nextpower Inc. $NXT

Grantham Mayo Van Otterloo & Co. LLC reduced its stake in shares of Nextpower Inc. (NASDAQ:NXT) by 23.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 438,699 shares of the company’s stock after selling 135,900 shares during the quarter. Grantham Mayo Van Otterloo & Co. LLC’s holdings in Nextpower were worth $32,459,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in NXT. Foster Dykema Cabot & Partners LLC purchased a new position in shares of Nextpower in the 3rd quarter worth approximately $36,000. MAI Capital Management raised 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 buying an additional 628 shares during the period. EverSource Wealth Advisors LLC lifted its position in Nextpower by 179.7% in the second 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 last quarter. Fifth Third Bancorp lifted its position in Nextpower by 15.9% in the third quarter. Fifth Third Bancorp now owns 1,264 shares of the company’s stock worth $94,000 after buying an additional 173 shares during the last quarter. Finally, Global Retirement Partners LLC boosted its stake in Nextpower by 42,633.3% during the third 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 during the period. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Nextpower Trading Down 1.9%

NASDAQ:NXT opened at $101.43 on Monday. The company has a market cap of $15.06 billion, a price-to-earnings ratio of 25.94, a price-to-earnings-growth ratio of 2.98 and a beta of 2.41. Nextpower Inc. has a twelve month low of $36.06 and a twelve month high of $131.59. The stock has a fifty day simple moving average of $106.30 and a 200-day simple moving average of $91.84.

Nextpower (NASDAQ:NXT) last posted its quarterly earnings results on Tuesday, January 27th. The company reported $1.10 EPS 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 the consensus estimate of $812.43 million. Nextpower had a net margin of 16.43% and a return on equity of 32.01%. As a group, equities research analysts predict that Nextpower Inc. will post 3.29 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on NXT. KeyCorp raised shares of Nextpower from a “sector weight” rating to an “overweight” rating and set a $142.00 target price on the stock in a research note on Wednesday, January 28th. UBS Group lifted their price target on shares of Nextpower from $125.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, January 28th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Nextpower in a report on Monday, December 29th. Mizuho set a $81.00 price objective on shares of Nextpower in a research report on Friday, January 23rd. Finally, Needham & Company LLC raised their price objective on shares of Nextpower from $103.00 to $138.00 and gave the stock a “buy” rating in a research note on Thursday, January 29th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $108.32.

Insider Transactions at Nextpower

In related news, CEO Daniel S. Shugar sold 39,892 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $101.04, for a total value of $4,030,687.68. Following the completion of the sale, the chief executive officer owned 584,990 shares in the company, valued at approximately $59,107,389.60. The trade was a 6.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William D. Watkins sold 5,000 shares of the 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 approximately $1,396,398.89. This trade represents a 29.80% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 78,617 shares of company stock valued at $7,594,036. 0.56% of the stock is currently owned by company insiders.

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.