Handelsinvest Investeringsforvaltning Purchases Shares of 1,668 Nextracker Inc. (NASDAQ:NXT)

Handelsinvest Investeringsforvaltning acquired a new position in shares of Nextracker Inc. (NASDAQ:NXT) in the 1st quarter, HoldingsChannel reports. The fund acquired 1,668 shares of the company’s stock, valued at approximately $94,000.

Other hedge funds also recently modified their holdings of the company. Norges Bank bought a new stake in Nextracker in the 4th quarter valued at about $120,861,000. Jacobs Levy Equity Management Inc. grew its stake in Nextracker by 2,652.9% in the third quarter. Jacobs Levy Equity Management Inc. now owns 994,981 shares of the company’s stock valued at $39,958,000 after acquiring an additional 958,838 shares during the period. Westfield Capital Management Co. LP bought a new stake in shares of Nextracker during the fourth quarter valued at approximately $21,695,000. Handelsbanken Fonder AB raised its position in shares of Nextracker by 30.1% during the fourth quarter. Handelsbanken Fonder AB now owns 1,927,825 shares of the company’s stock worth $90,319,000 after purchasing an additional 446,034 shares during the period. Finally, Victory Capital Management Inc. lifted its holdings 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 worth $79,160,000 after purchasing an additional 404,146 shares in the last quarter. Institutional investors own 67.41% of the company’s stock.

Insider Transactions at Nextracker

In related 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 sale, the insider now directly owns 17,387 shares of the company’s stock, valued at $763,463.17. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.27% of the stock is currently owned by company insiders.

Nextracker Stock Up 4.5 %

NXT opened at $47.37 on Friday. The stock has a market cap of $6.88 billion, a price-to-earnings ratio of 14.10 and a beta of 2.51. Nextracker Inc. has a twelve month low of $32.14 and a twelve month high of $62.31. 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 company’s 50-day moving average price is $50.45 and its two-hundred day moving average price is $51.16.

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

Analysts Set New Price Targets

A number of analysts have commented on the stock. Daiwa Capital Markets began coverage on shares of Nextracker in a research note on Monday, April 1st. They set an “outperform” rating and a $63.00 price target for the company. Barclays lowered shares of Nextracker from an “overweight” rating to an “equal weight” rating and upped their target price for the stock from $55.00 to $63.00 in a report on Tuesday, April 2nd. Roth Mkm reaffirmed a “buy” rating and issued a $70.00 price target on shares of Nextracker in a research report on Wednesday, May 15th. Wells Fargo & Company decreased their price objective on Nextracker from $68.00 to $64.00 and set an “overweight” rating for the company in a report on Wednesday, May 15th. Finally, Truist Financial restated a “buy” rating and issued a $70.00 target price 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 company. According to data from MarketBeat.com, Nextracker has a consensus rating of “Moderate Buy” and a consensus price target 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.