Cibc World Markets Corp Makes New Investment in Nextracker Inc. (NASDAQ:NXT)

Cibc World Markets Corp acquired a new position in Nextracker Inc. (NASDAQ:NXT - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 13,498 shares of the company's stock, valued at approximately $493,000.

A number of other institutional investors have also recently bought and sold shares of NXT. Mutual of America Capital Management LLC increased its holdings in shares of Nextracker by 10.2% in the 3rd quarter. Mutual of America Capital Management LLC now owns 77,520 shares of the company's stock valued at $2,905,000 after purchasing an additional 7,163 shares during the period. Thrivent Financial for Lutherans grew its position in Nextracker by 13.5% during the third quarter. Thrivent Financial for Lutherans now owns 33,698 shares of the company's stock valued at $1,263,000 after purchasing an additional 4,006 shares in the last quarter. Swiss National Bank increased its stake in Nextracker by 9.9% in the 3rd quarter. Swiss National Bank now owns 265,620 shares of the company's stock valued at $9,955,000 after buying an additional 23,900 shares during the period. Intech Investment Management LLC purchased a new stake in Nextracker in the 3rd quarter worth approximately $1,035,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Nextracker by 24.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,320,916 shares of the company's stock valued at $49,508,000 after buying an additional 261,523 shares during the period. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Nextracker Price Performance

NASDAQ NXT traded down $1.54 during trading on Wednesday, reaching $43.67. 1,267,979 shares of the company traded hands, compared to its average volume of 3,028,490. The stock's 50 day moving average price is $45.14 and its two-hundred day moving average price is $39.94. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. The company has a market cap of $6.36 billion, a price-to-earnings ratio of 11.11 and a beta of 2.24. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $62.31.

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Nextracker (NASDAQ:NXT - Get Free Report) last posted its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, topping 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%. As a group, analysts anticipate that Nextracker Inc. will post 3.29 EPS for the current year.

Analyst Upgrades and Downgrades

NXT has been the topic of a number of research reports. BNP Paribas raised shares of Nextracker to a "strong-buy" rating in a research note on Wednesday, January 29th. Jefferies Financial Group raised Nextracker from a "hold" rating to a "buy" rating and raised their price target for the stock from $46.00 to $56.00 in a research note on Wednesday, January 29th. Wells Fargo & Company lowered their price target on Nextracker from $70.00 to $69.00 and set an "overweight" rating for the company in a research note on Wednesday, January 8th. Piper Sandler increased their price objective on Nextracker from $47.00 to $50.00 and gave the stock an "overweight" rating in a report on Wednesday, January 29th. Finally, Barclays upgraded shares of Nextracker from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $47.00 to $60.00 in a research note on Wednesday, January 29th. Three investment 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.com, the company has an average rating of "Moderate Buy" and a consensus price target of $56.43.

Insider Transactions at Nextracker

In related news, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction dated 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 sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO David P. Bennett sold 9,801 shares of the business's stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total value of $489,069.90. Following the sale, the chief accounting officer now directly owns 124,577 shares of the company's stock, valued at $6,216,392.30. This represents a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 25,758 shares of company stock worth $1,217,520. Corporate insiders own 0.27% of the company's stock.

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.