Jupiter Asset Management Ltd. Increases Stake in Nextracker Inc. (NASDAQ:NXT)

Jupiter Asset Management Ltd. grew its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 297.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 150,548 shares of the company's stock after buying an additional 112,679 shares during the period. Jupiter Asset Management Ltd. owned 0.10% of Nextracker worth $5,500,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of NXT. Allworth Financial LP increased its position in Nextracker by 52.4% during the fourth quarter. Allworth Financial LP now owns 803 shares of the company's stock worth $29,000 after purchasing an additional 276 shares during the last quarter. Quarry LP increased its position in Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company's stock worth $42,000 after purchasing an additional 426 shares during the last quarter. Principal Securities Inc. increased its position in Nextracker by 41.8% during the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock worth $51,000 after purchasing an additional 410 shares during the last quarter. Nisa Investment Advisors LLC increased its position in Nextracker by 38.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company's stock worth $68,000 after purchasing an additional 516 shares during the last quarter. Finally, Neo Ivy Capital Management acquired a new stake in Nextracker during the third quarter worth about $74,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Bruce Ledesma sold 9,891 shares of the company's stock in a transaction on Monday, February 10th. The shares were 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 $6,095,822.70. This represents a 6.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, President Howard Wenger sold 6,066 shares of the company's 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 sale, the president now owns 209,365 shares of the company's stock, valued at approximately $9,421,425. This trade represents a 2.82 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 25,758 shares of company stock worth $1,217,520. Corporate insiders own 0.27% of the company's stock.

Remove Ads

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. The Goldman Sachs Group raised their price objective on shares of Nextracker from $54.00 to $61.00 and gave the stock a "buy" rating in a research report on Wednesday, January 29th. JPMorgan Chase & Co. lifted their price target on shares of Nextracker from $58.00 to $61.00 and gave the company an "overweight" rating in a research report on Wednesday, January 29th. Jefferies Financial Group upgraded shares of Nextracker from a "hold" rating to a "buy" rating and lifted their price target for the company from $46.00 to $56.00 in a research report on Wednesday, January 29th. BNP Paribas upgraded shares of Nextracker to a "strong-buy" rating in a research report on Wednesday, January 29th. Finally, Truist Financial reiterated a "buy" rating and set a $56.00 price target (up from $54.00) on shares of Nextracker 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 given a strong buy rating to the company's stock. According to MarketBeat.com, Nextracker has a consensus rating of "Moderate Buy" and an average price target of $56.50.

Nextracker Stock Down 1.9 %

Nextracker stock traded down $0.85 during trading on Friday, reaching $44.31. The stock had a trading volume of 2,681,410 shares, compared to its average volume of 3,080,969. The stock has a market cap of $6.45 billion, a PE 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 Inc. has a 52-week low of $30.93 and a 52-week high of $62.31. The business has a 50 day moving average price of $44.72 and a 200 day moving average price of $39.60.

Nextracker (NASDAQ:NXT - Get Free Report) last issued 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, analysts predict that Nextracker Inc. will post 3.29 EPS 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.