Nextpower Inc. $NXT Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its position in Nextpower Inc. (NASDAQ:NXT) by 7.2% in the 4th quarter, HoldingsChannel.com reports. The firm owned 983,661 shares of the company’s stock after selling 76,659 shares during the quarter. Bank of New York Mellon Corp’s holdings in Nextpower were worth $85,687,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in NXT. Whittier Trust Co. of Nevada Inc. lifted its stake in shares of Nextpower by 268.7% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 306 shares of the company’s stock valued at $28,000 after purchasing an additional 223 shares during the period. Huntington National Bank lifted its stake in shares of Nextpower by 480.3% in the 4th quarter. Huntington National Bank now owns 383 shares of the company’s stock valued at $33,000 after purchasing an additional 317 shares during the period. Foster Dykema Cabot & Partners LLC acquired a new position in shares of Nextpower in the 3rd quarter valued at $36,000. Baillie Gifford & Co. lifted its stake in shares of Nextpower by 76.5% in the 4th quarter. Baillie Gifford & Co. now owns 420 shares of the company’s stock valued at $37,000 after purchasing an additional 182 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in shares of Nextpower by 511.1% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 495 shares of the company’s stock valued at $37,000 after purchasing an additional 414 shares during the period. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Nextpower Stock Performance

NASDAQ:NXT opened at $125.65 on Tuesday. The company has a fifty day moving average of $124.41 and a two-hundred day moving average of $110.47. The stock has a market capitalization of $18.88 billion, a PE ratio of 32.81, a P/E/G ratio of 3.12 and a beta of 1.73. Nextpower Inc. has a fifty-two week low of $51.69 and a fifty-two week high of $163.13.

Nextpower (NASDAQ:NXT) last released its earnings results on Tuesday, May 12th. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.16. Nextpower had a net margin of 16.46% and a return on equity of 28.18%. The business had revenue of $880.52 million during the quarter, compared to analyst estimates of $826.26 million. Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. Research analysts forecast that Nextpower Inc. will post 3.69 earnings per share for the current year.

Insider Buying and Selling at Nextpower

In other news, CFO Charles D. Boynton sold 4,500 shares of the company’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $151.79, for a total transaction of $683,055.00. Following the completion of the sale, the chief financial officer owned 358,500 shares of the company’s stock, valued at $54,416,715. This represents a 1.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Daniel S. Shugar sold 26,077 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $134.72, for a total transaction of $3,513,093.44. Following the completion of the sale, the chief executive officer directly owned 931,419 shares of the company’s stock, valued at $125,480,767.68. This represents a 2.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 168,574 shares of company stock valued at $22,559,770. 0.56% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have weighed in on NXT. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $140.00 price objective on shares of Nextpower in a research report on Thursday, May 14th. BNP Paribas Exane upped their price objective on shares of Nextpower from $177.00 to $182.00 and gave the stock an “outperform” rating in a research report on Friday, May 29th. Needham & Company LLC restated a “buy” rating and set a $149.00 price objective on shares of Nextpower in a research report on Friday, May 29th. Citigroup upped their price objective on shares of Nextpower from $114.00 to $145.00 and gave the stock a “buy” rating in a research report on Wednesday, May 13th. Finally, TD Cowen upped their price objective on shares of Nextpower from $105.00 to $135.00 and gave the stock a “hold” rating in a research report on Wednesday, May 13th. Twenty investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Nextpower presently has a consensus rating of “Moderate Buy” and a consensus target price of $147.77.

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.