Medina Value Partners LLC Buys Shares of 330,928 Nextracker Inc. (NASDAQ:NXT)

Medina Value Partners LLC purchased a new position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 330,928 shares of the company's stock, valued at approximately $12,089,000. Nextracker accounts for 5.0% of Medina Value Partners LLC's investment portfolio, making the stock its 11th largest holding. Medina Value Partners LLC owned 0.23% of Nextracker as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. HighTower Advisors LLC raised its stake in shares of Nextracker by 1.8% during the third quarter. HighTower Advisors LLC now owns 29,777 shares of the company's stock worth $1,115,000 after purchasing an additional 519 shares during the last quarter. Barclays PLC increased its stake in Nextracker by 259.8% in the 3rd quarter. Barclays PLC now owns 259,800 shares of the company's stock valued at $9,737,000 after buying an additional 187,598 shares during the period. Retirement Systems of Alabama raised its position in Nextracker by 14.9% during the 3rd quarter. Retirement Systems of Alabama now owns 174,244 shares of the company's stock worth $6,531,000 after buying an additional 22,570 shares during the last quarter. Everence Capital Management Inc. acquired a new stake in shares of Nextracker in the 4th quarter worth $331,000. Finally, Central Pacific Bank Trust Division acquired a new position in shares of Nextracker during the fourth quarter worth about $94,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have issued reports on NXT. Jefferies Financial Group upgraded Nextracker from a "hold" rating to a "buy" rating and boosted their target price for the stock from $46.00 to $56.00 in a research report on Wednesday, January 29th. BNP Paribas upgraded shares of Nextracker to a "strong-buy" rating in a research note on Wednesday, January 29th. Citigroup lowered their target price on shares of Nextracker from $50.00 to $45.00 and set a "neutral" rating on the stock in a research report on Wednesday, January 8th. Barclays decreased their price target on Nextracker from $60.00 to $58.00 and set an "overweight" rating on the stock in a research note on Thursday, April 10th. Finally, JPMorgan Chase & Co. upped 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. Three investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, Nextracker presently has a consensus rating of "Moderate Buy" and a consensus target price of $55.48.

Nextracker Trading Up 5.6 %

Shares of NXT stock traded up $2.22 on Tuesday, reaching $41.50. 509,920 shares of the stock were exchanged, compared to its average volume of 2,985,538. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $62.31. The stock has a market cap of $6.04 billion, a P/E ratio of 10.56 and a beta of 2.02. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. The firm has a 50 day moving average of $43.10 and a two-hundred day moving average of $40.46.

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%. On average, research analysts anticipate that Nextracker Inc. will post 3.29 EPS for the current year.

Insider Buying and Selling at Nextracker

In other news, insider Bruce Ledesma sold 9,891 shares of the stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $46.05, for a total transaction of $455,480.55. Following the transaction, the insider now owns 132,374 shares of the company's stock, valued at approximately $6,095,822.70. This trade represents a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO David P. Bennett sold 9,801 shares of the company'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 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. 0.27% of the stock is owned by corporate insiders.

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.