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

Bank of New York Mellon Corp lowered its holdings in Nextpower Inc. (NASDAQ:NXT) by 1.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 966,120 shares of the company’s stock after selling 17,541 shares during the quarter. Bank of New York Mellon Corp’s holdings in Nextpower were worth $116,466,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of NXT. Smartleaf Asset Management LLC boosted its stake in shares of Nextpower by 107.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 299 shares of the company’s stock worth $26,000 after acquiring an additional 155 shares in the last quarter. Whittier Trust Co. of Nevada Inc. increased its position in shares of Nextpower by 268.7% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 306 shares of the company’s stock worth $28,000 after purchasing an additional 223 shares in the last quarter. Huntington National Bank grew its holdings in shares of Nextpower by 480.3% during the fourth quarter. Huntington National Bank now owns 383 shares of the company’s stock worth $33,000 after buying an additional 317 shares in the last quarter. Baillie Gifford & Co. raised its holdings in 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 acquiring an additional 182 shares during the last quarter. Finally, Kemnay Advisory Services Inc. acquired a new position in Nextpower during the fourth quarter worth $39,000. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Nextpower Trading Down 2.8%

Shares of NASDAQ NXT opened at $100.23 on Tuesday. The stock has a market cap of $15.06 billion, a P/E ratio of 26.17, a P/E/G ratio of 2.04 and a beta of 1.86. The stock has a 50 day moving average of $123.37 and a two-hundred day moving average of $115.86. Nextpower Inc. has a twelve month low of $52.61 and a twelve month high of $163.13.

Nextpower (NASDAQ:NXT) last announced its earnings results on Tuesday, May 12th. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.16. Nextpower had a return on equity of 28.18% and a net margin of 16.46%.The company had revenue of $880.52 million for the quarter, compared to the consensus estimate of $826.26 million. Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. As a group, research analysts predict that Nextpower Inc. will post 3.75 earnings per share for the current year.

Insider Buying and Selling

In other news, President Howard Wenger sold 62,670 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $130.25, for a total transaction of $8,162,767.50. Following the transaction, the president directly owned 426,467 shares of the company’s stock, valued at $55,547,326.75. This represents a 12.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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. Also, CFO Charles D. Boynton sold 4,500 shares of the business’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $151.79, for a total transaction of $683,055.00. Following the sale, the chief financial officer directly owned 358,500 shares in the company, valued at approximately $54,416,715. This represents a 1.24% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 168,574 shares of company stock valued at $22,559,770 in the last quarter. Corporate insiders own 0.84% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. BMO Capital Markets raised their price objective on shares of Nextpower from $113.00 to $125.00 and gave the stock a “market perform” rating in a research report on Wednesday, May 13th. Susquehanna dropped their price objective on Nextpower from $180.00 to $168.00 and set a “positive” rating for the company in a research note on Friday, July 10th. JPMorgan Chase & Co. increased their target price on Nextpower from $155.00 to $174.00 and gave the stock an “overweight” rating in a research note on Friday, May 29th. Wolfe Research reaffirmed an “outperform” rating and issued a $160.00 target price on shares of Nextpower in a research report on Friday, May 29th. Finally, Truist Financial initiated coverage on shares of Nextpower in a research note on Monday, July 13th. They set a “buy” rating and a $140.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Nextpower currently has a consensus rating of “Moderate Buy” and a consensus target price of $149.42.

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.