Norges Bank Invests $106.17 Million in Nextracker Inc. (NASDAQ:NXT)

Norges Bank bought a new stake in Nextracker Inc. (NASDAQ:NXT - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 2,906,259 shares of the company's stock, valued at approximately $106,166,000. Norges Bank owned approximately 2.00% of Nextracker at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Allworth Financial LP boosted 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 buying an additional 276 shares in the last quarter. Quarry LP lifted its holdings in shares of Nextracker by 61.5% in the third quarter. Quarry LP now owns 1,119 shares of the company's stock worth $42,000 after acquiring an additional 426 shares during the last quarter. Millstone Evans Group LLC acquired a new stake in shares of Nextracker in the 4th quarter valued at approximately $48,000. Principal Securities Inc. grew 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 purchasing an additional 410 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its position in Nextracker by 38.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company's stock worth $68,000 after purchasing an additional 516 shares in the last quarter. Institutional investors own 67.41% of the company's stock.

Analyst Upgrades and Downgrades

NXT has been the topic of a number of research analyst reports. The Goldman Sachs Group raised their target price on shares of Nextracker from $54.00 to $61.00 and gave the company a "buy" rating in a research report on Wednesday, January 29th. Northland Securities reissued an "outperform" rating and set a $55.00 price objective (up previously from $48.00) on shares of Nextracker in a report on Wednesday, January 29th. Jefferies Financial Group raised Nextracker from a "hold" rating to a "buy" rating and upped their target price for the stock from $46.00 to $56.00 in a report on Wednesday, January 29th. Guggenheim increased their target price on Nextracker from $50.00 to $62.00 and gave the company a "buy" rating in a research report on Wednesday, January 29th. Finally, Royal Bank of Canada initiated coverage on Nextracker in a report on Monday, March 17th. They set an "outperform" rating and a $55.00 price target on the stock. Three 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 company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $56.14.

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Insider Buying and Selling

In other news, insider Bruce Ledesma sold 9,891 shares of the business's stock in a transaction that occurred on 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 sale, the insider now owns 132,374 shares in the company, valued at $6,095,822.70. The trade was a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President Howard Wenger sold 6,066 shares of the 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 transaction, the president now owns 209,365 shares in the company, valued at approximately $9,421,425. This represents a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 25,758 shares of company stock valued at $1,217,520. 0.27% of the stock is owned by company insiders.

Nextracker Trading Down 7.2 %

Shares of Nextracker stock traded down $3.14 on Thursday, reaching $40.40. 2,305,379 shares of the company's stock were exchanged, compared to its average volume of 3,070,042. 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 52 week low of $30.93 and a 52 week high of $62.31. The firm's 50-day moving average is $45.11 and its two-hundred day moving average is $40.24. The company has a market capitalization of $5.88 billion, a P/E ratio of 10.28 and a beta of 2.02.

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 the consensus estimate of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. Sell-side analysts predict that Nextracker Inc. will post 3.29 EPS for the current fiscal year.

About Nextracker

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.