Martingale Asset Management L P Boosts Holdings in Nextracker Inc. (NASDAQ:NXT)

Martingale Asset Management L P boosted its holdings in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 583.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 38,002 shares of the company's stock after purchasing an additional 32,439 shares during the quarter. Martingale Asset Management L P's holdings in Nextracker were worth $1,388,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Norges Bank bought a new stake in Nextracker in the fourth quarter worth $106,166,000. Invesco Ltd. boosted its stake in shares of Nextracker by 52.2% during the 4th quarter. Invesco Ltd. now owns 3,874,875 shares of the company's stock worth $141,549,000 after purchasing an additional 1,329,456 shares during the period. State Street Corp grew its holdings in Nextracker by 15.8% during the 3rd quarter. State Street Corp now owns 5,070,473 shares of the company's stock valued at $190,041,000 after purchasing an additional 690,343 shares during the last quarter. Geode Capital Management LLC raised its position in Nextracker by 23.3% in the 3rd 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 during the period. Finally, Robeco Schweiz AG bought a new stake in Nextracker in the fourth quarter worth about $22,112,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextracker Stock Down 0.4 %

NXT traded down $0.16 during trading on Tuesday, hitting $40.57. The stock had a trading volume of 1,445,899 shares, compared to its average volume of 3,037,571. The stock has a 50 day simple moving average of $43.70 and a two-hundred day simple moving average of $40.35. 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 twelve month low of $30.93 and a twelve month high of $62.31. The company has a market capitalization of $5.91 billion, a PE ratio of 10.32 and a beta of 2.02.

Remove Ads

Nextracker (NASDAQ:NXT - Get Free Report) last announced its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, topping 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, research analysts predict that Nextracker Inc. will post 3.29 earnings per share for the current year.

Insider Activity at Nextracker

In related news, CAO David P. Bennett sold 9,801 shares of the company's 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 directly owns 124,577 shares of the company's stock, valued at $6,216,392.30. This represents a 7.29 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $45.00, for a total value of $272,970.00. Following the sale, the president now directly owns 209,365 shares of the company's stock, valued at approximately $9,421,425. This represents a 2.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 25,758 shares of company stock valued at $1,217,520 in the last three months. 0.27% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on NXT shares. Truist Financial reaffirmed a "buy" rating and set a $56.00 target price (up previously from $54.00) on shares of Nextracker in a research note on Wednesday, January 29th. Wells Fargo & Company cut their price objective on Nextracker from $70.00 to $69.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 8th. Northland Securities reiterated an "outperform" rating and set a $55.00 target price (up from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. Royal Bank of Canada initiated coverage on shares of Nextracker in a report on Monday, March 17th. They issued an "outperform" rating and a $55.00 price target on the stock. Finally, Jefferies Financial Group raised shares of Nextracker from a "hold" rating to a "buy" rating and boosted their price objective for the company from $46.00 to $56.00 in a research 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 issued a strong buy rating to the company. Based on data from MarketBeat, Nextracker has a consensus rating of "Moderate Buy" and an average target price of $55.82.

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.