Envestnet Asset Management Inc. Raises Stock Holdings in Nextpower Inc. $NXT

Envestnet Asset Management Inc. grew its holdings in Nextpower Inc. (NASDAQ:NXT) by 5.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 104,789 shares of the company’s stock after buying an additional 5,401 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Nextpower were worth $7,753,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in NXT. Primecap Management Co. CA grew its stake 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 during the period. Encompass Capital Advisors LLC lifted its holdings in Nextpower by 11.0% during 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 Nextpower during the second quarter valued at $140,772,000. Handelsbanken Fonder AB grew its position in shares of Nextpower by 8.3% in the second quarter. Handelsbanken Fonder AB now owns 2,303,206 shares of the company’s stock valued at $125,225,000 after purchasing an additional 176,530 shares during the period. Finally, Westfield Capital Management Co. LP increased its stake in shares of Nextpower by 6.0% during the second quarter. Westfield Capital Management Co. LP now owns 1,317,564 shares of the company’s stock worth $71,636,000 after purchasing an additional 74,413 shares in the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Nextpower

In related news, CAO David P. Bennett sold 33,725 shares of the firm’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $88.08, for a total transaction of $2,970,498.00. Following the completion of the sale, the chief accounting officer directly owned 130,967 shares in the company, valued at approximately $11,535,573.36. This trade represents a 20.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William D. Watkins sold 5,000 shares of Nextpower stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $118.57, for a total transaction of $592,850.00. Following the transaction, the director directly owned 11,777 shares in the company, valued at $1,396,398.89. This trade represents a 29.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.56% of the company’s stock.

Nextpower Price Performance

Shares of Nextpower stock opened at $119.34 on Friday. The stock’s 50 day simple moving average is $102.59 and its 200-day simple moving average is $87.94. The stock has a market cap of $17.72 billion, a P/E ratio of 30.52, a P/E/G ratio of 3.41 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 announced its quarterly earnings data on Tuesday, January 27th. The company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates 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 return on equity of 32.01% and a net margin of 16.43%. As a group, research analysts expect that Nextpower Inc. will post 3.29 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on NXT shares. KeyCorp raised shares of Nextpower from a “sector weight” rating to an “overweight” rating and set a $142.00 price target on the stock in a research note on Wednesday, January 28th. Royal Bank Of Canada boosted their price objective on Nextpower from $93.00 to $96.00 and gave the stock an “outperform” rating in a research note on Thursday, November 13th. Barclays set a $115.00 target price on Nextpower in a research report on Thursday, January 29th. Needham & Company LLC lifted their price target on Nextpower from $103.00 to $138.00 and gave the stock a “buy” rating in a research note on Thursday, January 29th. Finally, Wall Street Zen downgraded Nextpower from a “strong-buy” rating to a “buy” rating in a research note on Sunday, January 25th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $108.32.

Nextpower 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.