Candriam S.C.A. Grows Holdings in Nextpower Inc. $NXT

Candriam S.C.A. boosted its position in Nextpower Inc. (NASDAQ:NXT) by 23.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 136,799 shares of the company’s stock after buying an additional 25,594 shares during the quarter. Candriam S.C.A. owned 0.09% of Nextpower worth $10,122,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of NXT. New York Life Investment Management LLC bought a new position in Nextpower during the 3rd quarter valued at $1,008,000. State of Michigan Retirement System raised its stake in shares of Nextpower by 1.7% in the 3rd quarter. State of Michigan Retirement System now owns 35,200 shares of the company’s stock valued at $2,604,000 after purchasing an additional 600 shares in the last quarter. Bessemer Group Inc. lifted its position in shares of Nextpower by 17,652.2% during the third quarter. Bessemer Group Inc. now owns 121,780 shares of the company’s stock worth $9,009,000 after purchasing an additional 121,094 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S grew its stake in Nextpower by 2,838.0% in the third quarter. BI Asset Management Fondsmaeglerselskab A S now owns 28,293 shares of the company’s stock worth $2,093,000 after purchasing an additional 27,330 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in Nextpower by 5.4% in the third quarter. Envestnet Asset Management Inc. now owns 104,789 shares of the company’s stock valued at $7,753,000 after buying an additional 5,401 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have commented on the company. Northland Securities set a $111.00 target price on Nextpower in a report on Tuesday, January 6th. Citigroup raised shares of Nextpower from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $66.00 to $114.00 in a report on Tuesday, October 21st. Robert W. Baird set a $126.00 target price on shares of Nextpower in a research note on Wednesday, January 28th. Needham & Company LLC raised their price target on shares of Nextpower from $103.00 to $138.00 and gave the stock a “buy” rating in a research report on Thursday, January 29th. Finally, Mizuho set a $81.00 price target on shares of Nextpower in a report on Friday, January 23rd. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $108.32.

Nextpower Stock Performance

Shares of NXT opened at $117.94 on Wednesday. The firm has a fifty day moving average of $97.92 and a 200-day moving average of $85.03. The company has a market cap of $17.51 billion, a price-to-earnings ratio of 30.16, a price-to-earnings-growth ratio of 3.58 and a beta of 2.35. Nextpower Inc. has a 1 year low of $36.06 and a 1 year high of $131.59.

Nextpower (NASDAQ:NXT) last issued its quarterly earnings data on Tuesday, January 27th. The company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.17. The firm had revenue of $909.35 million for the quarter, compared to the consensus estimate of $812.43 million. Nextpower had a net margin of 16.43% and a return on equity of 32.01%. Analysts predict that Nextpower Inc. will post 3.29 EPS for the current year.

Insider Activity

In related news, CAO David P. Bennett sold 33,725 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $88.08, for a total value of $2,970,498.00. Following the sale, the chief accounting officer directly owned 130,967 shares in the company, valued at $11,535,573.36. This trade represents a 20.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Daniel S. Shugar sold 47,743 shares of the business’s stock in a transaction on Monday, November 17th. The stock was sold at an average price of $91.28, for a total value of $4,357,981.04. Following the transaction, the chief executive officer owned 624,882 shares of the company’s stock, valued at $57,039,228.96. This trade represents a 7.10% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 96,468 shares of company stock valued at $8,839,829. Insiders own 0.56% of the company’s stock.

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.