Swiss National Bank Raises Holdings in Nextracker Inc. (NASDAQ:NXT)

Swiss National Bank lifted its holdings in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 6.2% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 282,120 shares of the company's stock after purchasing an additional 16,500 shares during the quarter. Swiss National Bank owned about 0.19% of Nextracker worth $10,306,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Allworth Financial LP grew its stake 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 in the last quarter. Quarry LP grew its position in shares of Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company's stock worth $42,000 after buying an additional 426 shares in the last quarter. Principal Securities Inc. raised its holdings in Nextracker by 41.8% in the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock valued at $51,000 after acquiring an additional 410 shares in the last quarter. Nisa Investment Advisors LLC raised 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 in the last quarter. Finally, Neo Ivy Capital Management purchased a new stake in shares of Nextracker in the 3rd quarter valued at approximately $74,000. Hedge funds and other institutional investors own 67.41% of the company's stock.

Insiders Place Their Bets

In other news, President Howard Wenger sold 6,066 shares of the business'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 transaction of $272,970.00. Following the sale, the president now owns 209,365 shares of the company's stock, valued at $9,421,425. The trade was a 2.82 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO David P. Bennett sold 9,801 shares of the firm's stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total value of $489,069.90. Following the completion of the transaction, the chief accounting officer now directly owns 124,577 shares of the company's stock, valued at $6,216,392.30. The trade was a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 25,758 shares of company stock worth $1,217,520. Corporate insiders own 0.27% of the company's stock.

Remove Ads

Nextracker Stock Performance

NASDAQ:NXT traded up $0.93 during mid-day trading on Monday, reaching $45.20. The stock had a trading volume of 1,494,230 shares, compared to its average volume of 3,038,231. 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 business has a 50 day simple moving average of $45.00 and a 200 day simple moving average of $39.80. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $62.31. The firm has a market capitalization of $6.58 billion, a price-to-earnings ratio of 11.50 and a beta of 2.24.

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

Analyst Ratings Changes

A number of brokerages recently commented on NXT. Wells Fargo & Company dropped their target price on Nextracker from $70.00 to $69.00 and set an "overweight" rating on the stock in a report on Wednesday, January 8th. JPMorgan Chase & Co. increased their price objective on Nextracker from $58.00 to $61.00 and gave the company an "overweight" rating in a report on Wednesday, January 29th. Royal Bank of Canada started coverage on Nextracker in a research report on Monday, March 17th. They set an "outperform" rating and a $55.00 target price on the stock. Northland Securities reaffirmed an "outperform" rating and issued a $55.00 price target (up from $48.00) on shares of Nextracker in a report on Wednesday, January 29th. Finally, BMO Capital Markets raised their price objective on shares of Nextracker from $48.00 to $50.00 and gave the stock a "market perform" rating in a report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $56.43.

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.