Nextracker Inc. (NASDAQ:NXT) Shares Acquired by Allworth Financial LP

Allworth Financial LP grew its stake in Nextracker Inc. (NASDAQ:NXT) by 52.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 803 shares of the company’s stock after purchasing an additional 276 shares during the quarter. Allworth Financial LP’s holdings in Nextracker were worth $29,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the stock. Principal Securities Inc. raised its stake in Nextracker by 41.8% during the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock worth $51,000 after acquiring an additional 410 shares during the period. Figure 8 Investment Strategies LLC acquired a new stake in Nextracker during the fourth quarter worth about $393,000. Vontobel Holding Ltd. acquired a new stake in Nextracker during the fourth quarter worth about $1,582,000. Renaissance Capital LLC raised its stake in Nextracker by 3.5% during the fourth quarter. Renaissance Capital LLC now owns 159,779 shares of the company’s stock worth $5,837,000 after acquiring an additional 5,390 shares during the period. Finally, North Point Portfolio Managers Corp OH raised its stake in Nextracker by 56.7% during the fourth quarter. North Point Portfolio Managers Corp OH now owns 168,526 shares of the company’s stock worth $6,156,000 after acquiring an additional 60,970 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Stock Up 1.9 %

NXT stock opened at $47.42 on Thursday. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $62.31. The firm has a market cap of $6.91 billion, a PE ratio of 12.07 and a beta of 2.13. The firm has a 50 day simple moving average of $43.13 and a 200 day simple moving average of $39.31. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96.

Nextracker (NASDAQ:NXT) last released its earnings results on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. Equities research analysts forecast that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

NXT has been the topic of several research reports. Truist Financial reiterated a “buy” rating and set a $56.00 price objective (up previously from $54.00) on shares of Nextracker in a research note on Wednesday, January 29th. JPMorgan Chase & Co. upped their target price on shares of Nextracker from $58.00 to $61.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Citigroup decreased their target price on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating for the company in a research report on Wednesday, January 8th. Bank of America decreased their target price on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Finally, Northland Securities restated an “outperform” rating and issued a $55.00 target price (up previously from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $56.50.

Insider Activity at Nextracker

In related news, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total value of $272,970.00. Following the completion of the sale, the president now owns 209,365 shares in the company, valued at approximately $9,421,425. This represents a 2.82 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bruce Ledesma sold 9,891 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $46.05, for a total transaction of $455,480.55. Following the completion of the sale, the insider now 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 position. The disclosure for this sale can be found here. Insiders sold a total of 25,758 shares of company stock valued at $1,217,520 over the last ninety days. 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 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.