Sunbelt Securities Inc. Buys Shares of 2,189 Nextracker Inc. (NASDAQ:NXT)

Sunbelt Securities Inc. bought a new stake in shares of Nextracker Inc. (NASDAQ:NXT) in the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 2,189 shares of the company’s stock, valued at approximately $123,000.

Other institutional investors also recently made changes to their positions in the company. Bruce G. Allen Investments LLC acquired a new stake in shares of Nextracker in the 1st quarter worth approximately $37,000. Tucker Asset Management LLC acquired a new stake in shares of Nextracker in the 3rd quarter worth approximately $42,000. Wahed Invest LLC acquired a new stake in shares of Nextracker in the 4th quarter worth approximately $43,000. Global Retirement Partners LLC bought a new stake in shares of Nextracker in the 4th quarter worth approximately $63,000. Finally, Quarry LP raised its holdings in shares of Nextracker by 197.5% in the 4th quarter. Quarry LP now owns 1,428 shares of the company’s stock worth $67,000 after purchasing an additional 948 shares in the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently commented on NXT. Bank of America boosted their target price on shares of Nextracker from $53.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. Daiwa Capital Markets initiated coverage on shares of Nextracker in a report on Monday, April 1st. They issued an “outperform” rating and a $63.00 target price on the stock. Scotiabank cut their price target on shares of Nextracker from $55.00 to $50.00 and set a “sector outperform” rating on the stock in a report on Monday, April 29th. Mizuho cut their price target on shares of Nextracker from $64.00 to $59.00 and set a “buy” rating on the stock in a report on Friday, April 19th. Finally, Susquehanna initiated coverage on shares of Nextracker in a report on Friday. They set a “positive” rating and a $59.00 price target on the stock. Four analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, Nextracker presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.54.

Insiders Place Their Bets

In other Nextracker news, insider Bruce Ledesma sold 12,135 shares of the business’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 directly owns 17,387 shares of the company’s stock, valued at $763,463.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Leah Schlesinger sold 2,149 shares of the company’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $51.91, for a total transaction of $111,554.59. Following the completion of the sale, the insider now directly owns 11,910 shares of the company’s stock, valued at approximately $618,248.10. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Bruce Ledesma sold 12,135 shares of the company’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $43.91, for a total transaction of $532,847.85. Following the transaction, the insider now owns 17,387 shares of the company’s stock, 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 ninety days. Corporate insiders own 0.09% of the company’s stock.

Nextracker Stock Performance

NXT stock opened at $46.88 on Friday. The company has a quick ratio of 1.76, a current ratio of 1.98 and a debt-to-equity ratio of 0.15. The company has a market capitalization 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 firm has a 50 day moving average of $50.32 and a two-hundred day moving average of $51.15.

Nextracker (NASDAQ:NXT) last posted its earnings results on Tuesday, May 14th. The company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.47 by $0.38. The company had revenue of $736.52 million during the quarter, compared to the consensus estimate of $681.03 million. Nextracker had a net margin of 12.25% and a negative return on equity of 13.70%. As a group, equities analysts anticipate that Nextracker Inc. will post 2.23 EPS for the current fiscal year.

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.