6,859 Shares in Nextracker Inc. (NASDAQ:NXT) Bought by Corient Private Wealth LLC

Corient Private Wealth LLC bought a new stake in Nextracker Inc. (NASDAQ:NXT) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 6,859 shares of the company’s stock, valued at approximately $251,000.

A number of other hedge funds have also recently made changes to their positions in NXT. State Street Corp increased its holdings in Nextracker by 15.8% in the third quarter. State Street Corp now owns 5,070,473 shares of the company’s stock valued at $190,041,000 after purchasing an additional 690,343 shares during the period. Geode Capital Management LLC lifted its holdings in Nextracker by 23.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock worth $134,724,000 after buying an additional 679,272 shares during the period. Wellington Management Group LLP grew its position in shares of Nextracker by 25.5% in the 3rd quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock valued at $127,169,000 after buying an additional 688,810 shares during the last quarter. Handelsbanken Fonder AB increased its stake in shares of Nextracker by 36.0% in the fourth quarter. Handelsbanken Fonder AB now owns 2,278,217 shares of the company’s stock valued at $83,223,000 after buying an additional 602,600 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Nextracker by 10.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,753,848 shares of the company’s stock valued at $64,068,000 after buying an additional 161,873 shares during the period. 67.41% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, President Howard Wenger sold 6,066 shares of the company’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 value of $272,970.00. Following the completion of the transaction, the president now directly owns 209,365 shares of the company’s stock, valued at $9,421,425. This represents a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Bruce Ledesma sold 9,891 shares of Nextracker stock in a transaction on Monday, February 10th. The stock was sold at an average price of $46.05, for a total value of $455,480.55. Following the sale, the insider now owns 132,374 shares in the company, valued at $6,095,822.70. This trade represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 25,758 shares of company stock worth $1,217,520. 0.27% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on NXT. Wells Fargo & Company reduced their target price on Nextracker from $70.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Guggenheim upped their price objective on shares of Nextracker from $50.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Citigroup decreased their price objective 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. Susquehanna boosted their target price on shares of Nextracker from $50.00 to $54.00 and gave the company a “positive” rating in a report on Wednesday, January 29th. Finally, The Goldman Sachs Group increased their price target on Nextracker from $54.00 to $61.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $56.43.

Nextracker Stock Down 2.3 %

Shares of NASDAQ NXT opened at $42.14 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The company has a 50-day moving average price of $45.05 and a 200-day moving average price of $40.18. The stock has a market capitalization of $6.14 billion, a P/E ratio of 10.72 and a beta of 2.24. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $62.31.

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

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.