AlphaQuest LLC Invests $195,000 in Nextracker Inc. (NASDAQ:NXT)

AlphaQuest LLC bought a new position in shares of Nextracker Inc. (NASDAQ:NXT) during the fourth quarter, HoldingsChannel reports. The fund bought 5,349 shares of the company’s stock, valued at approximately $195,000.

Other hedge funds have also modified their holdings of the company. State Street Corp grew its position in Nextracker by 15.8% in the 3rd quarter. State Street Corp now owns 5,070,473 shares of the company’s stock valued at $190,041,000 after buying an additional 690,343 shares during the last quarter. Geode Capital Management LLC grew its position in Nextracker by 23.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock valued at $134,724,000 after buying an additional 679,272 shares during the last quarter. Wellington Management Group LLP grew its position in Nextracker by 25.5% in the 3rd quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock valued at $127,169,000 after buying an additional 688,810 shares during the last quarter. Handelsbanken Fonder AB grew its position in Nextracker by 36.0% in the 4th quarter. Handelsbanken Fonder AB now owns 2,278,217 shares of the company’s stock valued at $83,223,000 after buying an additional 602,600 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Nextracker by 88.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,591,975 shares of the company’s stock valued at $59,667,000 after buying an additional 745,665 shares during the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Nextracker from $58.00 to $61.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Susquehanna raised their target price on Nextracker from $50.00 to $54.00 and gave the company a “positive” rating in a report on Wednesday, January 29th. Barclays raised Nextracker from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $47.00 to $60.00 in a report on Wednesday, January 29th. TD Cowen assumed coverage on Nextracker in a report on Thursday, December 19th. They issued a “hold” rating and a $41.00 target price for the company. Finally, Northland Securities reissued an “outperform” rating and issued a $55.00 target price (up previously from $48.00) on shares of Nextracker in a report on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.50.

Nextracker Trading Down 1.9 %

NASDAQ NXT opened at $44.31 on Monday. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $62.31. The company has a 50-day moving average of $44.72 and a 200-day moving average of $39.60. 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 company has a market cap of $6.45 billion, a P/E ratio of 11.27 and a beta of 2.24.

Nextracker (NASDAQ:NXT) last posted 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 net margin of 20.12% and a return on equity of 41.22%. As a group, equities analysts predict that Nextracker Inc. will post 3.29 earnings per share for the current year.

Insider Buying and Selling

In other Nextracker news, insider Bruce Ledesma sold 9,891 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $46.05, for a total value of $455,480.55. Following the completion of the sale, the insider now owns 132,374 shares of the company’s stock, valued at $6,095,822.70. This trade represents a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO David P. Bennett sold 9,801 shares of the stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total transaction of $489,069.90. Following the completion of the sale, the chief accounting officer now directly owns 124,577 shares of the company’s stock, valued at $6,216,392.30. This trade represents a 7.29 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 25,758 shares of company stock valued at $1,217,520. 0.27% of the stock is currently 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.