Raymond James Financial Inc. Purchases Shares of 128,950 Nextracker Inc. (NASDAQ:NXT)

Raymond James Financial Inc. purchased a new position in Nextracker Inc. (NASDAQ:NXT - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 128,950 shares of the company's stock, valued at approximately $4,711,000. Raymond James Financial Inc. owned approximately 0.09% of Nextracker as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Allworth Financial LP raised its holdings 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 acquiring an additional 276 shares in the last quarter. Quarry LP increased its position in shares of Nextracker by 61.5% in the 3rd 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. raised its holdings in shares of Nextracker by 41.8% in 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 in the last quarter. Nisa Investment Advisors LLC lifted its position in shares of 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 during the last quarter. Finally, Neo Ivy Capital Management acquired a new position in shares of Nextracker during the third quarter worth $74,000. Hedge funds and other institutional investors own 67.41% of the company's stock.

Nextracker Stock Performance

Shares of NXT stock traded up $0.40 during trading hours on Friday, reaching $43.15. 1,402,667 shares of the company's stock were exchanged, compared to its average volume of 3,091,223. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $62.31. The company has a market cap of $6.28 billion, a P/E ratio of 10.98 and a beta of 2.24. The company's 50 day moving average is $45.09 and its two-hundred day moving average is $40.10.

Remove Ads

Nextracker (NASDAQ:NXT - Get Free Report) last released its earnings results on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, beating analysts' consensus estimates of $0.58 by $0.31. Nextracker had a return on equity of 41.22% and a net margin of 20.12%. Equities research analysts anticipate that Nextracker Inc. will post 3.29 EPS for the current fiscal year.

Insider Activity at Nextracker

In other news, President Howard Wenger sold 6,066 shares of the stock in a transaction that occurred on Thursday, January 16th. The shares were 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 in the company, valued at $9,421,425. This represents a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO David P. Bennett sold 9,801 shares of the firm's stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total transaction of $489,069.90. Following the transaction, the chief accounting officer now directly owns 124,577 shares of the company's stock, valued at approximately $6,216,392.30. This trade represents a 7.29 % decrease in their ownership of the stock. 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 ninety days. Corporate insiders own 0.27% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Piper Sandler raised their price target on Nextracker from $47.00 to $50.00 and gave the company an "overweight" rating in a research note on Wednesday, January 29th. Citigroup cut their target price on Nextracker from $50.00 to $45.00 and set a "neutral" rating on the stock in a research report on Wednesday, January 8th. BMO Capital Markets upped their price target on Nextracker from $48.00 to $50.00 and gave the company a "market perform" rating in a 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. Finally, BNP Paribas upgraded Nextracker to a "strong-buy" rating in a research report on Wednesday, January 29th. Three investment analysts have rated the stock with a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $56.43.

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.