Perpetual Ltd raised its position in shares of Nextpower Inc. (NASDAQ:NXT – Free Report) by 16.2% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 194,578 shares of the company’s stock after buying an additional 27,098 shares during the period. Perpetual Ltd’s holdings in Nextpower were worth $15,163,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Green Alpha Advisors LLC grew its position in shares of Nextpower by 4.1% in the 3rd quarter. Green Alpha Advisors LLC now owns 24,633 shares of the company’s stock worth $1,920,000 after buying an additional 963 shares during the last quarter. Farther Finance Advisors LLC raised its stake in shares of Nextpower by 11.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 7,758 shares of the company’s stock worth $605,000 after acquiring an additional 805 shares in the last quarter. Central Pacific Bank Trust Division lifted its position in Nextpower by 104.8% during the third quarter. Central Pacific Bank Trust Division now owns 2,677 shares of the company’s stock valued at $209,000 after acquiring an additional 1,370 shares during the last quarter. Private Client Services LLC lifted its position in Nextpower by 7.7% during the third quarter. Private Client Services LLC now owns 8,810 shares of the company’s stock valued at $687,000 after acquiring an additional 630 shares during the last quarter. Finally, QRG Capital Management Inc. lifted its position in Nextpower by 22.8% during the second quarter. QRG Capital Management Inc. now owns 5,515 shares of the company’s stock valued at $657,000 after acquiring an additional 1,023 shares during the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.
Nextpower Stock Down 1.5%
Shares of Nextpower stock opened at $84.86 on Tuesday. The firm has a market capitalization of $12.88 billion, a P/E ratio of 21.98, a PEG ratio of 2.10 and a beta of 1.94. The company has a 50 day moving average price of $87.28 and a 200 day moving average price of $107.45. Nextpower Inc. has a 52 week low of $76.71 and a 52 week high of $163.13.
Analyst Upgrades and Downgrades
Several equities analysts have issued reports on the stock. Piper Sandler cut their price target on shares of Nextpower from $116.00 to $110.00 and set an “overweight” rating on the stock in a report on Wednesday, September 30th. Susquehanna reduced their price target on Nextpower from $168.00 to $157.00 and set a “positive” rating on the stock in a research report on Friday, July 31st. The Goldman Sachs Group reiterated a “buy” rating and set a $168.00 price objective on shares of Nextpower in a report on Wednesday, July 1st. Royal Bank Of Canada lowered their price objective on Nextpower from $149.00 to $147.00 and set an “outperform” rating for the company in a research report on Friday, July 31st. Finally, Barclays raised their price objective on Nextpower from $142.00 to $147.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $142.77.
Check Out Our Latest Research Report on NXT
Insiders Place Their Bets
In other news, Director Julia Blunden sold 3,723 shares of the business’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $88.08, for a total transaction of $327,921.84. Following the sale, the director directly owned 6,434 shares of the company’s stock, valued at $566,706.72. The trade was a 36.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Brandi Thomas sold 7,415 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $91.25, for a total transaction of $676,618.75. Following the sale, the director directly owned 7,914 shares in the company, valued at $722,152.50. This trade represents a 48.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 100,431 shares of company stock valued at $10,039,748. Corporate insiders own 0.84% of the company’s stock.
Nextpower Company Profile
Nextracker Inc (NASDAQ:NXT) is a renewable energy technology company that designs and supplies intelligent solar tracking systems for utility-scale and large distributed-generation photovoltaic projects. Its systems help solar panels follow the sun throughout the day, improving energy production and supporting the development of large solar power facilities.
The company’s product portfolio includes solar tracker hardware, structural components, controls, and software designed to optimize project performance.
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