Barclays PLC Purchases 74,388 Shares of Nextracker Inc. (NASDAQ:NXT)

Barclays PLC grew its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 28.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 334,188 shares of the company's stock after acquiring an additional 74,388 shares during the period. Barclays PLC owned 0.23% of Nextracker worth $12,208,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in NXT. Allworth Financial LP lifted its position in shares of Nextracker by 52.4% during the 4th quarter. Allworth Financial LP now owns 803 shares of the company's stock valued at $29,000 after acquiring an additional 276 shares during the period. Sterling Capital Management LLC increased its holdings in Nextracker by 448.9% in the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock worth $47,000 after purchasing an additional 1,055 shares in the last quarter. Millstone Evans Group LLC bought a new position in Nextracker in the 4th quarter valued at approximately $48,000. Principal Securities Inc. raised its stake in shares of 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 acquiring an additional 410 shares during the last quarter. Finally, Quadrant Capital Group LLC raised its position in Nextracker by 92.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,817 shares of the company's stock worth $66,000 after purchasing an additional 873 shares during the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextracker Price Performance

NASDAQ NXT traded up $1.30 on Friday, hitting $43.65. The stock had a trading volume of 1,067,078 shares, compared to its average volume of 2,977,959. The firm has a 50-day moving average of $42.66 and a 200-day moving average of $40.56. The company has a market capitalization of $6.36 billion, a price-to-earnings ratio of 11.11 and a beta of 2.02. 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 Inc. has a 52-week low of $30.93 and a 52-week high of $62.31.

Nextracker (NASDAQ:NXT - Get Free Report) last issued its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, topping 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%. Equities analysts expect that Nextracker Inc. will post 3.29 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Robert W. Baird dropped their price target on shares of Nextracker from $59.00 to $48.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. Wells Fargo & Company decreased their price target on shares of Nextracker from $70.00 to $69.00 and set an "overweight" rating for the company in a research note on Wednesday, January 8th. The Goldman Sachs Group increased 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. Royal Bank of Canada assumed coverage on shares of Nextracker in a research report on Monday, March 17th. They set an "outperform" rating and a $55.00 price target on the stock. Finally, Susquehanna boosted their price objective on Nextracker from $50.00 to $54.00 and gave the stock a "positive" rating in a research report on Wednesday, January 29th. Three research 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 stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $55.43.

Insider Transactions at Nextracker

In other news, CAO David P. Bennett sold 9,801 shares of the stock in a transaction dated 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 directly owns 124,577 shares in the company, valued at approximately $6,216,392.30. This represents a 7.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Bruce Ledesma sold 9,891 shares of Nextracker stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $46.05, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.27% of the company's stock.

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.