Triasima Portfolio Management inc. Makes New $3 Million Investment in Nextpower Inc. $NXT
by Renee Jackson · The Cerbat GemTriasima Portfolio Management inc. bought a new position in Nextpower Inc. (NASDAQ:NXT – Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 34,396 shares of the company’s stock, valued at approximately $2,996,000.
A number of other institutional investors and hedge funds have also bought and sold shares of NXT. William Blair Investment Management LLC acquired a new position in Nextpower in the 3rd quarter worth about $108,739,000. Amundi increased its holdings in Nextpower by 156.1% in the 3rd quarter. Amundi now owns 2,111,628 shares of the company’s stock worth $161,600,000 after purchasing an additional 1,287,071 shares in the last quarter. Allianz Asset Management GmbH increased its holdings in Nextpower by 938.0% in the 3rd quarter. Allianz Asset Management GmbH now owns 794,538 shares of the company’s stock worth $58,788,000 after purchasing an additional 717,991 shares in the last quarter. Electron Capital Partners LLC increased its holdings in Nextpower by 2,017.7% in the 3rd quarter. Electron Capital Partners LLC now owns 566,415 shares of the company’s stock worth $41,909,000 after purchasing an additional 539,668 shares in the last quarter. Finally, Danske Bank A S acquired a new position in Nextpower in the 3rd quarter worth about $33,298,000. Institutional investors and hedge funds own 67.41% of the company’s stock.
Insider Activity at Nextpower
In related news, CEO Daniel S. Shugar sold 59,456 shares of the company’s stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $105.17, for a total transaction of $6,252,987.52. Following the sale, the chief executive officer owned 746,339 shares in the company, valued at $78,492,472.63. This represents a 7.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.56% of the stock is currently owned by insiders.
Nextpower Stock Performance
Shares of NXT stock opened at $119.93 on Monday. The stock has a market cap of $17.81 billion, a price-to-earnings ratio of 30.67, a PEG ratio of 5.70 and a beta of 1.60. The stock has a 50-day moving average of $114.44 and a 200-day moving average of $103.89. Nextpower Inc. has a 1-year low of $40.85 and a 1-year high of $131.72.
Wall Street Analyst Weigh In
Several equities research analysts have recently weighed in on the company. Robert W. Baird increased their price target on Nextpower from $126.00 to $133.00 and gave the company an “outperform” rating in a research note on Tuesday, April 28th. Mizuho set a $81.00 price target on Nextpower in a research note on Friday, January 23rd. Jefferies Financial Group increased their price target on Nextpower from $122.00 to $138.00 and gave the company a “buy” rating in a research note on Tuesday, March 17th. Wells Fargo & Company increased their price target on Nextpower from $109.00 to $127.00 and gave the company an “overweight” rating in a research note on Wednesday, January 28th. Finally, Needham & Company LLC increased their price target on Nextpower from $103.00 to $138.00 and gave the company a “buy” rating in a research note on Thursday, January 29th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $117.79.
About Nextpower
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.
Further Reading
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