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

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

A number of other institutional investors also recently added to or reduced their stakes in the stock. Oppenheimer & Co. Inc. acquired a new stake in shares of Nextracker during the 4th quarter worth about $286,000. Oppenheimer Asset Management Inc. boosted its holdings in shares of Nextracker by 59.0% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 50,765 shares of the company's stock worth $1,854,000 after acquiring an additional 18,833 shares in the last quarter. Robeco Schweiz AG bought a new stake in Nextracker during the 4th quarter worth approximately $22,112,000. Los Angeles Capital Management LLC acquired a new stake in Nextracker during the 4th quarter valued at $203,000. Finally, IFP Advisors Inc raised its position in Nextracker by 516.4% in the 4th quarter. IFP Advisors Inc now owns 3,304 shares of the company's stock valued at $121,000 after purchasing an additional 2,768 shares during the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

NXT has been the subject of a number of research reports. Truist Financial restated a "buy" rating and issued a $56.00 target price (up from $54.00) on shares of Nextracker in a research note on Wednesday, January 29th. Barclays raised shares of Nextracker from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $47.00 to $60.00 in a research note on Wednesday, January 29th. Northland Securities reissued an "outperform" rating and set a $55.00 price target (up from $48.00) on shares of Nextracker in a research note on Wednesday, January 29th. BMO Capital Markets boosted their price objective on shares of Nextracker from $48.00 to $50.00 and gave the stock a "market perform" rating in a research report on Wednesday, January 29th. Finally, BNP Paribas upgraded Nextracker to a "strong-buy" rating in a research report on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Nextracker has an average rating of "Moderate Buy" and a consensus target price of $56.50.

Remove Ads

Nextracker Stock Up 7.7 %

NXT traded up $3.23 during trading on Tuesday, reaching $44.94. The company had a trading volume of 3,116,201 shares, compared to its average volume of 3,114,588. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $62.31. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The business's fifty day moving average price is $44.19 and its 200 day moving average price is $39.51. The company has a market cap of $6.54 billion, a P/E ratio of 11.44 and a beta of 2.24.

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 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%. Equities analysts anticipate that Nextracker Inc. will post 3.29 EPS for the current year.

Insider Buying and Selling at Nextracker

In related news, insider Bruce Ledesma sold 9,891 shares of the company's stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $46.05, for a total transaction of $455,480.55. Following the sale, the insider now owns 132,374 shares in the company, valued at approximately $6,095,822.70. This represents a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $45.00, for a total transaction of $272,970.00. Following the completion of the transaction, the president now directly owns 209,365 shares of the company's stock, valued at approximately $9,421,425. This trade represents a 2.82 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,758 shares of company stock worth $1,217,520. Corporate insiders own 0.27% of the company's stock.

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.