Nextracker Inc. (NASDAQ:NXT) Shares Bought by Victory Capital Management Inc.

Victory Capital Management Inc. lifted its holdings in Nextracker Inc. (NASDAQ:NXT) by 31.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,689,656 shares of the company’s stock after buying an additional 404,146 shares during the period. Victory Capital Management Inc. owned about 1.05% of Nextracker worth $79,160,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in NXT. Duff & Phelps Investment Management Co. acquired a new stake in Nextracker in the fourth quarter valued at approximately $393,000. Van ECK Associates Corp bought a new stake in Nextracker in the fourth quarter worth $2,176,000. Russell Investments Group Ltd. boosted its position in shares of Nextracker by 13.5% in the fourth quarter. Russell Investments Group Ltd. now owns 244,186 shares of the company’s stock worth $11,440,000 after purchasing an additional 29,069 shares during the period. Corbyn Investment Management Inc. MD bought a new stake in shares of Nextracker during the fourth quarter worth $482,000. Finally, Sycomore Asset Management purchased a new position in shares of Nextracker during the fourth quarter worth $12,759,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Nextracker

In other news, COO Nicholas Marco Miller sold 8,355 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total value of $440,057.85. Following the completion of the sale, the chief operating officer now directly owns 11,114 shares of the company’s stock, valued at $585,374.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, COO Nicholas Marco Miller sold 8,355 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $52.67, for a total value of $440,057.85. Following the completion of the sale, the chief operating officer now directly owns 11,114 shares of the company’s stock, valued at approximately $585,374.38. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Leah Schlesinger sold 2,149 shares of Nextracker stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $51.91, for a total value of $111,554.59. Following the transaction, the insider now directly owns 11,910 shares in the company, valued at approximately $618,248.10. The disclosure for this sale can be found here. 0.09% of the stock is owned by insiders.

Wall Street Analyst Weigh In

NXT has been the subject of several research reports. Cantor Fitzgerald lifted their price objective on Nextracker from $52.00 to $62.00 and gave the stock an “overweight” rating in a report on Thursday, February 1st. Scotiabank dropped their target price on Nextracker from $55.00 to $50.00 and set a “sector outperform” rating on the stock in a research report on Monday, April 29th. BMO Capital Markets assumed coverage on shares of Nextracker in a research report on Friday, March 22nd. They set a “market perform” rating and a $69.00 price target on the stock. The Goldman Sachs Group upped their target price on Nextracker from $62.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, February 1st. Finally, Truist Financial increased their target price on Nextracker from $52.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, January 23rd. Four investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.17.

Nextracker Price Performance

Shares of NXT opened at $46.10 on Friday. The firm has a market cap of $6.29 billion, a P/E ratio of 24.65, a P/E/G ratio of 0.38 and a beta of 2.42. Nextracker Inc. has a 1 year low of $29.56 and a 1 year high of $62.14. The stock has a 50 day simple moving average of $52.84 and a two-hundred day simple moving average of $47.03.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings results on Wednesday, January 31st. The company reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.51. Nextracker had a negative return on equity of 5.98% and a net margin of 4.48%. The business had revenue of $710.43 million for the quarter, compared to analysts’ expectations of $615.53 million. On average, equities analysts anticipate that Nextracker Inc. will post 2.34 earnings per share for the current year.

About Nextracker

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.