Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Nextpower Inc. (NASDAQ:NXT – Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 57,935 shares of the company’s stock, valued at approximately $4,515,000.
Several other large investors have also made changes to their positions in NXT. Signature Equity Partners LLC boosted its holdings in Nextpower by 76.4% in the first quarter. Signature Equity Partners LLC now owns 261 shares of the company’s stock valued at $31,000 after acquiring an additional 113 shares during the last quarter. Continuum Advisory LLC purchased a new stake in Nextpower during the second quarter valued at about $37,000. Trust Co. of Vermont acquired a new stake in Nextpower during the second quarter worth about $63,000. AlphaCentric Advisors LLC acquired a new stake in Nextpower during the first quarter worth about $67,000. Finally, International Assets Investment Management LLC acquired a new stake in Nextpower during the first quarter worth about $96,000. 67.41% of the stock is owned by hedge funds and other institutional investors.
Nextpower Trading Down 6.7%
Shares of Nextpower stock opened at $99.58 on Friday. The company has a fifty day moving average price of $83.42 and a 200 day moving average price of $106.68. Nextpower Inc. has a twelve month low of $75.40 and a twelve month high of $163.13. The stock has a market cap of $15.11 billion, a price-to-earnings ratio of 25.08, a price-to-earnings-growth ratio of 2.23 and a beta of 1.93.
Nextpower (NASDAQ:NXT – Get Free Report) last released its quarterly earnings data on Wednesday, October 28th. The company reported $1.31 EPS for the quarter, beating the consensus estimate of $1.10 by $0.21. Nextpower had a return on equity of 25.33% and a net margin of 15.98%. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.06 billion. Analysts forecast that Nextpower Inc. will post 4.01 earnings per share for the current year.
Insider Buying and Selling
In other news, CFO Charles Boynton sold 4,500 shares of the company’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $79.98, for a total value of $359,910.00. Following the completion of the sale, the chief financial officer owned 354,000 shares of the company’s stock, valued at $28,312,920. This represents a 1.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Howard Wenger sold 11,176 shares of the stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $104.78, for a total value of $1,171,021.28. Following the completion of the sale, the president owned 419,868 shares of the company’s stock, valued at approximately $43,993,769.04. This trade represents a 2.59% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 98,142 shares of company stock valued at $9,817,212. 0.84% of the stock is owned by insiders.
Analyst Ratings Changes
A number of equities analysts have recently commented on NXT shares. Northland Securities set a $138.00 price objective on Nextpower in a report on Thursday, October 29th. Piper Sandler decreased their target price on Nextpower from $116.00 to $110.00 and set an “overweight” rating for the company in a report on Wednesday, September 30th. Glj Research increased their target price on shares of Nextpower from $149.00 to $158.00 and gave the stock a “buy” rating in a research report on Tuesday. Wells Fargo & Company dropped their target price on shares of Nextpower from $151.00 to $125.00 and set an “overweight” rating for the company in a research report on Friday, October 30th. Finally, TD Cowen upgraded shares of Nextpower to a “hold” rating in a report on Monday, October 5th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Nextpower has a consensus rating of “Moderate Buy” and an average price target of $135.19.
Read Our Latest Stock Report on Nextpower
About Nextpower
Nextracker Inc is a renewable energy technology company that designs, manufactures and supplies intelligent solar-tracking systems for utility-scale and large commercial solar power projects. Its systems adjust the position of solar panels throughout the day to help photovoltaic modules capture more sunlight and improve energy production.
The company’s product portfolio includes single-axis solar trackers, structural components, foundations and related hardware, as well as software and controls designed to optimize tracker performance.
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