Signaturefd LLC Raises Holdings in Nextracker Inc. (NASDAQ:NXT)

Signaturefd LLC boosted its stake in Nextracker Inc. (NASDAQ:NXT) by 14.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,344 shares of the company’s stock after buying an additional 301 shares during the quarter. Signaturefd LLC’s holdings in Nextracker were worth $86,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Holocene Advisors LP purchased a new stake in shares of Nextracker in the third quarter valued at $45,416,000. Erste Asset Management GmbH acquired a new stake in shares of Nextracker during the 3rd quarter worth about $33,545,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Nextracker by 88.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,591,975 shares of the company’s stock worth $59,667,000 after buying an additional 745,665 shares in the last quarter. State Street Corp raised its position in shares of Nextracker by 15.8% in the third 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. Finally, Wellington Management Group LLP lifted its stake in shares of Nextracker by 25.5% during the third 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 period. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Price Performance

Shares of NXT stock opened at $45.20 on Tuesday. The firm has a fifty day simple moving average of $45.08 and a 200-day simple moving average of $39.87. The company has a market capitalization of $6.58 billion, a PE ratio of 11.50 and a beta of 2.24. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $62.31. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, beating 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%. Equities research analysts anticipate that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

Insider Transactions at Nextracker

In other news, insider Bruce Ledesma sold 9,891 shares of Nextracker stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $46.05, for a total value of $455,480.55. Following the completion of the transaction, the insider now owns 132,374 shares in the company, valued at approximately $6,095,822.70. This trade represents a 6.95 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Howard Wenger sold 6,066 shares of the company’s 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 approximately $9,421,425. This represents a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over 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.

Analysts Set New Price Targets

Several analysts have commented on the stock. Wells Fargo & Company lowered their target price on shares of Nextracker from $70.00 to $69.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Truist Financial reiterated a “buy” rating and issued a $56.00 target price (up from $54.00) on shares of Nextracker in a research note on Wednesday, January 29th. Royal Bank of Canada assumed coverage on Nextracker in a research note on Monday, March 17th. They issued an “outperform” rating and a $55.00 price target on the stock. UBS Group upped their price objective on shares of Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Finally, Jefferies Financial Group raised shares of Nextracker from a “hold” rating to a “buy” rating and raised their target price for the stock from $46.00 to $56.00 in a research report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, twenty have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Nextracker has an average rating of “Moderate Buy” and a consensus price target 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.