Danske Bank A S Purchases Shares of 450,039 Nextpower Inc. $NXT

Danske Bank A S bought a new stake in shares of Nextpower Inc. (NASDAQ:NXT) during the 3rd quarter, Holdings Channel.com reports. The firm bought 450,039 shares of the company’s stock, valued at approximately $33,298,000.

A number of other institutional investors have also recently added to or reduced their stakes in NXT. Vanguard Group Inc. increased its holdings in Nextpower by 2.0% in the 3rd quarter. Vanguard Group Inc. now owns 14,167,845 shares of the company’s stock valued at $1,048,279,000 after purchasing an additional 283,981 shares in the last quarter. Primecap Management Co. CA lifted its stake in shares of Nextpower by 1.1% during the second quarter. Primecap Management Co. CA now owns 7,675,821 shares of the company’s stock worth $417,334,000 after purchasing an additional 83,227 shares in the last quarter. State Street Corp lifted its stake in shares of Nextpower by 0.6% during the third quarter. State Street Corp now owns 5,391,696 shares of the company’s stock worth $398,932,000 after purchasing an additional 31,689 shares in the last quarter. Encompass Capital Advisors LLC boosted 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 worth $158,748,000 after buying an additional 289,663 shares during the period. Finally, Invesco Ltd. boosted its position in shares of Nextpower by 9.9% in the third quarter. Invesco Ltd. now owns 2,725,449 shares of the company’s stock worth $201,656,000 after buying an additional 245,412 shares during the period. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextpower Trading Down 5.3%

Shares of NXT opened at $115.38 on Thursday. Nextpower Inc. has a 52 week low of $36.06 and a 52 week high of $131.59. The firm has a market cap of $17.13 billion, a price-to-earnings ratio of 29.51, a PEG ratio of 2.90 and a beta of 2.41. The stock has a 50 day moving average of $110.60 and a 200-day moving average of $94.40.

Nextpower (NASDAQ:NXT) last released its earnings results 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 during the quarter, compared to analyst estimates of $812.43 million. Nextpower had a net margin of 16.43% and a return on equity of 32.01%. On average, sell-side analysts predict that Nextpower Inc. will post 3.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on NXT shares. BMO Capital Markets reiterated a “market perform” rating and set a $104.00 target price on shares of Nextpower in a report on Wednesday, January 28th. Northland Securities set a $111.00 price target on Nextpower in a report on Tuesday, January 6th. Roth Mkm reaffirmed a “buy” rating and issued a $130.00 price objective on shares of Nextpower in a research report on Wednesday, January 28th. Jefferies Financial Group lifted their price objective on shares of Nextpower from $122.00 to $138.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Wall Street Zen cut shares of Nextpower from a “strong-buy” rating to a “buy” rating in a research report on Sunday, January 25th. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $111.49.

Insider Activity

In other news, CEO Daniel S. Shugar sold 59,456 shares of Nextpower stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $105.17, for a total value of $6,252,987.52. Following the completion of the transaction, the chief executive officer directly owned 746,339 shares of the company’s stock, valued at approximately $78,492,472.63. The trade was a 7.38% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director William D. Watkins sold 5,000 shares of the business’s stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $118.57, for a total transaction of $592,850.00. Following the sale, the director directly owned 11,777 shares of the company’s stock, valued at approximately $1,396,398.89. This represents a 29.80% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 104,348 shares of company stock valued at $10,876,525 over the last ninety days. Company 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.