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.
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.
Get Our Latest Stock Report on Nextracker
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
(
Free Report)
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.
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