Duff & Phelps Investment Management Co. Buys 7,752 Shares of Nextracker Inc. (NASDAQ:NXT)

Duff & Phelps Investment Management Co. grew its position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 44.6% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 25,146 shares of the company's stock after acquiring an additional 7,752 shares during the period. Duff & Phelps Investment Management Co.'s holdings in Nextracker were worth $919,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in NXT. Norges Bank purchased a new stake in Nextracker in the fourth quarter worth about $106,166,000. Holocene Advisors LP bought a new stake in shares of Nextracker in the 3rd quarter worth approximately $45,416,000. Erste Asset Management GmbH purchased a new stake in shares of Nextracker in the 3rd quarter worth approximately $33,545,000. State Street Corp increased its position in Nextracker by 15.8% during the 3rd quarter. State Street Corp now owns 5,070,473 shares of the company's stock valued at $190,041,000 after buying an additional 690,343 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in Nextracker by 25.5% during the third quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company's stock valued at $127,169,000 after buying an additional 688,810 shares during the last quarter. Institutional investors own 67.41% of the company's stock.

Nextracker Stock Performance

Shares of NASDAQ:NXT traded up $0.45 during midday trading on Wednesday, hitting $43.50. The company had a trading volume of 414,030 shares, compared to its average volume of 3,073,081. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $62.31. The company has a fifty day moving average of $45.06 and a two-hundred day moving average of $40.21. The company has a market cap of $6.33 billion, a price-to-earnings ratio of 11.07 and a beta of 2.02. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96.

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Nextracker (NASDAQ:NXT - Get Free Report) last issued its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, topping analysts' consensus estimates of $0.58 by $0.31. Nextracker had a return on equity of 41.22% and a net margin of 20.12%. On average, equities research analysts expect that Nextracker Inc. will post 3.29 EPS for the current fiscal year.

Insiders Place Their Bets

In other Nextracker news, insider Bruce Ledesma sold 9,891 shares of the stock in a transaction 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 position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO David P. Bennett sold 9,801 shares of the business's stock in a transaction dated 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 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. In the last 90 days, insiders have sold 25,758 shares of company stock worth $1,217,520. Company insiders own 0.27% of the company's stock.

Analyst Ratings Changes

NXT has been the subject of several analyst reports. BNP Paribas upgraded Nextracker to a "strong-buy" rating in a report on Wednesday, January 29th. Susquehanna lifted their target price on shares of Nextracker from $50.00 to $54.00 and gave the stock a "positive" rating in a report on Wednesday, January 29th. Wells Fargo & Company dropped their target price on shares of Nextracker from $70.00 to $69.00 and set an "overweight" rating on the stock in a research note on Wednesday, January 8th. Royal Bank of Canada began coverage on shares of Nextracker in a report on Monday, March 17th. They issued an "outperform" rating and a $55.00 price objective for the company. Finally, Northland Securities reiterated an "outperform" rating and set a $55.00 target price (up from $48.00) on shares of Nextracker in a research note on Wednesday, January 29th. Three equities research 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 MarketBeat, Nextracker presently has a consensus rating of "Moderate Buy" and an average target price of $56.14.

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.