Corient Private Wealth LLC Invests $251,000 in Nextracker Inc. (NASDAQ:NXT)

Corient Private Wealth LLC acquired a new stake in Nextracker Inc. (NASDAQ:NXT - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 6,859 shares of the company's stock, valued at approximately $251,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in NXT. Thrivent Financial for Lutherans raised 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 acquiring an additional 4,006 shares in the last quarter. Bank of Montreal Can grew its stake in shares of Nextracker by 7.1% during the 3rd quarter. Bank of Montreal Can now owns 56,147 shares of the company's stock worth $2,184,000 after purchasing an additional 3,719 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of Nextracker by 12.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 165,715 shares of the company's stock valued at $6,211,000 after purchasing an additional 18,187 shares in the last quarter. Martingale Asset Management L P acquired a new position in shares of Nextracker in the 3rd quarter valued at $209,000. Finally, Edgestream Partners L.P. purchased a new stake in Nextracker during the third quarter worth $1,832,000. Institutional investors and hedge funds own 67.41% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. The Goldman Sachs Group lifted their price objective on shares of Nextracker from $54.00 to $61.00 and gave the company a "buy" rating in a report on Wednesday, January 29th. JPMorgan Chase & Co. lifted their price target on Nextracker from $58.00 to $61.00 and gave the company an "overweight" rating in a research note on Wednesday, January 29th. Royal Bank of Canada initiated coverage on Nextracker in a research report on Monday, March 17th. They set an "outperform" rating and a $55.00 price target on the stock. Truist Financial restated a "buy" rating and issued a $56.00 price objective (up from $54.00) on shares of Nextracker in a research report on Wednesday, January 29th. Finally, Susquehanna increased their target price on Nextracker from $50.00 to $54.00 and gave the company a "positive" rating in a research report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $56.14.

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Insiders Place Their Bets

In other news, President Howard Wenger sold 6,066 shares of the stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $45.00, for a total transaction of $272,970.00. Following the sale, the president now owns 209,365 shares of the company's stock, valued at approximately $9,421,425. This 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 Nextracker 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 transaction, the chief accounting officer now owns 124,577 shares of the company's stock, valued at $6,216,392.30. This trade represents a 7.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 25,758 shares of company stock valued at $1,217,520 over the last 90 days. 0.27% of the stock is owned by company insiders.

Nextracker Trading Down 3.8 %

Shares of NXT stock traded down $1.52 during trading on Friday, hitting $38.88. 1,106,550 shares of the stock traded hands, compared to its average volume of 3,062,586. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $62.31. The firm has a market capitalization of $5.66 billion, a P/E ratio of 9.84 and a beta of 2.02. The firm's fifty day moving average price is $45.08 and its 200-day moving average price is $40.24. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96.

Nextracker (NASDAQ:NXT - Get Free Report) last announced 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 return on equity of 41.22% and a net margin of 20.12%. As a group, research analysts forecast 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.