Grantham Mayo Van Otterloo & Co. LLC Increases Position in Nextracker Inc. (NASDAQ:NXT)

Grantham Mayo Van Otterloo & Co. LLC grew its position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 13.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,067,165 shares of the company's stock after purchasing an additional 124,100 shares during the period. Grantham Mayo Van Otterloo & Co. LLC owned approximately 0.73% of Nextracker worth $38,984,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Allworth Financial LP increased its stake in 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 acquiring an additional 276 shares during the last quarter. Signaturefd LLC increased its position in shares of Nextracker by 14.7% during the 4th quarter. Signaturefd LLC now owns 2,344 shares of the company's stock valued at $86,000 after purchasing an additional 301 shares during the last quarter. Principal Securities Inc. raised its holdings in shares of Nextracker by 41.8% during the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock valued at $51,000 after buying an additional 410 shares in the last quarter. Quarry LP lifted its position in Nextracker by 61.5% in the 3rd quarter. Quarry LP now owns 1,119 shares of the company's stock worth $42,000 after buying an additional 426 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its stake in Nextracker by 38.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company's stock worth $68,000 after buying an additional 516 shares in the last quarter. Institutional investors own 67.41% of the company's stock.

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Nextracker Price Performance

Shares of NASDAQ NXT traded down $2.14 during midday trading on Thursday, reaching $37.09. 707,808 shares of the stock traded hands, compared to its average volume of 3,060,629. Nextracker Inc. has a one year low of $30.93 and a one year high of $62.31. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The company's 50 day moving average is $44.25 and its 200 day moving average is $40.30. The stock has a market capitalization of $5.40 billion, a PE ratio of 9.46 and a beta of 2.02.

Nextracker (NASDAQ:NXT - Get Free Report) last released its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share 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%. On average, equities research analysts anticipate that Nextracker Inc. will post 3.29 earnings per share for the current year.

Insiders Place Their Bets

In other Nextracker news, CAO David P. Bennett sold 9,801 shares of the firm's stock in a transaction on Wednesday, January 29th. The stock was 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 in the company, valued at $6,216,392.30. This trade represents a 7.29 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, President Howard Wenger sold 6,066 shares of the company's stock in a transaction 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 completion of the sale, the president now owns 209,365 shares of the company's stock, valued at $9,421,425. This represents a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,758 shares of company stock valued at $1,217,520 over the last 90 days. Insiders own 0.27% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Wells Fargo & Company lowered their price objective on shares of Nextracker from $70.00 to $69.00 and set an "overweight" rating for the company in a report on Wednesday, January 8th. BNP Paribas raised Nextracker to a "strong-buy" rating in a research note on Wednesday, January 29th. Barclays reduced their target price on Nextracker from $60.00 to $58.00 and set an "overweight" rating on the stock in a report on Thursday. UBS Group lifted their price objective on Nextracker from $60.00 to $66.00 and gave the company a "buy" rating in a research note on Wednesday, January 29th. Finally, JPMorgan Chase & Co. upped their price target on Nextracker from $58.00 to $61.00 and gave the company an "overweight" rating in a report on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $56.05.

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.