Empirical Financial Services LLC d.b.a. Empirical Wealth Management Takes $863,000 Position in Nextpower Inc. $NXT

Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new stake in shares of Nextpower Inc. (NASDAQ:NXT) during the third quarter, HoldingsChannel reports. The fund acquired 11,668 shares of the company’s stock, valued at approximately $863,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in NXT. Norges Bank purchased a new stake in Nextpower during the 2nd quarter valued at $140,772,000. Allianz Asset Management GmbH lifted its position in shares of 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 in the last quarter. American Century Companies Inc. grew its stake in shares of Nextpower by 144.6% during the 2nd quarter. American Century Companies Inc. now owns 547,590 shares of the company’s stock valued at $29,772,000 after acquiring an additional 323,717 shares during the period. Voya Investment Management LLC increased its holdings in Nextpower by 93.3% in the 3rd 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 in the last quarter. Finally, Encompass Capital Advisors LLC raised its stake in Nextpower by 11.0% during the 2nd quarter. Encompass Capital Advisors LLC now owns 2,919,777 shares of the company’s stock worth $158,748,000 after acquiring an additional 289,663 shares during the period. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Insider Transactions at Nextpower

In other Nextpower news, CAO David P. Bennett sold 33,725 shares of the company’s stock in a transaction on Thursday, December 11th. The stock was 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 owned 130,967 shares in the company, valued at $11,535,573.36. This represents a 20.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William D. Watkins sold 5,000 shares of the firm’s stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $118.57, for a total value of $592,850.00. Following the sale, 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 position. Additional details regarding this sale are available in the official SEC disclosure. 0.56% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. KeyCorp upgraded shares of Nextpower from a “sector weight” rating to an “overweight” rating and set a $142.00 price target for the company in a research report on Wednesday, January 28th. The Goldman Sachs Group upped their target price on shares of Nextpower from $89.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, October 27th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $119.00 price target on shares of Nextpower in a research note on Thursday, January 29th. TD Cowen boosted their price objective on Nextpower from $88.00 to $105.00 and gave the company a “hold” rating in a research report on Wednesday, January 28th. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $130.00 price objective on shares of Nextpower in a research note on Wednesday, January 28th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $108.32.

Nextpower Trading Up 2.8%

NASDAQ:NXT opened at $119.34 on Monday. The company has a market cap of $17.72 billion, a price-to-earnings ratio of 30.52, a price-to-earnings-growth ratio of 3.51 and a beta of 2.34. Nextpower Inc. has a twelve month low of $36.06 and a twelve month high of $131.59. The stock has a fifty day simple moving average of $102.59 and a 200-day simple moving average of $88.40.

Nextpower (NASDAQ:NXT) last posted its quarterly earnings results on Tuesday, January 27th. The company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.17. Nextpower had a net margin of 16.43% and a return on equity of 32.01%. The firm had revenue of $909.35 million for the quarter, compared to analysts’ expectations of $812.43 million. As a group, equities research analysts predict that Nextpower Inc. will post 3.29 EPS for the current fiscal year.

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.