Illinois Municipal Retirement Fund Acquires 5,684 Shares of Nextpower Inc. $NXT

Illinois Municipal Retirement Fund increased its holdings in Nextpower Inc. (NASDAQ:NXT) by 67.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,057 shares of the company’s stock after buying an additional 5,684 shares during the period. Illinois Municipal Retirement Fund’s holdings in Nextpower were worth $1,695,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. Norges Bank acquired a new stake in Nextpower during the fourth quarter worth approximately $170,918,000. Amundi raised its holdings in Nextpower by 156.1% in the 3rd quarter. Amundi now owns 2,111,628 shares of the company’s stock valued at $161,600,000 after acquiring an additional 1,287,071 shares in the last quarter. Electron Capital Partners LLC lifted its position in shares of Nextpower by 2,017.7% during the 3rd quarter. Electron Capital Partners LLC now owns 566,415 shares of the company’s stock valued at $41,909,000 after acquiring an additional 539,668 shares during the period. Lord Abbett & CO. LLC lifted its position in shares of Nextpower by 142.3% during the 4th quarter. Lord Abbett & CO. LLC now owns 848,110 shares of the company’s stock valued at $73,879,000 after acquiring an additional 498,110 shares during the period. Finally, Assetmark Inc. lifted its position in shares of Nextpower by 342,159.2% during the 4th quarter. Assetmark Inc. now owns 427,824 shares of the company’s stock valued at $37,268,000 after acquiring an additional 427,699 shares during the period. 67.41% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. BMO Capital Markets raised their price target on Nextpower from $113.00 to $125.00 and gave the stock a “market perform” rating in a research report on Wednesday, May 13th. Citigroup upped their price objective on shares of Nextpower from $114.00 to $145.00 and gave the stock a “buy” rating in a research report on Wednesday, May 13th. Loop Capital set a $135.00 price objective on shares of Nextpower in a research note on Wednesday, May 13th. Needham & Company LLC reissued a “buy” rating and issued a $149.00 price objective on shares of Nextpower in a research note on Friday, May 29th. Finally, Susquehanna lowered their price objective on shares of Nextpower from $180.00 to $168.00 and set a “positive” rating for the company in a research report on Friday, July 10th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Nextpower has a consensus rating of “Moderate Buy” and a consensus target price of $149.42.

Nextpower Trading Down 2.8%

NXT stock opened at $100.23 on Tuesday. The firm has a 50-day moving average price of $123.37 and a 200-day moving average price of $115.86. Nextpower Inc. has a 12 month low of $52.61 and a 12 month high of $163.13. The stock has a market capitalization of $15.06 billion, a P/E ratio of 26.17, a price-to-earnings-growth ratio of 2.04 and a beta of 1.86.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings results on Tuesday, May 12th. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.16. The company had revenue of $880.52 million for the quarter, compared to analyst estimates of $826.26 million. Nextpower had a net margin of 16.46% and a return on equity of 28.18%. Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. As a group, equities analysts predict that Nextpower Inc. will post 3.75 EPS for the current fiscal year.

Insider Activity

In other news, insider Bruce Ledesma sold 3,248 shares of the company’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 completion of the transaction, the insider directly owned 246,130 shares in the company, valued at approximately $33,158,633.60. This represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $130.25, for a total value of $8,162,767.50. Following the completion of the transaction, the president owned 426,467 shares of the company’s stock, valued at $55,547,326.75. The trade was a 12.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 quarter, insiders have sold 168,574 shares of company stock valued at $22,559,770. 0.84% of the stock is currently owned by insiders.

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.