Gateway Investment Advisers LLC Acquires New Shares in Nextracker Inc. (NASDAQ:NXT)

Gateway Investment Advisers LLC acquired a new stake in shares of Nextracker Inc. (NASDAQ:NXT) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 7,681 shares of the company’s stock, valued at approximately $432,000.

A number of other institutional investors have also recently bought and sold shares of NXT. Bruce G. Allen Investments LLC acquired a new stake in shares of Nextracker in the first quarter worth about $37,000. Wahed Invest LLC acquired a new stake in shares of Nextracker in the fourth quarter worth about $43,000. Parallel Advisors LLC lifted its position in shares of Nextracker by 49.4% in the fourth quarter. Parallel Advisors LLC now owns 2,850 shares of the company’s stock worth $134,000 after buying an additional 942 shares during the last quarter. Quarry LP lifted its position in shares of Nextracker by 197.5% in the fourth quarter. Quarry LP now owns 1,428 shares of the company’s stock worth $67,000 after buying an additional 948 shares during the last quarter. Finally, Tucker Asset Management LLC acquired a new stake in shares of Nextracker in the third quarter worth about $42,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

Insider Buying and Selling

In related news, COO Nicholas Marco Miller sold 8,355 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total transaction of $440,057.85. Following the sale, the chief operating officer now directly owns 11,114 shares in the company, valued at approximately $585,374.38. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, COO Nicholas Marco Miller sold 8,355 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total transaction of $440,057.85. Following the sale, the chief operating officer now directly owns 11,114 shares in the company, valued at approximately $585,374.38. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Leah Schlesinger sold 2,149 shares of the stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total value of $111,554.59. Following the sale, the insider now owns 11,910 shares in the company, valued at $618,248.10. The disclosure for this sale can be found here. Insiders have sold a total of 22,639 shares of company stock worth $1,084,460 in the last three months. Insiders own 0.09% of the company’s stock.

Nextracker Trading Down 6.1 %

NXT stock opened at $46.59 on Thursday. Nextracker Inc. has a 1-year low of $32.14 and a 1-year high of $62.31. The firm has a market cap of $6.76 billion, a P/E ratio of 13.87 and a beta of 2.66. The business’s 50 day moving average is $50.14 and its 200-day moving average is $51.09. The company has a current ratio of 1.98, a quick ratio of 1.76 and a debt-to-equity ratio of 0.15.

Nextracker (NASDAQ:NXT) last released its quarterly earnings data on Tuesday, May 14th. The company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.38. Nextracker had a negative return on equity of 13.70% and a net margin of 12.25%. The company had revenue of $736.52 million for the quarter, compared to analyst estimates of $681.03 million. Equities analysts anticipate that Nextracker Inc. will post 2.23 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Truist Financial reissued a “buy” rating and set a $70.00 price objective on shares of Nextracker in a research report on Wednesday, May 15th. Bank of America boosted their price objective on Nextracker from $53.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. BMO Capital Markets cut their price objective on Nextracker from $62.00 to $56.00 and set a “market perform” rating for the company in a research report on Wednesday, May 15th. Piper Sandler cut their price objective on Nextracker from $66.00 to $64.00 and set an “overweight” rating for the company in a research report on Thursday, April 11th. Finally, Northland Securities cut Nextracker from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $60.00 to $44.00 in a research report on Friday, April 26th. Four equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $58.52.

About Nextracker

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.