4,769 Shares in Nextracker Inc. (NASDAQ:NXT) Purchased by Park Avenue Securities LLC

Park Avenue Securities LLC acquired a new position in Nextracker Inc. (NASDAQ:NXT) in the first quarter, HoldingsChannel.com reports. The institutional investor acquired 4,769 shares of the company’s stock, valued at approximately $268,000.

Several other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of Nextracker by 4.8% during the 4th quarter. Vanguard Group Inc. now owns 4,710,158 shares of the company’s stock worth $220,671,000 after buying an additional 216,674 shares during the period. Norges Bank acquired a new position in shares of Nextracker during the 4th quarter worth about $120,861,000. Handelsbanken Fonder AB grew its position in shares of Nextracker by 30.1% during the 4th quarter. Handelsbanken Fonder AB now owns 1,927,825 shares of the company’s stock worth $90,319,000 after buying an additional 446,034 shares during the period. Victory Capital Management Inc. grew its position in shares of Nextracker by 31.4% during the 4th quarter. Victory Capital Management Inc. now owns 1,689,656 shares of the company’s stock worth $79,160,000 after buying an additional 404,146 shares during the period. Finally, Jacobs Levy Equity Management Inc. grew its position in shares of Nextracker by 2,652.9% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 994,981 shares of the company’s stock worth $39,958,000 after buying an additional 958,838 shares during the period. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Nextracker Stock Down 1.6 %

NXT opened at $46.12 on Tuesday. 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 stock’s fifty day simple moving average is $50.32 and its 200 day simple moving average is $51.20. Nextracker Inc. has a 1-year low of $32.14 and a 1-year high of $62.31. The stock has a market cap of $6.69 billion, a PE ratio of 13.73 and a beta of 2.52.

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

Insider Buying and Selling at Nextracker

In other Nextracker news, insider Bruce Ledesma sold 12,135 shares of the company’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $43.91, for a total value of $532,847.85. Following the transaction, the insider now directly owns 17,387 shares of the company’s stock, valued at approximately $763,463.17. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Bruce Ledesma sold 12,135 shares of the stock in a transaction on Monday, May 20th. The stock was sold at an average price of $43.91, for a total transaction of $532,847.85. Following the sale, the insider now directly owns 17,387 shares of the company’s stock, valued at approximately $763,463.17. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Leah Schlesinger sold 2,149 shares of the stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total value of $111,554.59. Following the sale, the insider now directly owns 11,910 shares in the company, valued at $618,248.10. The disclosure for this sale can be found here. Insiders own 0.27% of the company’s stock.

Wall Street Analysts Forecast Growth

NXT has been the subject of several analyst reports. Daiwa Capital Markets initiated coverage on Nextracker in a research report on Monday, April 1st. They set an “outperform” rating and a $63.00 target price for the company. Susquehanna initiated coverage on Nextracker in a research report on Friday. They set a “positive” rating and a $59.00 target price for the company. Robert W. Baird initiated coverage on Nextracker in a research report on Thursday, March 21st. They issued an “outperform” rating and a $71.00 price objective for the company. 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 report on Wednesday, May 15th. Finally, Barclays lowered Nextracker from an “overweight” rating to an “equal weight” rating and boosted their price objective for the company from $55.00 to $63.00 in a research report on Tuesday, April 2nd. Four analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.54.

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.