Jupiter Asset Management Ltd. Has $5.50 Million Stake in Nextracker Inc. (NASDAQ:NXT)

Jupiter Asset Management Ltd. increased its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 297.5% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 150,548 shares of the company's stock after buying an additional 112,679 shares during the quarter. Jupiter Asset Management Ltd. owned about 0.10% of Nextracker worth $5,500,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Allworth Financial LP boosted its holdings in shares of Nextracker by 52.4% in the 4th quarter. Allworth Financial LP now owns 803 shares of the company's stock valued at $29,000 after buying an additional 276 shares in the last quarter. Quarry LP boosted its holdings in shares of Nextracker by 61.5% in the 3rd quarter. Quarry LP now owns 1,119 shares of the company's stock valued at $42,000 after buying an additional 426 shares in the last quarter. Principal Securities Inc. boosted its holdings in shares of Nextracker by 41.8% in the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock valued at $51,000 after buying an additional 410 shares in the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of Nextracker by 38.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company's stock valued at $68,000 after buying an additional 516 shares in the last quarter. Finally, Neo Ivy Capital Management acquired a new position in shares of Nextracker in the 3rd quarter valued at $74,000. Hedge funds and other institutional investors own 67.41% of the company's stock.

Remove Ads

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Citigroup lowered 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. UBS Group upped their target price on shares of Nextracker from $60.00 to $66.00 and gave the company a "buy" rating in a report on Wednesday, January 29th. Truist Financial reiterated a "buy" rating and issued a $56.00 price target (up previously from $54.00) on shares of Nextracker in a research report on Wednesday, January 29th. Wells Fargo & Company reduced their price target on shares of Nextracker from $70.00 to $69.00 and set an "overweight" rating for the company in a research report on Wednesday, January 8th. Finally, Piper Sandler upped their price target on shares of Nextracker from $47.00 to $50.00 and gave the company an "overweight" rating in a research report on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $56.50.

Insiders Place Their Bets

In other news, President Howard Wenger sold 6,066 shares of the business'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 transaction, the president now owns 209,365 shares of the company's stock, valued at approximately $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed 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 stock was 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 owns 124,577 shares in the company, valued at approximately $6,216,392.30. This trade represents a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,758 shares of company stock valued at $1,217,520 over the last 90 days. 0.27% of the stock is owned by company insiders.

Nextracker Stock Down 1.9 %

Shares of NXT stock traded down $0.85 during mid-day trading on Friday, reaching $44.31. 2,681,410 shares of the company were exchanged, compared to its average volume of 3,080,969. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. The company has a market capitalization of $6.45 billion, a P/E ratio of 11.27 and a beta of 2.24. The business's 50 day simple moving average is $44.72 and its 200 day simple moving average is $39.61.

Nextracker (NASDAQ:NXT - Get Free Report) last released its quarterly 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%. Research analysts predict that Nextracker Inc. will post 3.29 earnings per share for the current year.

About Nextracker

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.