Proficio Capital Partners LLC Takes $961,000 Position in Nextracker Inc. (NASDAQ:NXT)

Proficio Capital Partners LLC purchased a new stake in shares of Nextracker Inc. (NASDAQ:NXT) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 26,302 shares of the company’s stock, valued at approximately $961,000.

A number of other large investors have also recently modified their holdings of NXT. Allworth Financial LP raised its holdings in shares of Nextracker by 52.4% during the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after buying an additional 276 shares in the last quarter. Quarry LP increased its stake 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 purchasing an additional 426 shares during the period. Principal Securities Inc. increased its stake 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 purchasing an additional 410 shares during the period. Nisa Investment Advisors LLC increased its stake 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 purchasing an additional 516 shares during the period. Finally, Neo Ivy Capital Management purchased a new position in shares of Nextracker during the third quarter valued at approximately $74,000. Institutional investors own 67.41% of the company’s stock.

Nextracker Trading Down 1.6 %

NXT opened at $44.27 on Friday. Nextracker Inc. has a one year low of $30.93 and a one year high of $62.31. The stock has a market capitalization of $6.45 billion, a PE ratio of 11.26 and a beta of 2.24. The business’s 50 day moving average price is $45.00 and its 200 day moving average price is $39.77. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20.

Nextracker (NASDAQ:NXT) last released its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 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%. As a group, equities research analysts expect that Nextracker Inc. will post 3.29 EPS for the current year.

Insider Transactions at Nextracker

In other Nextracker news, CAO David P. Bennett sold 9,801 shares of the company’s stock in a transaction on Wednesday, January 29th. The shares were 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 owns 124,577 shares in the company, valued at $6,216,392.30. This represents a 7.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Bruce Ledesma sold 9,891 shares of the company’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $46.05, for a total transaction of $455,480.55. Following the completion of the transaction, the insider now owns 132,374 shares of the company’s stock, valued at $6,095,822.70. This represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 25,758 shares of company stock valued at $1,217,520. 0.27% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts recently weighed in on NXT shares. Truist Financial restated a “buy” rating and set a $56.00 price target (up from $54.00) on shares of Nextracker in a research report on Wednesday, January 29th. The Goldman Sachs Group upped their price target on Nextracker from $54.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. Northland Securities reaffirmed an “outperform” rating and set a $55.00 price target (up from $48.00) on shares of Nextracker in a report on Wednesday, January 29th. BMO Capital Markets upped their price target on Nextracker from $48.00 to $50.00 and gave the company a “market perform” rating in a report on Wednesday, January 29th. Finally, UBS Group upped their price objective on Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $56.43.

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.