Hsbc Holdings PLC lessened its holdings in shares of Nextpower Inc. (NASDAQ:NXT – Free Report) by 42.1% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 24,720 shares of the company’s stock after selling 17,942 shares during the period. Hsbc Holdings PLC’s holdings in Nextpower were worth $2,979,000 as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. Smartleaf Asset Management LLC increased its stake in shares of Nextpower by 107.6% during 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 in the last quarter. Whittier Trust Co. of Nevada Inc. grew its stake in shares of Nextpower by 268.7% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 306 shares of the company’s stock worth $28,000 after acquiring an additional 223 shares during the last quarter. Huntington National Bank raised its position in shares of Nextpower by 480.3% in the 4th quarter. Huntington National Bank now owns 383 shares of the company’s stock worth $33,000 after purchasing an additional 317 shares during the last quarter. Baillie Gifford & Co. grew its position in Nextpower by 76.5% during the 4th quarter. Baillie Gifford & Co. now owns 420 shares of the company’s stock valued at $37,000 after purchasing an additional 182 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in Nextpower by 511.1% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 495 shares of the company’s stock worth $37,000 after buying an additional 414 shares during the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of equities analysts recently weighed in on the stock. Susquehanna decreased their price objective on shares of Nextpower from $180.00 to $168.00 and set a “positive” rating for the company in a report on Friday, July 10th. The Goldman Sachs Group restated a “buy” rating and set a $168.00 target price on shares of Nextpower in a research note on Wednesday, July 1st. Weiss Ratings downgraded shares of Nextpower from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, June 26th. Wells Fargo & Company lifted their target price on shares of Nextpower from $143.00 to $151.00 and gave the stock an “overweight” rating in a research report on Friday, May 29th. Finally, TD Cowen dropped their price target on Nextpower from $135.00 to $118.00 and set a “hold” rating on the stock in a research note on Monday, July 20th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $150.62.
Nextpower Stock Down 4.3%
Shares of NXT opened at $100.03 on Friday. 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 $15.03 billion, a price-to-earnings ratio of 26.12, a PEG ratio of 2.00 and a beta of 1.86. The business has a 50-day simple moving average of $120.70 and a two-hundred day simple moving average of $116.08.
Nextpower (NASDAQ:NXT – Get Free Report) last released its earnings results on Tuesday, May 12th. The company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.16. The company had revenue of $880.52 million for the quarter, compared to analysts’ expectations 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. On average, equities analysts anticipate that Nextpower Inc. will post 3.73 earnings per share for the current fiscal year.
Insider Transactions at Nextpower
In related news, CFO Charles D. Boynton sold 4,500 shares of the company’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $151.79, for a total transaction of $683,055.00. Following the completion of the transaction, the chief financial officer owned 358,500 shares in the company, valued at approximately $54,416,715. This represents a 1.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Daniel S. Shugar sold 26,077 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $134.72, for a total transaction of $3,513,093.44. Following the transaction, the chief executive officer directly owned 931,419 shares of the company’s stock, valued at $125,480,767.68. This trade represents a 2.72% decrease in their position. 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. Over the last 90 days, insiders have sold 168,574 shares of company stock valued at $22,559,770. 0.84% of the stock is owned by corporate 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.
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