New Age Alpha Advisors LLC Takes Position in Nextracker Inc. (NASDAQ:NXT)

New Age Alpha Advisors LLC acquired a new position in Nextracker Inc. (NASDAQ:NXT - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 31,889 shares of the company's stock, valued at approximately $1,165,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Allworth Financial LP raised 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 acquiring an additional 276 shares in the last quarter. Quarry LP raised its stake in shares of Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company's stock valued at $42,000 after acquiring an additional 426 shares during the last quarter. Millstone Evans Group LLC purchased a new stake in Nextracker in the 4th quarter worth approximately $48,000. Principal Securities Inc. lifted its stake in Nextracker by 41.8% in the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock worth $51,000 after acquiring an additional 410 shares during the period. Finally, Nisa Investment Advisors LLC increased its position in shares of Nextracker by 38.4% during the fourth 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 during the period. 67.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NXT has been the topic of a number of analyst reports. Truist Financial reissued a "buy" rating and issued a $56.00 price target (up from $54.00) on shares of Nextracker in a research report on Wednesday, January 29th. Royal Bank of Canada assumed coverage on shares of Nextracker in a research note on Monday, March 17th. They set an "outperform" rating and a $55.00 target price for the company. Guggenheim boosted their target price on shares of Nextracker from $50.00 to $62.00 and gave the company a "buy" rating in a research report on Wednesday, January 29th. BNP Paribas upgraded Nextracker to a "strong-buy" rating in a research report on Wednesday, January 29th. Finally, JPMorgan Chase & Co. increased their price target on Nextracker from $58.00 to $61.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Nextracker presently has a consensus rating of "Moderate Buy" and an average target price of $56.14.

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Insiders Place Their Bets

In other news, insider Bruce Ledesma sold 9,891 shares of the business's stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $46.05, for a total transaction of $455,480.55. Following the completion of the transaction, the insider now owns 132,374 shares of the company's stock, valued at approximately $6,095,822.70. The trade was a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Howard Wenger sold 6,066 shares of the firm's stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $45.00, for a total value of $272,970.00. Following the sale, the president now 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. In the last ninety days, insiders sold 25,758 shares of company stock valued at $1,217,520. Corporate insiders own 0.27% of the company's stock.

Nextracker Trading Down 3.4 %

Shares of NASDAQ:NXT traded down $1.38 during trading on Friday, reaching $39.02. The stock had a trading volume of 2,099,948 shares, compared to its average volume of 3,067,684. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $62.31. The firm's fifty day moving average is $45.04 and its 200 day moving average is $40.27. The stock has a market cap of $5.68 billion, a price-to-earnings ratio of 9.93 and a beta of 2.02. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20.

Nextracker (NASDAQ:NXT - Get Free Report) last issued its 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 return on equity of 41.22% and a net margin of 20.12%. As a group, equities analysts forecast that Nextracker Inc. will post 3.29 EPS for the current fiscal year.

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.