Wealthfront Advisers LLC Makes New $547,000 Investment in Nextracker Inc. (NASDAQ:NXT)

Wealthfront Advisers LLC bought a new position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 14,963 shares of the company's stock, valued at approximately $547,000.

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

Insider Activity

In related news, President Howard Wenger sold 6,066 shares of the stock in a transaction dated 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 in the company, valued at approximately $9,421,425. This represents a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Bruce Ledesma sold 9,891 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $46.05, for a total value of $455,480.55. Following the transaction, 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. Insiders have sold 25,758 shares of company stock worth $1,217,520 over the last three months. 0.27% of the stock is currently owned by corporate insiders.

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Analyst Ratings Changes

NXT has been the topic of a number of recent research reports. Truist Financial reissued a "buy" rating and issued a $56.00 target price (up previously from $54.00) on shares of Nextracker in a report on Wednesday, January 29th. Royal Bank of Canada initiated coverage on Nextracker in a report on Monday. They issued an "outperform" rating and a $55.00 target price on the stock. Guggenheim boosted their target price on Nextracker from $50.00 to $62.00 and gave the company a "buy" rating in a report on Wednesday, January 29th. JPMorgan Chase & Co. boosted their target price on Nextracker from $58.00 to $61.00 and gave the company an "overweight" rating in a report on Wednesday, January 29th. Finally, Wells Fargo & Company dropped 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. Three 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's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $56.43.

Nextracker Price Performance

Shares of NASDAQ:NXT traded down $0.20 on Thursday, hitting $44.97. The company had a trading volume of 953,723 shares, compared to its average volume of 3,040,784. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $62.31. The business has a 50 day moving average of $44.89 and a 200 day moving average of $39.71. The company has a market cap of $6.55 billion, a PE ratio of 11.44 and a beta of 2.24.

Nextracker (NASDAQ:NXT - Get Free Report) last issued its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share (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, equities analysts anticipate that Nextracker Inc. will post 3.29 earnings per share 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.