Pictet Asset Management Holding SA grew its position in shares of Nextpower Inc. (NASDAQ:NXT – Free Report) by 69.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,334,659 shares of the company’s stock after purchasing an additional 1,772,231 shares during the period. Pictet Asset Management Holding SA’s holdings in Nextpower were worth $337,899,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. Fundsmith LLP bought a new stake in shares of Nextpower in the 2nd quarter worth about $340,275,000. Bank of America Corp DE raised its holdings in shares of Nextpower by 34.6% in the first quarter. Bank of America Corp DE now owns 1,568,235 shares of the company’s stock worth $189,051,000 after buying an additional 402,770 shares during the period. Janus Henderson Group PLC raised its holdings in shares of Nextpower by 134.3% in the first quarter. Janus Henderson Group PLC now owns 1,362,466 shares of the company’s stock worth $164,488,000 after buying an additional 780,958 shares during the period. Robeco Schweiz AG lifted its stake in shares of Nextpower by 98.8% during the 3rd quarter. Robeco Schweiz AG now owns 1,721,087 shares of the company’s stock worth $134,124,000 after acquiring an additional 855,460 shares during the last quarter. Finally, Assetmark Inc. lifted its stake in shares of Nextpower by 96.6% during the 1st quarter. Assetmark Inc. now owns 840,966 shares of the company’s stock worth $101,378,000 after acquiring an additional 413,142 shares during the last quarter. Institutional investors own 67.41% of the company’s stock.
Insiders Place Their Bets
In other news, CFO Charles Boynton sold 4,500 shares of the business’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 transaction, the chief financial officer owned 354,000 shares of the company’s stock, valued at $28,312,920. The trade was a 1.26% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Brandi Thomas sold 7,415 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $91.25, for a total value of $676,618.75. Following the completion of the transaction, the director directly owned 7,914 shares of the company’s stock, valued at $722,152.50. The trade was a 48.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 98,142 shares of company stock worth $9,817,212. 0.84% of the stock is currently owned by company insiders.
Nextpower Price Performance
Shares of NXT stock opened at $104.90 on Friday. Nextpower Inc. has a 1 year low of $75.40 and a 1 year high of $163.13. The firm has a market capitalization of $15.92 billion, a price-to-earnings ratio of 26.42, a price-to-earnings-growth ratio of 2.19 and a beta of 1.93. The business has a fifty day moving average of $83.73 and a 200 day moving average of $106.73.
Nextpower (NASDAQ:NXT – Get Free Report) last released its earnings results on Wednesday, October 28th. The company reported $1.31 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.21. Nextpower had a return on equity of 25.33% and a net margin of 15.98%. The firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.06 billion. As a group, equities research analysts expect that Nextpower Inc. will post 4.01 earnings per share for the current year.
Analysts Set New Price Targets
A number of equities research analysts recently weighed in on NXT shares. Barclays decreased their price objective on shares of Nextpower from $147.00 to $146.00 and set an “overweight” rating for the company in a report on Tuesday, October 13th. Citigroup restated an “outperform” rating on shares of Nextpower in a research note on Thursday, October 29th. BMO Capital Markets lowered their target price on shares of Nextpower from $132.00 to $114.00 and set an “outperform” rating for the company in a research note on Wednesday, October 21st. Needham & Company LLC cut their price target on shares of Nextpower from $149.00 to $143.00 and set a “buy” rating on the stock in a report on Thursday, October 29th. Finally, Truist Financial lifted their price target on shares of Nextpower from $140.00 to $145.00 and gave the stock a “buy” rating in a report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $135.19.
Check Out Our Latest Research Report on Nextpower
About Nextpower
Nextpower, Inc, formerly known as Nextracker, designs and supplies solar-tracking systems and related technology for utility-scale solar power plants. Its equipment helps solar panels follow the sun across the day, increasing the amount of energy generated by a project.
The company’s offerings include its NX Horizon tracker platform and TrueCapture software, which uses data and controls to adjust tracker positioning to site conditions. Nextpower also provides engineering and project support services to solar developers, contractors and plant operators.
Serving customers in markets around the world, the company traces its roots to Nextracker, which was founded in 2013.
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