Retirement Systems of Alabama Acquires 410 Shares of Nextracker Inc. (NASDAQ:NXT)

Retirement Systems of Alabama lifted its holdings in Nextracker Inc. (NASDAQ:NXT) by 0.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 174,654 shares of the company’s stock after purchasing an additional 410 shares during the quarter. Retirement Systems of Alabama owned 0.12% of Nextracker worth $6,380,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Quarry LP raised its position in Nextracker by 61.5% in the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after buying an additional 426 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in shares of Nextracker by 38.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock worth $68,000 after acquiring an additional 516 shares during the period. HighTower Advisors LLC lifted its position in Nextracker by 1.8% during the third quarter. HighTower Advisors LLC now owns 29,777 shares of the company’s stock valued at $1,115,000 after purchasing an additional 519 shares during the period. GAMMA Investing LLC lifted its position in Nextracker by 83.2% during the third quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock valued at $45,000 after purchasing an additional 549 shares during the period. Finally, Signaturefd LLC boosted its holdings in Nextracker by 37.8% in the third quarter. Signaturefd LLC now owns 2,043 shares of the company’s stock worth $77,000 after purchasing an additional 560 shares during the last quarter. 67.41% of the stock is owned by institutional investors.

Insider Activity

In other news, CAO David P. Bennett sold 9,801 shares of the business’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total value of $489,069.90. Following the completion of the transaction, the chief accounting officer now directly owns 124,577 shares of the company’s stock, valued at $6,216,392.30. The trade was a 7.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $45.00, for a total transaction of $272,970.00. Following the completion of the transaction, the president now owns 209,365 shares in the company, valued at approximately $9,421,425. This trade represents a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.27% of the company’s stock.

Nextracker Price Performance

Shares of NASDAQ NXT opened at $46.12 on Monday. The stock has a market cap of $6.72 billion, a P/E ratio of 11.74 and a beta of 2.14. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $62.31. The stock has a 50 day moving average of $40.53 and a two-hundred day moving average of $39.05. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10.

Nextracker (NASDAQ:NXT) last released its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.31. Nextracker had a return on equity of 41.22% and a net margin of 20.12%. On average, research analysts forecast that Nextracker Inc. will post 3.29 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. BNP Paribas raised Nextracker to a “strong-buy” rating in a report on Wednesday, January 29th. Piper Sandler boosted their price target on Nextracker from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. JPMorgan Chase & Co. raised their price objective on shares of Nextracker from $58.00 to $61.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. Bank of America cut their target price on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Finally, TD Cowen initiated coverage on shares of Nextracker in a research report on Thursday, December 19th. They issued a “hold” rating and a $41.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $56.50.

Nextracker Company Profile

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and distributed generation solar projects in the United States and internationally. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.