Oppenheimer Asset Management Inc. Purchases 18,833 Shares of Nextracker Inc. (NASDAQ:NXT)

Oppenheimer Asset Management Inc. increased its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 59.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 50,765 shares of the company's stock after buying an additional 18,833 shares during the period. Oppenheimer Asset Management Inc.'s holdings in Nextracker were worth $1,854,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Geode Capital Management LLC lifted its position in shares of Nextracker by 23.3% during the third quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company's stock worth $134,724,000 after acquiring an additional 679,272 shares in the last quarter. IFP Advisors Inc lifted its holdings in Nextracker by 516.4% during the 4th quarter. IFP Advisors Inc now owns 3,304 shares of the company's stock worth $121,000 after purchasing an additional 2,768 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in Nextracker by 33.5% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,226,862 shares of the company's stock worth $45,983,000 after purchasing an additional 307,956 shares during the period. Van ECK Associates Corp grew its holdings in Nextracker by 30.7% during the 3rd quarter. Van ECK Associates Corp now owns 60,613 shares of the company's stock valued at $2,272,000 after buying an additional 14,249 shares in the last quarter. Finally, Nordea Investment Management AB bought a new stake in shares of Nextracker during the fourth quarter valued at about $5,734,000. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

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Insider Buying and Selling at Nextracker

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 transaction, the president now directly owns 209,365 shares of the company's stock, valued at approximately $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO David P. Bennett sold 9,801 shares of the company'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 transaction, the chief accounting officer now owns 124,577 shares of the company's stock, valued at approximately $6,216,392.30. This represents a 7.29 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 25,758 shares of company stock worth $1,217,520. 0.27% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

NXT has been the subject of several recent analyst reports. UBS Group boosted their price objective on shares of Nextracker from $60.00 to $66.00 and gave the company a "buy" rating in a research note on Wednesday, January 29th. Northland Securities reaffirmed an "outperform" rating and issued a $55.00 price target (up previously from $48.00) on shares of Nextracker in a report on Wednesday, January 29th. Susquehanna increased their price objective on Nextracker from $50.00 to $54.00 and gave the stock a "positive" rating in a research report on Wednesday, January 29th. Piper Sandler boosted their price objective on Nextracker from $47.00 to $50.00 and gave the stock an "overweight" rating in a report on Wednesday, January 29th. Finally, Citigroup lowered their target price on shares of Nextracker from $50.00 to $45.00 and set a "neutral" rating on the stock in a research note on Wednesday, January 8th. Three analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Nextracker currently has an average rating of "Moderate Buy" and an average target price of $56.50.

Nextracker Trading Down 1.4 %

NXT traded down $0.61 on Thursday, hitting $42.19. 548,488 shares of the company were exchanged, compared to its average volume of 2,886,396. 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 12 month low of $30.93 and a 12 month high of $62.31. The firm has a fifty day simple moving average of $43.90 and a two-hundred day simple moving average of $39.47. The stock has a market capitalization of $6.14 billion, a PE ratio of 10.73 and a beta of 2.14.

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

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.