MYDA Advisors LLC Acquires New Stake in Nextracker Inc. (NASDAQ:NXT)

MYDA Advisors LLC purchased a new position in Nextracker Inc. (NASDAQ:NXT - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 20,000 shares of the company's stock, valued at approximately $731,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. IFP Advisors Inc grew its stake in Nextracker by 516.4% in the 4th quarter. IFP Advisors Inc now owns 3,304 shares of the company's stock worth $121,000 after buying an additional 2,768 shares in the last quarter. Robeco Schweiz AG purchased a new stake in Nextracker during the fourth quarter valued at about $22,112,000. New York State Common Retirement Fund boosted its holdings in shares of Nextracker by 65.6% in the 4th quarter. New York State Common Retirement Fund now owns 469,163 shares of the company's stock worth $17,139,000 after purchasing an additional 185,858 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Nextracker by 10.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,753,848 shares of the company's stock valued at $64,068,000 after purchasing an additional 161,873 shares during the last quarter. Finally, Nordea Investment Management AB purchased a new position in shares of Nextracker during the 4th quarter valued at about $5,734,000. Hedge funds and other institutional investors own 67.41% of the company's stock.

Nextracker Stock Up 5.5 %

NASDAQ:NXT traded up $2.22 during trading hours on Thursday, reaching $42.35. 1,628,418 shares of the company traded hands, compared to its average volume of 2,984,691. 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 50-day moving average price is $42.85 and its two-hundred day moving average price is $40.46. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $62.31. The stock has a market capitalization of $6.17 billion, a P/E ratio of 10.78 and a beta of 2.02.

Nextracker (NASDAQ:NXT - Get Free Report) last announced its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) 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%. Analysts predict that Nextracker Inc. will post 3.29 earnings per share for the current year.

Insider Activity

In other news, insider Bruce Ledesma sold 9,891 shares of the firm's stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $46.05, for a total transaction of $455,480.55. Following the sale, 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO David P. Bennett sold 9,801 shares of the business'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 directly owns 124,577 shares of the company's stock, valued at $6,216,392.30. The trade was a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.27% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on NXT. Royal Bank of Canada initiated coverage on shares of Nextracker in a report on Monday, March 17th. They issued an "outperform" rating and a $55.00 price objective for the company. Guggenheim raised their price objective on Nextracker from $50.00 to $62.00 and gave the company a "buy" rating in a research note on Wednesday, January 29th. BMO Capital Markets boosted their target price on Nextracker from $48.00 to $50.00 and gave the company a "market perform" rating in a research note on Wednesday, January 29th. Truist Financial reduced their price target on Nextracker from $56.00 to $52.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Finally, Barclays cut their target price on shares of Nextracker from $60.00 to $58.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Three investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Nextracker has a consensus rating of "Moderate Buy" and a consensus price target of $55.43.

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.