LSV Asset Management Makes New Investment in Nextpower Inc. $NXT

LSV Asset Management acquired a new stake in shares of Nextpower Inc. (NASDAQ:NXT) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 4,400 shares of the company’s stock, valued at approximately $326,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Primecap Management Co. CA lifted its position in Nextpower by 1.1% in the 2nd quarter. Primecap Management Co. CA now owns 7,675,821 shares of the company’s stock valued at $417,334,000 after acquiring an additional 83,227 shares in the last quarter. Encompass Capital Advisors LLC lifted its holdings in shares of Nextpower by 11.0% in the second quarter. Encompass Capital Advisors LLC now owns 2,919,777 shares of the company’s stock valued at $158,748,000 after purchasing an additional 289,663 shares in the last quarter. Norges Bank purchased a new position in shares of Nextpower during the second quarter valued at approximately $140,772,000. Handelsbanken Fonder AB grew its holdings in Nextpower by 8.3% during the second quarter. Handelsbanken Fonder AB now owns 2,303,206 shares of the company’s stock worth $125,225,000 after buying an additional 176,530 shares in the last quarter. Finally, Westfield Capital Management Co. LP raised its position in Nextpower by 6.0% in the 2nd quarter. Westfield Capital Management Co. LP now owns 1,317,564 shares of the company’s stock valued at $71,636,000 after buying an additional 74,413 shares during the last quarter. 67.41% of the stock is owned by institutional investors.

Nextpower Stock Performance

NXT stock opened at $122.59 on Wednesday. The stock has a fifty day moving average of $100.78 and a 200-day moving average of $87.04. Nextpower Inc. has a fifty-two week low of $36.06 and a fifty-two week high of $131.59. The company has a market capitalization of $18.20 billion, a price-to-earnings ratio of 31.35, a PEG ratio of 3.42 and a beta of 2.35.

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

Insider Buying and Selling at Nextpower

In other news, Director William D. Watkins sold 5,000 shares of Nextpower stock in a transaction on Friday, January 30th. The stock was sold at an average price of $118.57, for a total value of $592,850.00. Following the completion of the transaction, the director directly owned 11,777 shares in the company, valued at approximately $1,396,398.89. The trade was a 29.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO David P. Bennett sold 33,725 shares of the stock in a transaction dated 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 disclosure for this sale is available in the SEC filing. Corporate insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Barclays set a $115.00 target price on shares of Nextpower in a research note on Thursday, January 29th. Guggenheim set a $74.00 price objective on shares of Nextpower in a research report on Wednesday, October 22nd. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $119.00 price objective on shares of Nextpower in a research note on Thursday, January 29th. Royal Bank Of Canada boosted their target price on Nextpower from $93.00 to $96.00 and gave the stock an “outperform” rating in a research note on Thursday, November 13th. Finally, JPMorgan Chase & Co. increased their price target on Nextpower from $92.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, October 24th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $108.32.

About Nextpower

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.