Proficio Capital Partners LLC Makes New Investment in Nextracker Inc. (NASDAQ:NXT)

Proficio Capital Partners LLC bought a new position in shares of Nextracker Inc. (NASDAQ:NXT) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 26,302 shares of the company’s stock, valued at approximately $961,000.

A number of other hedge funds also recently bought and sold shares of NXT. IFP Advisors Inc lifted its holdings in shares of Nextracker by 516.4% during the 4th quarter. IFP Advisors Inc now owns 3,304 shares of the company’s stock valued at $121,000 after purchasing an additional 2,768 shares during the last quarter. Robeco Schweiz AG purchased a new stake in shares of Nextracker during the 4th quarter valued at $22,112,000. Geode Capital Management LLC lifted its holdings in shares of Nextracker by 23.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock valued at $134,724,000 after purchasing an additional 679,272 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in shares of Nextracker by 33.5% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,226,862 shares of the company’s stock valued at $45,983,000 after purchasing an additional 307,956 shares during the last quarter. Finally, Van ECK Associates Corp increased its position in shares of Nextracker by 30.7% in the 3rd quarter. Van ECK Associates Corp now owns 60,613 shares of the company’s stock valued at $2,272,000 after acquiring an additional 14,249 shares during the period. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextracker Trading Down 1.3 %

Shares of Nextracker stock opened at $41.56 on Friday. The firm has a market capitalization of $6.05 billion, a PE ratio of 10.58 and a beta of 2.14. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $62.31. The firm’s 50-day moving average price is $44.09 and its 200 day moving average price is $39.50. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. On average, sell-side analysts predict that Nextracker Inc. will post 3.29 EPS for the current fiscal year.

Insider Activity at Nextracker

In other Nextracker news, insider Bruce Ledesma sold 9,891 shares of the firm’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 value of $455,480.55. Following the transaction, the insider now directly owns 132,374 shares of the company’s stock, valued at $6,095,822.70. This trade represents a 6.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total transaction of $272,970.00. Following the completion of the transaction, the president now directly owns 209,365 shares in the company, valued at $9,421,425. This trade represents a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 25,758 shares of company stock valued at $1,217,520. 0.27% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

NXT has been the topic of several research reports. TD Cowen initiated coverage on Nextracker in a research report on Thursday, December 19th. They issued a “hold” rating and a $41.00 target price on the stock. Barclays raised Nextracker from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $47.00 to $60.00 in a research report on Wednesday, January 29th. Wells Fargo & Company cut their target price on Nextracker from $70.00 to $69.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Northland Securities reaffirmed an “outperform” rating and set a $55.00 price target (up from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. Finally, Susquehanna increased their price target on Nextracker from $50.00 to $54.00 and gave the stock a “positive” rating 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 issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $56.50.

About Nextracker

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.