Wellington Management Group LLP Invests $2.78 Million in Nextracker Inc. (NASDAQ:NXT)

Wellington Management Group LLP bought a new stake in Nextracker Inc. (NASDAQ:NXT) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 59,226 shares of the company’s stock, valued at approximately $2,775,000.

Several other institutional investors have also recently bought and sold shares of NXT. Rhumbline Advisers increased its position in Nextracker by 61.6% in the 3rd quarter. Rhumbline Advisers now owns 68,440 shares of the company’s stock worth $2,749,000 after buying an additional 26,092 shares during the period. FMR LLC increased its position in Nextracker by 1.0% during the third quarter. FMR LLC now owns 731,708 shares of the company’s stock worth $29,385,000 after acquiring an additional 7,131 shares during the period. Gotham Asset Management LLC acquired a new position in Nextracker during the 3rd quarter valued at $448,000. Glenmede Trust Co. NA bought a new stake in Nextracker in the 3rd quarter valued at $269,000. Finally, Alps Advisors Inc. grew its position in Nextracker by 43.8% in the 3rd quarter. Alps Advisors Inc. now owns 188,457 shares of the company’s stock worth $7,568,000 after purchasing an additional 57,371 shares during the last quarter. Institutional investors own 67.41% of the company’s stock.

Analyst Ratings Changes

NXT has been the subject of several research reports. Susquehanna began coverage on shares of Nextracker in a research note on Friday. They issued a “positive” rating and a $59.00 target price for the company. Northland Securities cut Nextracker from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $60.00 to $44.00 in a research report on Friday, April 26th. Wells Fargo & Company reduced their target price on Nextracker from $68.00 to $64.00 and set an “overweight” rating for the company in a research report on Wednesday, May 15th. Guggenheim dropped their price objective on shares of Nextracker from $73.00 to $60.00 and set a “buy” rating for the company in a research note on Tuesday, April 23rd. Finally, Truist Financial reaffirmed a “buy” rating and set a $70.00 price objective on shares of Nextracker in a report on Wednesday, May 15th. Four investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, Nextracker currently has an average rating of “Moderate Buy” and an average price target of $58.54.

Nextracker Trading Down 4.6 %

Shares of NASDAQ NXT opened at $46.88 on Monday. Nextracker Inc. has a 1-year low of $32.14 and a 1-year high of $62.31. The company has a market cap of $6.80 billion, a PE ratio of 13.95 and a beta of 2.66. The company has a current ratio of 1.98, a quick ratio of 1.76 and a debt-to-equity ratio of 0.15. The company has a 50-day moving average of $50.32 and a two-hundred day moving average of $51.20.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings results 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. Nextracker had a net margin of 12.25% and a negative return on equity of 13.70%. The business had revenue of $736.52 million during the quarter, compared to analyst estimates of $681.03 million. As a group, equities analysts expect that Nextracker Inc. will post 2.23 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Leah Schlesinger sold 2,149 shares of Nextracker stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $51.91, for a total transaction of $111,554.59. Following the completion of the sale, the insider now owns 11,910 shares in the company, valued at approximately $618,248.10. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Nextracker news, COO Nicholas Marco Miller sold 8,355 shares of the stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Leah Schlesinger sold 2,149 shares of the firm’s stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total value of $111,554.59. Following the transaction, the insider now owns 11,910 shares in the company, valued at approximately $618,248.10. The disclosure for this sale can be found here. Insiders sold a total of 22,639 shares of company stock worth $1,084,460 over the last three months. 0.09% of the stock is currently owned by company insiders.

About Nextracker

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.