Cibc World Markets Corp Buys New Position in Nextracker Inc. (NASDAQ:NXT)

Cibc World Markets Corp bought a new stake in Nextracker Inc. (NASDAQ:NXT - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 13,498 shares of the company's stock, valued at approximately $493,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Allworth Financial LP lifted its stake in shares of Nextracker by 52.4% in the 4th quarter. Allworth Financial LP now owns 803 shares of the company's stock valued at $29,000 after purchasing an additional 276 shares in the last quarter. Quarry LP raised its holdings in Nextracker by 61.5% in the third quarter. Quarry LP now owns 1,119 shares of the company's stock valued at $42,000 after buying an additional 426 shares during the period. Principal Securities Inc. lifted its position in Nextracker by 41.8% during the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock valued at $51,000 after buying an additional 410 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in Nextracker by 38.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company's stock worth $68,000 after buying an additional 516 shares during the period. Finally, Neo Ivy Capital Management acquired a new stake in shares of Nextracker in the third quarter worth $74,000. Hedge funds and other institutional investors own 67.41% of the company's stock.

Nextracker Stock Performance

Shares of NASDAQ:NXT traded up $0.77 during trading on Tuesday, reaching $45.97. 479,216 shares of the company's stock traded hands, compared to its average volume of 3,037,777. 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 of $45.08 and a 200-day moving average of $39.87. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $62.31. The stock has a market capitalization of $6.69 billion, a P/E ratio of 11.71 and a beta of 2.24.

Remove Ads

Nextracker (NASDAQ:NXT - Get Free Report) last posted its 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%. On average, equities analysts expect that Nextracker Inc. will post 3.29 EPS for the current year.

Insiders Place Their Bets

In other Nextracker news, President Howard Wenger sold 6,066 shares of the company's stock in a transaction dated Thursday, January 16th. The shares were 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 owns 209,365 shares in the company, valued at approximately $9,421,425. This represents a 2.82 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO David P. Bennett sold 9,801 shares of the firm's stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total transaction of $489,069.90. Following the completion of the sale, the chief accounting officer now owns 124,577 shares in the company, valued at $6,216,392.30. The trade was a 7.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 25,758 shares of company stock valued at $1,217,520 over the last three months. Company insiders own 0.27% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on NXT. TD Cowen started coverage on shares of Nextracker in a report on Thursday, December 19th. They set a "hold" rating and a $41.00 target price on the stock. The Goldman Sachs Group boosted their price objective on Nextracker from $54.00 to $61.00 and gave the stock a "buy" rating in a research note on Wednesday, January 29th. BMO Capital Markets increased their target price on Nextracker from $48.00 to $50.00 and gave the company a "market perform" rating in a research note on Wednesday, January 29th. Truist Financial restated a "buy" rating and issued a $56.00 price target (up previously from $54.00) on shares of Nextracker in a report on Wednesday, January 29th. Finally, UBS Group increased their price objective on shares of Nextracker from $60.00 to $66.00 and gave the company a "buy" rating in a research report on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, twenty have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $56.43.

Nextracker 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.