KLP Kapitalforvaltning AS Buys Shares of 28,395 Nextracker Inc. (NASDAQ:NXT)

KLP Kapitalforvaltning AS purchased 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 & Exchange Commission. The institutional investor purchased 28,395 shares of the company's stock, valued at approximately $1,037,000.

A number of other large investors have also modified their holdings of the company. Allworth Financial LP grew its position in Nextracker by 52.4% in the 4th quarter. Allworth Financial LP now owns 803 shares of the company's stock worth $29,000 after purchasing an additional 276 shares during the last quarter. Quarry LP boosted its position in shares of Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company's stock worth $42,000 after buying an additional 426 shares during the period. Millstone Evans Group LLC bought a new position in Nextracker in the 4th quarter worth approximately $48,000. Principal Securities Inc. increased its position in Nextracker by 41.8% in the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock valued at $51,000 after acquiring an additional 410 shares during the period. Finally, Nisa Investment Advisors LLC raised its stake in Nextracker by 38.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company's stock valued at $68,000 after acquiring an additional 516 shares in the last quarter. Institutional investors and hedge funds own 67.41% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on NXT. Royal Bank of Canada started coverage on Nextracker in a report on Monday, March 17th. They set an "outperform" rating and a $55.00 price target on the stock. BMO Capital Markets boosted their price target on shares of Nextracker from $48.00 to $50.00 and gave the stock a "market perform" rating in a research report on Wednesday, January 29th. Susquehanna upped their price target on shares of Nextracker from $50.00 to $54.00 and gave the stock a "positive" rating in a research note on Wednesday, January 29th. UBS Group raised their price objective on shares of Nextracker from $60.00 to $66.00 and gave the company a "buy" rating in a research note on Wednesday, January 29th. Finally, Piper Sandler increased their price target on Nextracker from $47.00 to $50.00 and gave the company an "overweight" rating in a research note on Wednesday, January 29th. Three research 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 company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $56.43.

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Nextracker Stock Up 2.2 %

Shares of NASDAQ NXT traded up $0.91 during mid-day trading on Tuesday, reaching $43.05. The company had a trading volume of 1,471,418 shares, compared to its average volume of 2,604,333. The stock has a fifty day moving average of $45.05 and a two-hundred day moving average of $40.18. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $62.31. The company has a market capitalization of $6.27 billion, a price-to-earnings ratio of 10.95 and a beta of 2.24. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20.

Nextracker (NASDAQ:NXT - Get Free Report) 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 net margin of 20.12% and a return on equity of 41.22%. As a group, equities research analysts expect that Nextracker Inc. will post 3.29 EPS for the current year.

Insider Activity

In other news, insider Bruce Ledesma sold 9,891 shares of the company's stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $46.05, for a total transaction of $455,480.55. Following the completion of the sale, the insider now owns 132,374 shares in the company, valued at approximately $6,095,822.70. This represents a 6.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 value of $489,069.90. Following the completion of the transaction, the chief accounting officer now directly owns 124,577 shares in the company, valued at $6,216,392.30. The trade was a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,758 shares of company stock worth $1,217,520 in the last three months. 0.27% of the stock is owned by insiders.

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.