8,108 Shares in Nextracker Inc. (NASDAQ:NXT) Purchased by Perpetual Ltd

Perpetual Ltd acquired a new position in shares of Nextracker Inc. (NASDAQ:NXT) in the first quarter, Holdings Channel reports. The institutional investor acquired 8,108 shares of the company’s stock, valued at approximately $456,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NXT. Tucker Asset Management LLC acquired a new position in Nextracker in the 3rd quarter valued at about $42,000. Wahed Invest LLC acquired a new position in Nextracker in the 4th quarter valued at about $43,000. Global Retirement Partners LLC acquired a new position in Nextracker in the 4th quarter valued at about $63,000. Quarry LP grew its position in Nextracker by 197.5% in the 4th quarter. Quarry LP now owns 1,428 shares of the company’s stock valued at $67,000 after acquiring an additional 948 shares in the last quarter. Finally, Parallel Advisors LLC grew its position in Nextracker by 49.4% in the 4th quarter. Parallel Advisors LLC now owns 2,850 shares of the company’s stock valued at $134,000 after acquiring an additional 942 shares in the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, COO Nicholas Marco Miller sold 8,355 shares of the business’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total value of $440,057.85. Following the transaction, the chief operating officer now owns 11,114 shares of the company’s stock, valued at $585,374.38. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Leah Schlesinger sold 2,149 shares of the company’s stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total transaction of $111,554.59. Following the transaction, the insider now owns 11,910 shares of the company’s stock, valued at $618,248.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Nicholas Marco Miller sold 8,355 shares of the company’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total value of $440,057.85. Following the transaction, the chief operating officer now directly owns 11,114 shares in the company, valued at approximately $585,374.38. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 22,639 shares of company stock valued at $1,084,460. Company insiders own 0.09% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on NXT. Scotiabank dropped their target price on Nextracker from $55.00 to $50.00 and set a “sector outperform” rating for the company in a research report on Monday, April 29th. JPMorgan Chase & Co. decreased their price objective on Nextracker from $73.00 to $67.00 and set an “overweight” rating for the company in a research note on Thursday, February 29th. Piper Sandler decreased their price objective on Nextracker from $66.00 to $64.00 and set an “overweight” rating for the company in a research note on Thursday, April 11th. BMO Capital Markets decreased their price objective on Nextracker from $62.00 to $56.00 and set a “market perform” rating for the company in a research note on Wednesday, May 15th. Finally, Robert W. Baird assumed coverage on Nextracker in a research note on Thursday, March 21st. They issued an “outperform” rating and a $71.00 price objective for the company. Four analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.52.

Nextracker Price Performance

Shares of NASDAQ NXT opened at $54.79 on Friday. The company has a current ratio of 1.98, a quick ratio of 1.76 and a debt-to-equity ratio of 0.15. Nextracker Inc. has a twelve month low of $32.14 and a twelve month high of $62.31. The stock has a 50 day moving average of $49.88 and a two-hundred day moving average of $50.79. The stock has a market cap of $7.95 billion, a P/E ratio of 16.31 and a beta of 2.66.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings data on Tuesday, May 14th. The company reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.38. The company had revenue of $736.52 million during the quarter, compared to analysts’ expectations of $681.03 million. Nextracker had a negative return on equity of 13.70% and a net margin of 12.25%. On average, research analysts forecast that Nextracker Inc. will post 2.23 earnings per share for the current year.

Nextracker Company Profile

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.