Capital Advisors Ltd. LLC Takes $46,000 Position in Nextracker Inc. (NASDAQ:NXT)

Capital Advisors Ltd. LLC purchased a new position in Nextracker Inc. (NASDAQ:NXT) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 815 shares of the company’s stock, valued at approximately $46,000.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased 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 valued at $220,671,000 after purchasing an additional 216,674 shares during the last quarter. Norges Bank purchased a new position in shares of Nextracker during the fourth quarter worth approximately $120,861,000. Handelsbanken Fonder AB lifted its holdings in shares of Nextracker by 30.1% in the 4th quarter. Handelsbanken Fonder AB now owns 1,927,825 shares of the company’s stock worth $90,319,000 after acquiring an additional 446,034 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Nextracker by 31.4% in the 4th quarter. Victory Capital Management Inc. now owns 1,689,656 shares of the company’s stock valued at $79,160,000 after purchasing an additional 404,146 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its holdings 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 valued at $39,958,000 after purchasing an additional 958,838 shares during the last quarter. Institutional investors own 67.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Barclays downgraded shares of Nextracker from an “overweight” rating to an “equal weight” rating and boosted their price target for the stock from $55.00 to $63.00 in a research note on Tuesday, April 2nd. Scotiabank lowered their target price on Nextracker from $55.00 to $50.00 and set a “sector outperform” rating for the company in a research note on Monday, April 29th. Piper Sandler reduced their price target on Nextracker from $66.00 to $64.00 and set an “overweight” rating on the stock in a research report on Thursday, April 11th. Fox Advisors raised Nextracker from an “equal weight” rating to an “overweight” rating and set a $60.00 price target on the stock in a research note on Wednesday, May 15th. Finally, Daiwa Capital Markets assumed coverage on Nextracker in a research note on Monday, April 1st. They set an “outperform” rating and a $63.00 price objective for the company. Four research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Nextracker has a consensus rating of “Moderate Buy” and an average target price of $58.54.

Insider Buying and Selling at Nextracker

In related news, insider Bruce Ledesma sold 12,135 shares of the company’s stock in a transaction that occurred 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 sale, the insider now owns 17,387 shares in the company, valued at approximately $763,463.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.27% of the company’s stock.

Nextracker Price Performance

Shares of NXT stock opened at $45.32 on Wednesday. The company has a quick ratio of 1.76, a current ratio of 1.98 and a debt-to-equity ratio of 0.15. The stock has a market cap of $6.58 billion, a price-to-earnings ratio of 13.49 and a beta of 2.52. The business’s fifty day moving average is $50.37 and its 200 day moving average is $51.20. Nextracker Inc. has a twelve month low of $32.14 and a twelve month high of $62.31.

Nextracker (NASDAQ:NXT) last released its earnings results on Tuesday, May 14th. The company reported $0.85 earnings per share for the quarter, topping 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 firm had revenue of $736.52 million for the quarter, compared to the consensus estimate of $681.03 million. Research analysts expect that Nextracker Inc. will post 2.23 EPS for the current fiscal year.

Nextracker 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.