Royce & Associates LP Has $8.80 Million Position in Nextracker Inc. (NASDAQ:NXT)

Royce & Associates LP increased its holdings in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 171.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 240,840 shares of the company's stock after purchasing an additional 151,999 shares during the period. Royce & Associates LP owned 0.17% of Nextracker worth $8,798,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Allworth Financial LP boosted its stake in shares of Nextracker by 52.4% in the fourth quarter. Allworth Financial LP now owns 803 shares of the company's stock valued at $29,000 after purchasing an additional 276 shares during the period. Principal Securities Inc. lifted its holdings in Nextracker by 41.8% in the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock worth $51,000 after buying an additional 410 shares in the last quarter. Quarry LP boosted its position in Nextracker by 61.5% in the 3rd quarter. Quarry LP now owns 1,119 shares of the company's stock valued at $42,000 after buying an additional 426 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in Nextracker by 38.4% in the 4th 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 last quarter. Finally, HighTower Advisors LLC increased its position in shares of Nextracker by 1.8% during the third quarter. HighTower Advisors LLC now owns 29,777 shares of the company's stock worth $1,115,000 after acquiring an additional 519 shares during the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

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Analyst Upgrades and Downgrades

NXT has been the subject of a number of recent analyst reports. Royal Bank of Canada assumed coverage on Nextracker in a research note on Monday, March 17th. They set an "outperform" rating and a $55.00 price objective for the company. BMO Capital Markets raised their price target on shares of Nextracker from $48.00 to $50.00 and gave the stock a "market perform" rating in a research report on Wednesday, January 29th. Truist Financial reaffirmed a "buy" rating and issued a $56.00 price target (up from $54.00) on shares of Nextracker in a report on Wednesday, January 29th. Jefferies Financial Group upgraded shares of Nextracker from a "hold" rating to a "buy" rating and increased their price objective for the company from $46.00 to $56.00 in a research note on Wednesday, January 29th. Finally, Northland Securities reissued an "outperform" rating and issued a $55.00 target price (up previously from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $56.43.

Nextracker Stock Performance

Shares of NASDAQ:NXT traded down $0.70 during trading hours on Friday, hitting $44.27. The stock had a trading volume of 3,499,002 shares, compared to its average volume of 3,038,568. The stock's fifty day simple moving average is $45.00 and its 200 day simple moving average is $39.77. The firm has a market capitalization of $6.45 billion, a price-to-earnings ratio of 11.26 and a beta of 2.24. 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 Inc. has a 1-year low of $30.93 and a 1-year high of $62.31.

Nextracker (NASDAQ:NXT - Get Free Report) last posted 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%. Sell-side analysts anticipate that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

Insider Activity at Nextracker

In related news, insider Bruce Ledesma sold 9,891 shares of the firm'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 $6,095,822.70. This trade represents a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total transaction of $272,970.00. Following the completion of the transaction, the president now directly owns 209,365 shares in the company, valued at $9,421,425. This represents a 2.82 % 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 ninety days. 0.27% of the stock is currently owned by corporate insiders.

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.