Zurcher Kantonalbank Zurich Cantonalbank Purchases 161,873 Shares of Nextracker Inc. (NASDAQ:NXT)

Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 10.2% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 1,753,848 shares of the company's stock after buying an additional 161,873 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned about 1.20% of Nextracker worth $64,068,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Allworth Financial LP lifted its holdings in shares of 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 buying an additional 276 shares during the period. Quarry LP lifted its holdings in 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 acquiring an additional 426 shares during the last quarter. Principal Securities Inc. lifted its holdings in 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 acquiring an additional 410 shares during the last quarter. Nisa Investment Advisors LLC boosted 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 valued at $68,000 after purchasing an additional 516 shares in the last quarter. Finally, Neo Ivy Capital Management acquired a new position in shares of Nextracker in the 3rd quarter worth approximately $74,000. 67.41% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on NXT shares. Northland Capmk raised shares of Nextracker to a "strong-buy" rating in a research note on Tuesday, November 19th. Piper Sandler upped their price target on shares of Nextracker from $47.00 to $50.00 and gave the company an "overweight" rating in a research report on Wednesday, January 29th. Northland Securities reiterated an "outperform" rating and set a $55.00 price objective (up from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. Truist Financial reissued a "buy" rating and set a $56.00 target price (up from $54.00) on shares of Nextracker in a research note on Wednesday, January 29th. Finally, Guggenheim raised their target price on Nextracker from $50.00 to $62.00 and gave the stock a "buy" rating in a research report on Wednesday, January 29th. Three investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Nextracker has a consensus rating of "Moderate Buy" and a consensus target price of $56.50.

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Nextracker Stock Up 1.9 %

Shares of Nextracker stock traded up $0.84 on Thursday, hitting $45.16. The company had a trading volume of 1,984,210 shares, compared to its average volume of 3,106,984. The stock has a 50-day moving average of $44.51 and a 200-day moving average of $39.57. 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 twelve month low of $30.93 and a twelve month high of $62.31. The firm has a market capitalization of $6.58 billion, a P/E ratio of 11.49 and a beta of 2.24.

Nextracker (NASDAQ:NXT - Get Free Report) last released its 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 return on equity of 41.22% and a net margin of 20.12%. Research analysts predict that Nextracker Inc. will post 3.29 earnings per share for the current year.

Insider Buying and Selling

In other news, CAO David P. Bennett sold 9,801 shares of the business'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 owns 124,577 shares of the company's stock, valued at $6,216,392.30. The trade was a 7.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Howard Wenger sold 6,066 shares of the firm'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 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. Over the last three months, insiders sold 25,758 shares of company stock worth $1,217,520. 0.27% of the stock is owned by corporate insiders.

Nextracker Company 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.