Charles Schwab Investment Management Inc. Increases Stock Position in Nextracker Inc. (NASDAQ:NXT)

Charles Schwab Investment Management Inc. raised its position in shares of Nextracker Inc. (NASDAQ:NXT) by 0.8% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 1,331,078 shares of the company’s stock after purchasing an additional 10,162 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Nextracker were worth $48,624,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in NXT. Allworth Financial LP lifted its position in shares of Nextracker by 52.4% in the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after purchasing an additional 276 shares during the period. Quarry LP increased its stake in shares of Nextracker by 61.5% in the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after acquiring an additional 426 shares in the last quarter. Principal Securities Inc. increased its stake in shares of 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 acquiring an additional 410 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in shares of 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 acquiring an additional 516 shares in the last quarter. Finally, Neo Ivy Capital Management bought a new stake in Nextracker during the 3rd quarter valued at about $74,000. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextracker Trading Down 1.9 %

Nextracker stock opened at $44.31 on Friday. 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 Inc. has a 12 month low of $30.93 and a 12 month high of $62.31. The stock’s 50 day simple moving average is $44.72 and its two-hundred day simple moving average is $39.62. The firm has a market cap of $6.45 billion, a PE ratio of 11.27 and a beta of 2.24.

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, beating analysts’ consensus estimates of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. Analysts anticipate that Nextracker Inc. will post 3.29 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. 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 objective for the company. Northland Capmk upgraded shares of Nextracker to a “strong-buy” rating in a research note on Tuesday, November 19th. Wells Fargo & Company reduced their price target on shares of Nextracker from $70.00 to $69.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Barclays raised shares of Nextracker from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $47.00 to $60.00 in a report on Wednesday, January 29th. Finally, Northland Securities reissued an “outperform” rating and issued a $55.00 price objective (up previously from $48.00) on shares of Nextracker in a report on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Nextracker presently has a consensus rating of “Moderate Buy” and an average target price of $56.50.

Insiders Place Their Bets

In related news, CAO David P. Bennett sold 9,801 shares of the business’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total value of $489,069.90. Following the sale, the chief accounting officer now directly owns 124,577 shares in the company, valued at approximately $6,216,392.30. The trade was a 7.29 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Howard Wenger sold 6,066 shares of the business’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $45.00, for a total transaction of $272,970.00. Following the sale, the president now owns 209,365 shares in the company, valued at $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 have sold a total of 25,758 shares of company stock valued at $1,217,520 in the last 90 days. 0.27% of the stock is owned by insiders.

Nextracker 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.