Cidel Asset Management Inc. Makes New $545,000 Investment in Nextpower Inc. $NXT

Cidel Asset Management Inc. acquired a new position in Nextpower Inc. (NASDAQ:NXT) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 4,523 shares of the company’s stock, valued at approximately $545,000.

Several other hedge funds have also modified their holdings of NXT. Smartleaf Asset Management LLC grew its position in shares of Nextpower by 107.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 299 shares of the company’s stock valued at $26,000 after acquiring an additional 155 shares during the period. Whittier Trust Co. of Nevada Inc. raised its holdings in Nextpower by 268.7% in the 4th 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 during the period. Huntington National Bank raised its holdings in Nextpower by 480.3% in the 4th quarter. Huntington National Bank now owns 383 shares of the company’s stock worth $33,000 after purchasing an additional 317 shares during the period. Foster Dykema Cabot & Partners LLC purchased a new position in Nextpower during the third quarter worth approximately $36,000. Finally, Baillie Gifford & Co. boosted its position in Nextpower by 76.5% during the fourth quarter. Baillie Gifford & Co. now owns 420 shares of the company’s stock worth $37,000 after purchasing an additional 182 shares in the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Nextpower

In other news, COO Nicholas Marco Miller sold 24,511 shares of the company’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $127.32, for a total transaction of $3,120,740.52. Following the completion of the sale, the chief operating officer owned 221,533 shares of the company’s stock, valued at $28,205,581.56. This represents a 9.96% 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, insider Bruce Ledesma sold 3,248 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $134.72, for a total transaction of $437,570.56. Following the sale, the insider directly owned 246,130 shares of the company’s stock, valued at $33,158,633.60. The trade was a 1.30% 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. Insiders sold 168,574 shares of company stock worth $22,559,770 in the last quarter. 0.56% of the stock is owned by insiders.

Wall Street Analyst Weigh In

NXT has been the topic of several research analyst reports. Roth Mkm reissued a “buy” rating and issued a $155.00 price objective on shares of Nextpower in a report on Wednesday, May 13th. The Goldman Sachs Group set a $140.00 target price on Nextpower and gave the stock a “buy” rating in a research note on Tuesday, April 14th. KeyCorp increased their target price on Nextpower from $152.00 to $164.00 and gave the company an “overweight” rating in a research report on Friday, May 29th. Wall Street Zen cut shares of Nextpower from a “buy” rating to a “hold” rating in a research note on Monday, April 27th. Finally, Glj Research boosted their price target on shares of Nextpower from $147.00 to $149.44 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. Twenty research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $147.77.

Nextpower Price Performance

Shares of Nextpower stock opened at $116.67 on Thursday. The stock has a market capitalization of $17.53 billion, a P/E ratio of 30.46, a PEG ratio of 2.86 and a beta of 1.73. The business has a 50 day simple moving average of $126.20 and a two-hundred day simple moving average of $113.30. Nextpower Inc. has a 12 month low of $51.69 and a 12 month high of $163.13.

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

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.