Raymond James Financial Inc. Purchases New Holdings in Nextracker Inc. (NASDAQ:NXT)

Raymond James Financial Inc. purchased a new position in shares of Nextracker Inc. (NASDAQ:NXT) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 128,950 shares of the company’s stock, valued at approximately $4,711,000.

Several other hedge funds and other institutional investors have also bought and sold shares of NXT. Allworth Financial LP boosted its stake in Nextracker by 52.4% in the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after acquiring an additional 276 shares during the last quarter. Quarry LP raised its holdings 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 purchasing an additional 426 shares during the period. Principal Securities Inc. lifted its stake in Nextracker by 41.8% in the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock valued at $51,000 after purchasing an additional 410 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in Nextracker by 38.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after purchasing an additional 516 shares during the last quarter. Finally, Neo Ivy Capital Management bought a new position in Nextracker during the third quarter valued at $74,000. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Insiders Place Their Bets

In other Nextracker news, insider Bruce Ledesma sold 9,891 shares of Nextracker stock in a transaction that occurred 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 transaction, the insider now directly owns 132,374 shares of the company’s stock, valued at approximately $6,095,822.70. This trade represents a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, President Howard Wenger sold 6,066 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total transaction of $272,970.00. Following the completion of the sale, the president now owns 209,365 shares of the company’s stock, valued at approximately $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,758 shares of company stock valued at $1,217,520 over the last 90 days. Insiders own 0.27% of the company’s stock.

Nextracker Trading Up 0.0 %

Shares of NXT opened at $45.21 on Wednesday. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $62.31. The company has a market capitalization of $6.58 billion, a P/E ratio of 11.50 and a beta of 2.24. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The firm’s 50 day simple moving average is $45.14 and its 200 day simple moving average is $39.94.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, beating 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%. Sell-side analysts forecast that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have issued reports on NXT. Piper Sandler boosted their target price on Nextracker from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Wells Fargo & Company lowered their price objective on Nextracker from $70.00 to $69.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. BMO Capital Markets increased their target price on shares of Nextracker from $48.00 to $50.00 and gave the stock a “market perform” rating in a research report on Wednesday, January 29th. Truist Financial reissued a “buy” rating and issued a $56.00 price target (up previously from $54.00) on shares of Nextracker in a research report on Wednesday, January 29th. Finally, The Goldman Sachs Group raised their price objective on shares of Nextracker from $54.00 to $61.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. Three research 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 company’s stock. Based on data from MarketBeat.com, Nextracker has an average rating of “Moderate Buy” and a consensus target price of $56.43.

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.