Proficio Capital Partners LLC Makes New $961,000 Investment in Nextracker Inc. (NASDAQ:NXT)

Proficio Capital Partners LLC bought a new position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 26,302 shares of the company's stock, valued at approximately $961,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in NXT. Allworth Financial LP raised its position in Nextracker by 52.4% in the 4th quarter. Allworth Financial LP now owns 803 shares of the company's stock valued at $29,000 after buying an additional 276 shares during the last quarter. Quarry LP raised 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 valued at $42,000 after purchasing an additional 426 shares during the last quarter. Principal Securities Inc. lifted its position in shares of Nextracker by 41.8% during the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock valued at $51,000 after purchasing an additional 410 shares in the last quarter. Nisa Investment Advisors LLC boosted its holdings in Nextracker by 38.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company's stock worth $68,000 after purchasing an additional 516 shares during the last quarter. Finally, Neo Ivy Capital Management purchased a new position in Nextracker during the third quarter worth about $74,000. 67.41% of the stock is owned by institutional investors.

Insider Activity

In related news, 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 sale, the chief accounting officer now directly owns 124,577 shares of the company's stock, valued at $6,216,392.30. This trade represents a 7.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 transaction, the insider now directly owns 132,374 shares of the company's stock, valued at approximately $6,095,822.70. This represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 25,758 shares of company stock worth $1,217,520 in the last three months. Corporate insiders own 0.27% of the company's stock.

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Nextracker Price Performance

NXT traded up $0.01 during trading on Tuesday, reaching $45.21. 1,857,693 shares of the company were exchanged, compared to its average volume of 3,037,777. 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 is $45.08 and its two-hundred day moving average is $39.87. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. The company has a market cap 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 announced its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. Research analysts forecast that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

NXT has been the topic of several recent analyst reports. Wells Fargo & Company dropped their target price on shares of Nextracker from $70.00 to $69.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 8th. Royal Bank of Canada started coverage on Nextracker in a report on Monday, March 17th. They set an "outperform" rating and a $55.00 price target on the stock. The Goldman Sachs Group upped their price objective on Nextracker from $54.00 to $61.00 and gave the company a "buy" rating in a research note on Wednesday, January 29th. Northland Securities reiterated an "outperform" rating and set a $55.00 target price (up from $48.00) on shares of Nextracker in a research note on Wednesday, January 29th. Finally, BNP Paribas raised shares of Nextracker to a "strong-buy" rating in a report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $56.43.

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.