Nextracker Inc. (NASDAQ:NXT) Stock Position Raised by Allworth Financial LP

Allworth Financial LP lifted its position in Nextracker Inc. (NASDAQ:NXT) by 52.4% in the 4th quarter, Holdings Channel reports. The fund owned 803 shares of the company’s stock after buying an additional 276 shares during the period. Allworth Financial LP’s holdings in Nextracker were worth $29,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Quarry LP lifted 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 in the last quarter. Principal Securities Inc. lifted its position in Nextracker by 41.8% in the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock worth $51,000 after buying an additional 410 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in Nextracker by 38.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock worth $68,000 after buying an additional 516 shares in the last quarter. Neo Ivy Capital Management purchased a new stake in Nextracker in the 3rd quarter worth approximately $74,000. Finally, Arcadia Investment Management Corp MI purchased a new stake in Nextracker in the 3rd quarter worth approximately $75,000. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Analyst Upgrades and Downgrades

NXT has been the topic of several analyst reports. TD Cowen initiated coverage on shares of Nextracker in a research note on Thursday, December 19th. They set a “hold” rating and a $41.00 price target on the stock. Northland Capmk upgraded shares of Nextracker to a “strong-buy” rating in a research note on Tuesday, November 19th. Truist Financial restated a “buy” rating and set a $56.00 price target (up previously from $54.00) on shares of Nextracker in a research note on Wednesday, January 29th. Guggenheim increased their price target on shares of Nextracker from $50.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. Finally, Robert W. Baird dropped their price target on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a research note on Thursday, October 31st. Three research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $56.50.

Insider Activity

In other news, President Howard Wenger sold 6,066 shares of Nextracker 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 sale, the president now directly owns 209,365 shares in the company, valued at approximately $9,421,425. The trade was a 2.82 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO David P. Bennett sold 9,801 shares of Nextracker stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total transaction of $489,069.90. Following the sale, the chief accounting officer now owns 124,577 shares in the company, valued at approximately $6,216,392.30. This trade represents a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 25,758 shares of company stock worth $1,217,520. Corporate insiders own 0.27% of the company’s stock.

Nextracker Stock Performance

NASDAQ:NXT opened at $47.42 on Thursday. The firm’s 50-day moving average is $43.13 and its 200-day moving average is $39.31. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $62.31. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. The company has a market cap of $6.91 billion, a price-to-earnings ratio of 12.07 and a beta of 2.13.

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

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.