SPX Gestao de Recursos Ltda Invests $1.10 Million in Nextracker Inc. (NASDAQ:NXT)

SPX Gestao de Recursos Ltda bought 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 fund bought 30,000 shares of the company's stock, valued at approximately $1,096,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Allworth Financial LP raised its position in Nextracker by 52.4% during the fourth quarter. Allworth Financial LP now owns 803 shares of the company's stock worth $29,000 after acquiring an additional 276 shares during the last quarter. Principal Securities Inc. grew its holdings in shares of Nextracker by 41.8% during the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock worth $51,000 after buying an additional 410 shares in the last quarter. Quarry LP grew its holdings in shares of Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company's stock worth $42,000 after buying an additional 426 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of 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 buying an additional 516 shares in the last quarter. Finally, HighTower Advisors LLC grew its holdings in shares of Nextracker by 1.8% during the third quarter. HighTower Advisors LLC now owns 29,777 shares of the company's stock worth $1,115,000 after buying an additional 519 shares in the last quarter. Institutional investors and hedge funds own 67.41% of the company's stock.

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Analyst Upgrades and Downgrades

A number of brokerages have recently commented on NXT. Truist Financial reiterated a "buy" rating and set a $56.00 price target (up from $54.00) on shares of Nextracker in a report on Wednesday, January 29th. BNP Paribas upgraded shares of Nextracker to a "strong-buy" rating in a report on Wednesday, January 29th. Piper Sandler lifted their price target on shares of Nextracker from $47.00 to $50.00 and gave the stock an "overweight" rating in a report on Wednesday, January 29th. Susquehanna boosted their target price on shares of Nextracker from $50.00 to $54.00 and gave the company a "positive" 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 for the company in a report on Wednesday, January 8th. 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. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $56.50.

Insider Activity at Nextracker

In related news, CAO David P. Bennett sold 9,801 shares of the company's stock in a transaction 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 represents a 7.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Howard Wenger sold 6,066 shares of the company's stock in a transaction on 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 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 disclosure for this sale can be found here. Insiders have sold 25,758 shares of company stock valued at $1,217,520 over the last ninety days. Corporate insiders own 0.27% of the company's stock.

Nextracker Stock Down 1.9 %

Shares of NASDAQ NXT traded down $0.85 during trading on Friday, reaching $44.31. 2,681,410 shares of the stock were exchanged, compared to its average volume of 3,101,734. The business's 50-day moving average price is $44.62 and its 200 day moving average price is $39.61. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $62.31. 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 capitalization of $6.45 billion, a price-to-earnings ratio of 11.27 and a beta of 2.24.

Nextracker (NASDAQ:NXT - Get Free Report) last posted its earnings results on Tuesday, January 28th. The company reported $0.89 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%. As a group, equities analysts forecast 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.