Vanguard Group Inc. Acquires 216,674 Shares of Nextracker Inc. (NASDAQ:NXT)

Vanguard Group Inc. increased its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 4.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,710,158 shares of the company’s stock after purchasing an additional 216,674 shares during the period. Vanguard Group Inc. owned 3.45% of Nextracker worth $220,671,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Rhumbline Advisers raised its holdings in Nextracker by 61.6% in the third quarter. Rhumbline Advisers now owns 68,440 shares of the company’s stock worth $2,749,000 after purchasing an additional 26,092 shares in the last quarter. FMR LLC lifted its position in Nextracker by 1.0% during the third quarter. FMR LLC now owns 731,708 shares of the company’s stock valued at $29,385,000 after acquiring an additional 7,131 shares during the last quarter. Gotham Asset Management LLC acquired a new stake in Nextracker in the third quarter valued at approximately $448,000. Glenmede Trust Co. NA purchased a new position in Nextracker in the third quarter worth $269,000. Finally, Alps Advisors Inc. increased its position in shares of Nextracker by 43.8% during the third quarter. Alps Advisors Inc. now owns 188,457 shares of the company’s stock worth $7,568,000 after purchasing an additional 57,371 shares in the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextracker Stock Down 1.6 %

NXT opened at $46.12 on Tuesday. The company has a fifty day moving average of $50.32 and a two-hundred day moving average of $51.20. The stock has a market capitalization of $6.69 billion, a price-to-earnings ratio of 13.73 and a beta of 2.52. Nextracker Inc. has a fifty-two week low of $32.14 and a fifty-two week high of $62.31. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.76 and a current ratio of 1.98.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings results 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. The firm had revenue of $736.52 million during the quarter, compared to analyst estimates of $681.03 million. Nextracker had a negative return on equity of 13.70% and a net margin of 12.25%. On average, research analysts expect that Nextracker Inc. will post 2.23 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently weighed in on NXT. Fox Advisors upgraded Nextracker from an “equal weight” rating to an “overweight” rating and set a $60.00 target price on the stock in a research note on Wednesday, May 15th. Robert W. Baird started coverage on Nextracker in a research note on Thursday, March 21st. They set an “outperform” rating and a $71.00 price target on the stock. Wells Fargo & Company decreased their price objective on shares of Nextracker from $68.00 to $64.00 and set an “overweight” rating for the company in a research report on Wednesday, May 15th. Truist Financial restated a “buy” rating and set a $70.00 price target on shares of Nextracker in a research note on Wednesday, May 15th. Finally, Guggenheim lowered their price objective on shares of Nextracker from $73.00 to $60.00 and set a “buy” rating for the company in a research note on Tuesday, April 23rd. 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, Nextracker presently has a consensus rating of “Moderate Buy” and an average target price of $58.54.

Insider Transactions at Nextracker

In other Nextracker news, insider Bruce Ledesma sold 12,135 shares of the 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 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 SEC, which is accessible through the SEC website. In other Nextracker news, insider Bruce Ledesma sold 12,135 shares of the stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $43.91, for a total transaction of $532,847.85. Following the completion of the transaction, the insider now owns 17,387 shares of the company’s stock, valued at $763,463.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Leah Schlesinger sold 2,149 shares of Nextracker 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 sale, the insider now directly owns 11,910 shares in the company, valued at $618,248.10. The disclosure for this sale can be found here. Corporate insiders own 0.27% of the company’s stock.

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.