Fifth Third Bancorp Increases Position in Nextpower Inc. $NXT

Fifth Third Bancorp grew its holdings in shares of Nextpower Inc. (NASDAQ:NXT) by 7,807.5% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 102,560 shares of the company’s stock after purchasing an additional 101,263 shares during the period. Fifth Third Bancorp owned approximately 0.07% of Nextpower worth $12,364,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in NXT. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Nextpower by 19.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 437,490 shares of the company’s stock valued at $18,436,000 after buying an additional 71,842 shares in the last quarter. M&T Bank Corp purchased a new position in shares of Nextpower in the 2nd quarter worth about $223,000. EverSource Wealth Advisors LLC raised its position in shares of Nextpower by 179.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the company’s stock worth $61,000 after purchasing an additional 724 shares during the last quarter. Cerity Partners LLC boosted its stake in Nextpower by 154.0% in the 2nd quarter. Cerity Partners LLC now owns 18,539 shares of the company’s stock worth $1,008,000 after purchasing an additional 11,239 shares in the last quarter. Finally, California Public Employees Retirement System boosted its stake in Nextpower by 36.5% in the 2nd quarter. California Public Employees Retirement System now owns 222,960 shares of the company’s stock worth $12,122,000 after purchasing an additional 59,573 shares in the last quarter. 67.41% of the stock is owned by institutional investors.

Nextpower Stock Up 5.0%

NXT opened at $104.66 on Wednesday. The stock has a market capitalization of $15.73 billion, a price-to-earnings ratio of 27.33, a PEG ratio of 1.97 and a beta of 1.86. The firm has a 50 day moving average price of $124.97 and a 200-day moving average price of $115.44. Nextpower Inc. has a twelve month low of $52.61 and a twelve month high of $163.13.

Nextpower (NASDAQ:NXT) last issued its earnings results on Tuesday, May 12th. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.16. The company had revenue of $880.52 million for the quarter, compared to analysts’ expectations of $826.26 million. Nextpower had a net margin of 16.46% and a return on equity of 28.18%. Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. As a group, analysts expect that Nextpower Inc. will post 3.77 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Northland Securities raised their price objective on shares of Nextpower from $148.00 to $162.00 and gave the company an “outperform” rating in a research note on Friday, May 29th. Barclays increased their price target on shares of Nextpower from $142.00 to $147.00 and gave the company an “overweight” rating in a report on Tuesday, July 7th. JPMorgan Chase & Co. raised their price target on shares of Nextpower from $155.00 to $174.00 and gave the company an “overweight” rating in a research report on Friday, May 29th. Weiss Ratings lowered shares of Nextpower from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, June 26th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $168.00 price objective on shares of Nextpower in a research report on Wednesday, July 1st. Twenty-one analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $148.06.

Insider Buying and Selling

In other Nextpower news, CFO Charles D. Boynton sold 4,500 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $151.79, for a total value of $683,055.00. Following the transaction, the chief financial officer owned 358,500 shares of the company’s stock, valued at approximately $54,416,715. This represents a 1.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Howard Wenger sold 62,670 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $130.25, for a total value of $8,162,767.50. Following the completion of the transaction, the president directly owned 426,467 shares in the company, valued at $55,547,326.75. The trade was a 12.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Insiders have sold 168,574 shares of company stock valued at $22,559,770 in the last 90 days. Insiders own 0.84% of the company’s stock.

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.