Hodges Capital Management Inc. Takes $2.73 Million Position in Nextracker Inc. (NASDAQ:NXT)

Hodges Capital Management Inc. acquired a new stake in Nextracker Inc. (NASDAQ:NXT) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 48,426 shares of the company’s stock, valued at approximately $2,725,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NXT. UBS Group AG increased its holdings in Nextracker by 7,428.3% during the third quarter. UBS Group AG now owns 118,420 shares of the company’s stock worth $4,756,000 after buying an additional 116,847 shares during the last quarter. Rhumbline Advisers increased its holdings in Nextracker by 61.6% during the third quarter. Rhumbline Advisers now owns 68,440 shares of the company’s stock worth $2,749,000 after buying an additional 26,092 shares during the last quarter. FMR LLC increased its holdings in Nextracker by 1.0% during the third quarter. FMR LLC now owns 731,708 shares of the company’s stock worth $29,385,000 after buying an additional 7,131 shares during the last quarter. Dark Forest Capital Management LP acquired a new position in Nextracker during the third quarter worth $331,000. Finally, Federated Hermes Inc. acquired a new position in Nextracker during the third quarter worth $4,323,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Leah Schlesinger sold 2,149 shares of the company’s 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 completion of the transaction, the insider now owns 11,910 shares of the company’s stock, valued at $618,248.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Leah Schlesinger sold 2,149 shares of the company’s 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 directly owns 11,910 shares in the company, valued at $618,248.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bruce Ledesma sold 12,135 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $43.91, for a total value of $532,847.85. Following the completion of the sale, the insider now owns 17,387 shares in the company, valued at $763,463.17. The disclosure for this sale can be found here. Insiders sold 22,639 shares of company stock valued at $1,084,460 over the last quarter. 0.09% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

NXT has been the topic of a number of recent analyst reports. Piper Sandler lowered their target price on shares of Nextracker from $66.00 to $64.00 and set an “overweight” rating on the stock in a report on Thursday, April 11th. BMO Capital Markets reduced their target price on shares of Nextracker from $62.00 to $56.00 and set a “market perform” rating for the company in a research report on Wednesday, May 15th. Susquehanna started coverage on shares of Nextracker in a research report on Friday. They issued a “positive” rating and a $59.00 target price for the company. Fox Advisors raised shares of Nextracker from an “equal weight” rating to an “overweight” rating and set a $60.00 target price for the company in a research report on Wednesday, May 15th. Finally, Scotiabank reduced their target price on shares of Nextracker from $55.00 to $50.00 and set a “sector outperform” rating for the company in a research report on Monday, April 29th. Four investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $58.54.

Nextracker Stock Down 4.6 %

Shares of NASDAQ NXT opened at $46.88 on Friday. The company has a current ratio of 1.98, a quick ratio of 1.76 and a debt-to-equity ratio of 0.15. The company has a market cap of $6.80 billion, a price-to-earnings ratio of 13.95 and a beta of 2.66. Nextracker Inc. has a 12 month low of $32.14 and a 12 month high of $62.31. The stock has a 50-day moving average price of $50.32 and a two-hundred day moving average price of $51.15.

Nextracker (NASDAQ:NXT) last released its quarterly earnings data on Tuesday, May 14th. The company reported $0.85 earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $681.03 million. As a group, analysts forecast that Nextracker Inc. will post 2.23 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 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.