KLP Kapitalforvaltning AS Invests $1.04 Million in Nextracker Inc. (NASDAQ:NXT)

KLP Kapitalforvaltning AS purchased a new stake in shares of Nextracker Inc. (NASDAQ:NXT) in the 4th quarter, Holdings Channel reports. The fund purchased 28,395 shares of the company’s stock, valued at approximately $1,037,000.

A number of other hedge funds also recently added to or reduced their stakes in NXT. Allworth Financial LP lifted its stake in 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 acquiring an additional 276 shares during the period. Quarry LP lifted its position in Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after purchasing an additional 426 shares during the period. Millstone Evans Group LLC purchased a new stake in Nextracker in the fourth quarter worth approximately $48,000. Principal Securities Inc. grew 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 purchasing an additional 410 shares during the period. Finally, Nisa Investment Advisors LLC raised its stake in Nextracker by 38.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after buying an additional 516 shares during the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on NXT. TD Cowen began coverage on Nextracker in a research note on Thursday, December 19th. They issued a “hold” rating and a $41.00 price target on the stock. JPMorgan Chase & Co. boosted their price target on Nextracker from $58.00 to $61.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. BNP Paribas upgraded shares of Nextracker to a “strong-buy” rating in a research note on Wednesday, January 29th. Guggenheim raised their price objective on shares of Nextracker from $50.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. Finally, Northland Securities reaffirmed an “outperform” rating and set a $55.00 target price (up from $48.00) on shares of Nextracker in a report on Wednesday, January 29th. Three investment analysts have rated the stock with a hold rating, twenty have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $56.43.

Insiders Place Their Bets

In related news, insider Bruce Ledesma sold 9,891 shares of the firm’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $46.05, for a total value of $455,480.55. Following the completion of 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 document filed with the SEC, which can be accessed through this hyperlink. Also, 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 transaction 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 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 quarter. 0.27% of the stock is currently owned by insiders.

Nextracker Stock Performance

NXT opened at $43.15 on Monday. 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 stock has a market capitalization of $6.28 billion, a price-to-earnings ratio of 10.98 and a beta of 2.24. The company has a fifty day moving average of $45.09 and a 200 day moving average of $40.13. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31.

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

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.