Nextpower Inc. $NXT Shares Sold by Shell Asset Management Co.

Shell Asset Management Co. decreased its position in Nextpower Inc. (NASDAQ:NXT) by 95.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 2,283 shares of the company’s stock after selling 50,064 shares during the period. Shell Asset Management Co.’s holdings in Nextpower were worth $169,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Norges Bank purchased a new position in shares of Nextpower during the 2nd quarter worth approximately $140,772,000. Allianz Asset Management GmbH grew its holdings in Nextpower by 938.0% during the 3rd quarter. Allianz Asset Management GmbH now owns 794,538 shares of the company’s stock valued at $58,788,000 after buying an additional 717,991 shares during the last quarter. American Century Companies Inc. increased its position in Nextpower by 144.6% during the second quarter. American Century Companies Inc. now owns 547,590 shares of the company’s stock worth $29,772,000 after buying an additional 323,717 shares in the last quarter. Voya Investment Management LLC raised its holdings in shares of Nextpower by 93.3% in the third quarter. Voya Investment Management LLC now owns 613,634 shares of the company’s stock worth $45,403,000 after acquiring an additional 296,232 shares during the last quarter. Finally, Encompass Capital Advisors LLC lifted its position 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 acquiring an additional 289,663 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextpower Stock Up 1.5%

NXT stock opened at $124.49 on Thursday. The company has a market cap of $18.48 billion, a price-to-earnings ratio of 31.84, a PEG ratio of 3.61 and a beta of 2.35. The business has a fifty day simple moving average of $101.48 and a 200-day simple moving average of $87.30. Nextpower Inc. has a 52 week low of $36.06 and a 52 week high of $131.59.

Nextpower (NASDAQ:NXT) last posted its quarterly earnings results 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 firm had revenue of $909.35 million during the quarter, compared to the consensus estimate of $812.43 million. Nextpower had a return on equity of 32.01% and a net margin of 16.43%. As a group, analysts expect that Nextpower Inc. will post 3.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CAO David P. Bennett sold 33,725 shares of the firm’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $88.08, for a total value of $2,970,498.00. Following the transaction, the chief accounting officer owned 130,967 shares of the company’s stock, valued at approximately $11,535,573.36. This trade represents a 20.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William D. Watkins sold 5,000 shares of Nextpower stock in a transaction on Friday, January 30th. The shares were sold at an average price of $118.57, for a total transaction of $592,850.00. Following the transaction, the director owned 11,777 shares in the company, valued at $1,396,398.89. The trade was a 29.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.56% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on NXT. The Goldman Sachs Group boosted their target price on shares of Nextpower from $89.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, October 27th. Needham & Company LLC boosted their price objective on shares of Nextpower from $103.00 to $138.00 and gave the company a “buy” rating in a research report on Thursday, January 29th. Wall Street Zen downgraded shares of Nextpower from a “strong-buy” rating to a “buy” rating in a research note on Sunday, January 25th. Mizuho set a $81.00 target price on shares of Nextpower in a research note on Friday, January 23rd. Finally, Wells Fargo & Company increased their price target on Nextpower from $109.00 to $127.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 28th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, Nextpower has a consensus rating of “Moderate Buy” and a consensus price target 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.