Nextracker Inc. (NASDAQ:NXT) Shares Purchased by Handelsbanken Fonder AB

Handelsbanken Fonder AB boosted its position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 36.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,278,217 shares of the company's stock after buying an additional 602,600 shares during the quarter. Handelsbanken Fonder AB owned 1.57% of Nextracker worth $83,223,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Alberta Investment Management Corp purchased a new position in Nextracker during the fourth quarter worth $961,000. New York State Common Retirement Fund boosted its stake in shares of Nextracker by 65.6% during the fourth quarter. New York State Common Retirement Fund now owns 469,163 shares of the company's stock valued at $17,139,000 after purchasing an additional 185,858 shares during the period. Venturi Wealth Management LLC boosted its stake in shares of Nextracker by 3,781.7% during the fourth quarter. Venturi Wealth Management LLC now owns 3,183 shares of the company's stock valued at $116,000 after purchasing an additional 3,101 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Nextracker by 24.6% during the fourth quarter. Principal Financial Group Inc. now owns 873,741 shares of the company's stock valued at $31,918,000 after purchasing an additional 172,616 shares during the period. Finally, State of New Jersey Common Pension Fund D boosted its stake in shares of Nextracker by 11.6% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 57,669 shares of the company's stock valued at $2,107,000 after purchasing an additional 5,999 shares during the period. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextracker Stock Performance

NASDAQ NXT traded down $2.30 during trading hours on Friday, reaching $46.12. The stock had a trading volume of 1,832,627 shares, compared to its average volume of 3,122,660. The stock has a fifty day moving average of $42.23 and a 200 day moving average of $39.13. The stock has a market cap of $6.72 billion, a P/E ratio of 11.74 and a beta of 2.14. Nextracker Inc. has a 52-week low of $30.93 and a 52-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.

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 analysts' consensus estimates of $0.58 by $0.31. Nextracker had a return on equity of 41.22% and a net margin of 20.12%. Sell-side analysts predict that Nextracker Inc. will post 3.29 earnings per share for the current year.

Insider Activity at Nextracker

In other Nextracker news, President Howard Wenger sold 6,066 shares of the company's stock in a transaction that occurred on Thursday, January 16th. The stock was 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 approximately $9,421,425. This represents a 2.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO David P. Bennett sold 9,801 shares of the company's stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total value 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 represents a 7.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,758 shares of company stock worth $1,217,520 over the last quarter. Insiders own 0.27% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on NXT. The Goldman Sachs Group boosted their target price on shares of Nextracker from $54.00 to $61.00 and gave the company a "buy" rating in a research note on Wednesday, January 29th. Piper Sandler boosted their target price on shares of Nextracker from $47.00 to $50.00 and gave the company an "overweight" rating in a research note on Wednesday, January 29th. Robert W. Baird lowered their target price on shares of Nextracker from $71.00 to $53.00 and set an "outperform" rating for the company in a research note on Thursday, October 31st. TD Cowen assumed coverage on Nextracker in a report on Thursday, December 19th. They issued a "hold" rating and a $41.00 price objective for the company. Finally, Bank of America decreased their price objective on Nextracker from $65.00 to $52.00 and set a "buy" rating for the company in a report on Thursday, November 7th. Three analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $56.50.

Nextracker Company 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.