Principal Securities Inc. Boosts Stake in Nextracker Inc. (NASDAQ:NXT)

Principal Securities Inc. lifted its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 41.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,390 shares of the company’s stock after buying an additional 410 shares during the period. Principal Securities Inc.’s holdings in Nextracker were worth $51,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in NXT. Geode Capital Management LLC lifted its stake in 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 acquiring an additional 679,272 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in shares of Nextracker by 33.5% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,226,862 shares of the company’s stock worth $45,983,000 after purchasing an additional 307,956 shares during the last quarter. Van ECK Associates Corp lifted its position in Nextracker by 30.7% during the third quarter. Van ECK Associates Corp now owns 60,613 shares of the company’s stock valued at $2,272,000 after purchasing an additional 14,249 shares during the period. Nordea Investment Management AB acquired a new position in Nextracker during the fourth quarter valued at $5,734,000. Finally, Proactive Wealth Strategies LLC purchased a new stake in Nextracker in the third quarter valued at $1,324,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Nextracker

In other news, insider Bruce Ledesma sold 9,891 shares of the business’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 sale, the insider now directly owns 132,374 shares of the company’s stock, valued at approximately $6,095,822.70. The trade was a 6.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Howard Wenger sold 6,066 shares of the 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 transaction, the president now directly owns 209,365 shares of the company’s stock, valued at $9,421,425. The trade was a 2.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 25,758 shares of company stock worth $1,217,520 in the last 90 days. Insiders own 0.27% of the company’s stock.

Nextracker Stock Down 5.1 %

NXT stock opened at $45.02 on Friday. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. The firm has a 50-day moving average of $43.36 and a two-hundred day moving average of $39.35. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $62.31. The company has a market cap of $6.56 billion, a price-to-earnings ratio of 11.46 and a beta of 2.13.

Nextracker (NASDAQ:NXT) last posted its quarterly 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 return on equity of 41.22% and a net margin of 20.12%. As a group, analysts forecast that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have weighed in on NXT shares. The Goldman Sachs Group lifted their price objective on Nextracker from $54.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Robert W. Baird decreased their price target on Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. TD Cowen began coverage on shares of Nextracker in a research note on Thursday, December 19th. They set a “hold” rating and a $41.00 price objective on the stock. Barclays upgraded shares of Nextracker from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $47.00 to $60.00 in a research note on Wednesday, January 29th. Finally, Citigroup dropped their price target on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th. Three research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price 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.