Invesco Ltd. Increases Stock Holdings in Nextracker Inc. (NASDAQ:NXT)

Invesco Ltd. raised its position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 52.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,874,875 shares of the company's stock after purchasing an additional 1,329,456 shares during the period. Invesco Ltd. owned about 2.66% of Nextracker worth $141,549,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in NXT. Norges Bank bought a new stake in Nextracker during the 4th quarter valued at $106,166,000. Geode Capital Management LLC raised its holdings in Nextracker by 23.3% in the third quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company's stock worth $134,724,000 after purchasing an additional 679,272 shares in the last quarter. Robeco Schweiz AG purchased a new stake in shares of Nextracker during the fourth quarter valued at about $22,112,000. Handelsbanken Fonder AB grew its position in shares of Nextracker by 36.0% in the 4th quarter. Handelsbanken Fonder AB now owns 2,278,217 shares of the company's stock worth $83,223,000 after buying an additional 602,600 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Nextracker by 23.9% during the 4th quarter. JPMorgan Chase & Co. now owns 1,866,028 shares of the company's stock worth $68,166,000 after acquiring an additional 360,214 shares in the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Nextracker Price Performance

Shares of NXT stock traded up $0.58 during trading hours on Friday, reaching $40.30. The company had a trading volume of 1,220,198 shares, compared to its average volume of 3,013,169. Nextracker Inc. has a 12-month low of $30.93 and a 12-month 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. The company has a market capitalization of $5.87 billion, a price-to-earnings ratio of 10.25 and a beta of 2.02. The stock has a fifty day moving average of $43.32 and a 200-day moving average of $40.37.

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, topping 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%. On average, equities analysts anticipate that Nextracker Inc. will post 3.29 earnings per share for the current year.

Insiders Place Their Bets

In other Nextracker news, insider Bruce Ledesma sold 9,891 shares of Nextracker stock in a transaction on Monday, February 10th. The stock was sold at an average price of $46.05, for a total value of $455,480.55. Following the sale, the insider now owns 132,374 shares in the company, valued at $6,095,822.70. The trade was a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO David P. Bennett sold 9,801 shares of the stock in a transaction 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 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 disclosure for this sale can be found here. 0.27% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Wells Fargo & Company reduced their price target on Nextracker from $70.00 to $69.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 8th. Robert W. Baird dropped their price target on Nextracker from $59.00 to $48.00 and set an "outperform" rating on the stock in a research note on Tuesday. Guggenheim increased their price objective 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. Barclays dropped their price objective 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. Finally, UBS Group increased their price objective on Nextracker from $60.00 to $66.00 and gave the company a "buy" rating in a report on Wednesday, January 29th. Three equities 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 company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $55.64.

About Nextracker

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.