JPMorgan Chase & Co. Grows Stock Position in Nextracker Inc. (NASDAQ:NXT)

JPMorgan Chase & Co. grew its position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 23.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,866,028 shares of the company's stock after purchasing an additional 360,214 shares during the quarter. JPMorgan Chase & Co. owned approximately 1.28% of Nextracker worth $68,166,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Allworth Financial LP raised its position in Nextracker by 52.4% during the 4th quarter. Allworth Financial LP now owns 803 shares of the company's stock worth $29,000 after purchasing an additional 276 shares during the last quarter. Quarry LP increased its stake in shares of Nextracker by 61.5% in the third 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 period. Millstone Evans Group LLC bought a new position in shares of Nextracker during the fourth quarter worth about $48,000. Principal Securities Inc. lifted its stake in shares of 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 boosted its holdings in Nextracker by 38.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company's stock valued at $68,000 after acquiring an additional 516 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors.

Remove Ads

Insiders Place Their Bets

In other news, insider Bruce Ledesma sold 9,891 shares of the firm's stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $46.05, for a total value of $455,480.55. Following the completion of the sale, the insider now owns 132,374 shares in the company, valued at approximately $6,095,822.70. This trade represents a 6.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO David P. Bennett sold 9,801 shares of Nextracker stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total transaction of $489,069.90. Following the sale, the chief accounting officer now owns 124,577 shares of the company's stock, valued at $6,216,392.30. The trade was a 7.29 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 25,758 shares of company stock worth $1,217,520. Corporate insiders own 0.27% of the company's stock.

Analysts Set New Price Targets

NXT has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. boosted their price target on shares of Nextracker from $58.00 to $61.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 29th. TD Cowen assumed coverage on shares of Nextracker in a research report on Thursday, December 19th. They set a "hold" rating and a $41.00 price target on the stock. Jefferies Financial Group raised Nextracker from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $46.00 to $56.00 in a research report on Wednesday, January 29th. Northland Securities reissued an "outperform" rating and issued a $55.00 price objective (up from $48.00) on shares of Nextracker in a research note on Wednesday, January 29th. Finally, BMO Capital Markets raised their target price on Nextracker from $48.00 to $50.00 and gave the stock a "market perform" rating in a research note on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $56.14.

Nextracker Stock Up 6.0 %

Shares of NXT stock traded up $2.23 during mid-day trading on Wednesday, reaching $39.23. 2,873,633 shares of the company's stock traded hands, compared to its average volume of 3,069,793. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $62.31. The company's 50-day moving average price is $44.25 and its 200-day moving average price is $40.30. The company has a market cap of $5.71 billion, a P/E ratio of 9.98 and a beta of 2.02. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10.

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

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.