Castleark Management LLC Reduces Position in Nextpower Inc. $NXT

Castleark Management LLC cut its position in Nextpower Inc. (NASDAQ:NXT) by 9.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 105,484 shares of the company’s stock after selling 11,570 shares during the period. Castleark Management LLC owned 0.07% of Nextpower worth $9,189,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the company. Advisors Asset Management Inc. increased its position in shares of Nextpower by 14.0% in the 4th quarter. Advisors Asset Management Inc. now owns 8,226 shares of the company’s stock valued at $717,000 after purchasing an additional 1,011 shares during the last quarter. Federation des caisses Desjardins du Quebec increased its position in shares of Nextpower by 6.5% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 37,408 shares of the company’s stock valued at $3,259,000 after purchasing an additional 2,294 shares during the last quarter. Brooklyn Investment Group increased its position in shares of Nextpower by 84.6% in the 4th quarter. Brooklyn Investment Group now owns 5,329 shares of the company’s stock valued at $481,000 after purchasing an additional 2,442 shares during the last quarter. Cibc World Markets Corp purchased a new stake in shares of Nextpower in the 4th quarter valued at approximately $841,000. Finally, Groupe la Francaise increased its stake in Nextpower by 5.4% in the fourth quarter. Groupe la Francaise now owns 58,604 shares of the company’s stock valued at $5,104,000 after purchasing an additional 2,996 shares during the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

NXT has been the topic of several recent analyst reports. JPMorgan Chase & Co. increased their price target on shares of Nextpower from $155.00 to $174.00 and gave the company an “overweight” rating in a research note on Friday, May 29th. Barclays increased their price target on shares of Nextpower from $123.00 to $142.00 and gave the company an “overweight” rating in a research note on Monday, May 18th. Weiss Ratings upgraded shares of Nextpower from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, May 20th. Wolfe Research reiterated an “outperform” rating and issued a $160.00 price target on shares of Nextpower in a research note on Friday, May 29th. Finally, Roth Mkm reiterated a “buy” rating and issued a $155.00 price target on shares of Nextpower in a research note on Wednesday, May 13th. Twenty analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Nextpower currently has an average rating of “Moderate Buy” and a consensus target price of $147.77.

Nextpower Stock Up 1.8%

NASDAQ NXT opened at $121.88 on Friday. Nextpower Inc. has a 52-week low of $51.69 and a 52-week high of $163.13. The business’s 50-day moving average price is $124.40 and its 200 day moving average price is $111.17. The firm has a market cap of $18.31 billion, a P/E ratio of 31.82, a P/E/G ratio of 2.84 and a beta of 1.73.

Nextpower (NASDAQ:NXT) last released its quarterly 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. The firm had revenue of $880.52 million for the quarter, compared to analyst estimates of $826.26 million. Nextpower had a return on equity of 28.18% and a net margin of 16.46%.Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. As a group, analysts anticipate that Nextpower Inc. will post 3.69 earnings per share for the current year.

Insiders Place Their Bets

In other news, President Howard Wenger sold 62,670 shares of Nextpower stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $130.25, for a total value of $8,162,767.50. Following the sale, the president owned 426,467 shares of the company’s stock, valued at $55,547,326.75. The trade was a 12.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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, insider Bruce Ledesma sold 3,248 shares of Nextpower stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $134.72, for a total transaction of $437,570.56. Following the completion of the sale, the insider directly owned 246,130 shares in the company, valued at approximately $33,158,633.60. The trade was a 1.30% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 168,574 shares of company stock valued at $22,559,770. Corporate insiders own 0.56% 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.