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

Jupiter Asset Management Ltd. grew its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 297.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 150,548 shares of the company's stock after purchasing an additional 112,679 shares during the quarter. Jupiter Asset Management Ltd. owned about 0.10% of Nextracker worth $5,500,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of NXT. State of New Jersey Common Pension Fund D raised its position in shares of Nextracker by 11.9% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 51,670 shares of the company's stock valued at $1,937,000 after buying an additional 5,489 shares during the period. Aigen Investment Management LP purchased a new stake in shares of Nextracker during the 3rd quarter valued at approximately $247,000. Victory Capital Management Inc. raised its position in shares of Nextracker by 15.4% during the 3rd quarter. Victory Capital Management Inc. now owns 2,367,636 shares of the company's stock valued at $88,739,000 after buying an additional 315,199 shares during the period. KBC Group NV raised its position in shares of Nextracker by 7.9% during the 3rd quarter. KBC Group NV now owns 8,472 shares of the company's stock valued at $318,000 after buying an additional 620 shares during the period. Finally, Nicola Wealth Management LTD. raised its position in shares of Nextracker by 30.8% during the 3rd quarter. Nicola Wealth Management LTD. now owns 51,000 shares of the company's stock valued at $1,911,000 after buying an additional 12,000 shares during the period. 67.41% of the stock is owned by hedge funds and other institutional investors.

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Nextracker Price Performance

NXT traded down $0.85 on Friday, hitting $44.31. 2,681,410 shares of the company were exchanged, compared to its average volume of 3,097,740. 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 business's fifty day moving average is $44.72 and its 200 day moving average is $39.62. 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 P/E ratio of 11.27 and a beta of 2.24.

Nextracker (NASDAQ:NXT - Get Free Report) last released its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 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%. As a group, sell-side analysts anticipate that Nextracker Inc. will post 3.29 EPS for the current year.

Wall Street Analyst Weigh In

NXT has been the topic of a number of research analyst reports. BNP Paribas raised Nextracker to a "strong-buy" rating in a research report on Wednesday, January 29th. 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. TD Cowen began coverage on shares of Nextracker in a report on Thursday, December 19th. They issued a "hold" rating and a $41.00 target price for the company. 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, Northland Securities reaffirmed an "outperform" rating and issued a $55.00 target price (up from $48.00) on shares of Nextracker in a report on Wednesday, January 29th. Three research 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $56.50.

Insider Activity

In related news, CAO David P. Bennett sold 9,801 shares of the company's stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total transaction of $489,069.90. Following the transaction, the chief accounting officer now owns 124,577 shares of the company's stock, valued at approximately $6,216,392.30. This represents a 7.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Howard Wenger sold 6,066 shares of the company's stock in a transaction that occurred 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 transaction, the president now directly owns 209,365 shares in the company, valued at $9,421,425. The trade was a 2.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 25,758 shares of company stock worth $1,217,520 over the last ninety days. 0.27% of the stock is currently owned by insiders.

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.