IFP Advisors Inc Has $121,000 Position in Nextracker Inc. (NASDAQ:NXT)

IFP Advisors Inc lifted its position in shares of Nextracker Inc. (NASDAQ:NXT) by 516.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,304 shares of the company’s stock after buying an additional 2,768 shares during the period. IFP Advisors Inc’s holdings in Nextracker were worth $121,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. State Street Corp boosted its position in shares of Nextracker by 15.8% during the third quarter. State Street Corp now owns 5,070,473 shares of the company’s stock worth $190,041,000 after buying an additional 690,343 shares during the period. Geode Capital Management LLC boosted its position in Nextracker by 23.3% during the third 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. Wellington Management Group LLP boosted its position in Nextracker by 25.5% during the third quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock valued at $127,169,000 after purchasing an additional 688,810 shares during the last quarter. Victory Capital Management Inc. boosted its position in Nextracker by 15.4% during the third quarter. Victory Capital Management Inc. now owns 2,367,636 shares of the company’s stock valued at $88,739,000 after purchasing an additional 315,199 shares during the last quarter. Finally, Handelsbanken Fonder AB boosted its position in Nextracker by 36.0% during the fourth quarter. Handelsbanken Fonder AB now owns 2,278,217 shares of the company’s stock valued at $83,223,000 after purchasing an additional 602,600 shares during the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently commented on NXT. BMO Capital Markets increased their price target on Nextracker from $48.00 to $50.00 and gave the company a “market perform” rating in a research report on Wednesday, January 29th. Northland Capmk raised Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. UBS Group increased their price target on Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. Truist Financial reissued a “buy” rating and set a $56.00 price target (up from $54.00) on shares of Nextracker in a research report on Wednesday, January 29th. Finally, BNP Paribas raised Nextracker to a “strong-buy” rating in a research report on Wednesday, January 29th. Three equities 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 stock. According to data from MarketBeat, Nextracker has a consensus rating of “Moderate Buy” and a consensus target price of $56.50.

Insiders Place Their Bets

In other Nextracker news, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction 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 sale, the president now owns 209,365 shares of the company’s stock, valued at approximately $9,421,425. This trade represents a 2.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO David P. Bennett sold 9,801 shares of the firm’s stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total value of $489,069.90. Following the completion of the sale, the chief accounting officer now directly owns 124,577 shares in the company, valued at approximately $6,216,392.30. This represents a 7.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,758 shares of company stock worth $1,217,520 in the last 90 days. Company insiders own 0.27% of the company’s stock.

Nextracker Price Performance

Shares of NASDAQ NXT opened at $43.09 on Wednesday. The business’s 50 day moving average is $43.78 and its 200-day moving average is $39.45. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $62.31. 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 market cap of $6.27 billion, a P/E ratio of 10.96 and a beta of 2.14.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, topping 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%. Equities research analysts predict that Nextracker Inc. will post 3.29 earnings per share for the current year.

Nextracker Company 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.