Figure 8 Investment Strategies LLC Invests $393,000 in Nextracker Inc. (NASDAQ:NXT)

Figure 8 Investment Strategies LLC purchased a new position in Nextracker Inc. (NASDAQ:NXT - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 10,760 shares of the company's stock, valued at approximately $393,000.

Other large investors have also added to or reduced their stakes in the company. Quarry LP lifted its position 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 acquiring an additional 426 shares during the period. GAMMA Investing LLC raised its holdings in Nextracker by 83.2% in the third quarter. GAMMA Investing LLC now owns 1,209 shares of the company's stock worth $45,000 after buying an additional 549 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in Nextracker by 38.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company's stock worth $68,000 after buying an additional 516 shares during the last quarter. Neo Ivy Capital Management purchased a new position in Nextracker in the third quarter worth about $74,000. Finally, Arcadia Investment Management Corp MI bought a new stake in shares of Nextracker in the third quarter worth approximately $75,000. Institutional investors own 67.41% of the company's stock.

Insider Buying and Selling

In other Nextracker news, President Howard Wenger sold 6,066 shares of the stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total transaction of $272,970.00. Following the completion of the transaction, the president now owns 209,365 shares in the company, valued at $9,421,425. This trade represents a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Bruce Ledesma sold 9,891 shares of the stock in a transaction on 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 $6,095,822.70. This trade represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 25,758 shares of company stock worth $1,217,520. 0.27% of the stock is owned by insiders.

Nextracker Price Performance

Shares of NASDAQ:NXT traded up $0.99 during midday trading on Tuesday, reaching $48.29. 2,115,076 shares of the company were exchanged, compared to its average volume of 3,214,269. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. The business's fifty day moving average is $41.50 and its two-hundred day moving average is $38.95. Nextracker Inc. has a one year low of $30.93 and a one year high of $62.31. The stock has a market cap of $7.03 billion, a PE ratio of 12.29 and a beta of 2.14.

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

Analyst Ratings Changes

NXT has been the subject of a number of research analyst reports. Jefferies Financial Group upgraded shares of Nextracker from a "hold" rating to a "buy" rating and lifted their price target for the stock from $46.00 to $56.00 in a research note on Wednesday, January 29th. Citigroup reduced their price target on shares of Nextracker from $50.00 to $45.00 and set a "neutral" rating for the company in a research note on Wednesday, January 8th. Northland Capmk raised shares of Nextracker to a "strong-buy" rating in a report on Tuesday, November 19th. Wells Fargo & Company reduced their target price on shares of Nextracker from $70.00 to $69.00 and set an "overweight" rating for the company in a report on Wednesday, January 8th. Finally, BMO Capital Markets upped their target price on shares of Nextracker from $48.00 to $50.00 and gave the company a "market perform" rating in a report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $56.50.

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.