Erste Asset Management GmbH Raises Stock Position in Nextracker Inc. (NASDAQ:NXT)

Erste Asset Management GmbH increased its position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 23.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,066,560 shares of the company's stock after acquiring an additional 203,594 shares during the quarter. Erste Asset Management GmbH owned about 0.73% of Nextracker worth $39,704,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Allworth Financial LP increased its stake in 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 purchasing an additional 276 shares in the last quarter. Quarry LP increased its stake in Nextracker by 61.5% during the 3rd quarter. Quarry LP now owns 1,119 shares of the company's stock valued at $42,000 after purchasing an additional 426 shares in the last quarter. Principal Securities Inc. increased its stake in Nextracker by 41.8% during the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock valued at $51,000 after purchasing an additional 410 shares in the last quarter. Nisa Investment Advisors LLC increased 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 purchasing an additional 516 shares in the last quarter. Finally, Neo Ivy Capital Management acquired a new position in Nextracker during the 3rd quarter valued at approximately $74,000. Institutional investors own 67.41% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Truist Financial restated a "buy" rating and set a $56.00 price target (up previously from $54.00) on shares of Nextracker in a research note on Wednesday, January 29th. BNP Paribas upgraded shares of Nextracker to a "strong-buy" rating in a research note on Wednesday, January 29th. The Goldman Sachs Group upped their price target on shares of Nextracker from $54.00 to $61.00 and gave the company a "buy" rating in a research note on Wednesday, January 29th. Citigroup reduced their target price on shares of Nextracker from $50.00 to $45.00 and set a "neutral" rating for the company in a report on Wednesday, January 8th. Finally, TD Cowen assumed coverage on shares of Nextracker in a report on Thursday, December 19th. They set a "hold" rating and a $41.00 target price for the company. Three research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Nextracker has a consensus rating of "Moderate Buy" and a consensus target price of $56.50.

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Insider Activity

In related news, insider Bruce Ledesma sold 9,891 shares of the business's 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 directly owns 132,374 shares in the company, valued at approximately $6,095,822.70. The trade was a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, President Howard Wenger sold 6,066 shares of the business's stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $45.00, for a total transaction of $272,970.00. Following the transaction, the president now owns 209,365 shares in the company, valued at $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 25,758 shares of company stock worth $1,217,520 over the last 90 days. 0.27% of the stock is currently owned by company insiders.

Nextracker Price Performance

Shares of NASDAQ NXT traded down $0.85 during trading on Friday, hitting $44.31. The company had a trading volume of 2,681,410 shares, compared to its average volume of 3,080,969. The stock has a fifty day simple moving average of $44.72 and a two-hundred day simple moving average of $39.61. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The firm has a market capitalization of $6.45 billion, a price-to-earnings ratio of 11.27 and a beta of 2.24. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10.

Nextracker (NASDAQ:NXT - Get Free Report) last announced its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (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 expect that Nextracker Inc. will post 3.29 earnings per share for the current year.

Nextracker Company 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.