28,395 Shares in Nextracker Inc. (NASDAQ:NXT) Purchased by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS acquired a new stake in shares of Nextracker Inc. (NASDAQ:NXT) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 28,395 shares of the company’s stock, valued at approximately $1,037,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in NXT. Holocene Advisors LP purchased a new stake in Nextracker in the 3rd quarter worth approximately $45,416,000. Erste Asset Management GmbH purchased a new stake in shares of Nextracker in the 3rd quarter valued at about $33,545,000. State Street Corp boosted its position in shares of Nextracker by 15.8% during the 3rd quarter. State Street Corp now owns 5,070,473 shares of the company’s stock valued at $190,041,000 after acquiring an additional 690,343 shares during the last quarter. Wellington Management Group LLP grew its holdings 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 worth $127,169,000 after purchasing an additional 688,810 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Nextracker by 23.3% in the third quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock worth $134,724,000 after purchasing an additional 679,272 shares during the last quarter. Institutional investors own 67.41% of the company’s stock.

Nextracker Trading Up 0.9 %

NASDAQ:NXT opened at $43.15 on Monday. The company has a 50-day moving average price of $45.09 and a 200-day moving average price of $40.13. The stock has a market cap of $6.28 billion, a price-to-earnings ratio of 10.98 and a beta of 2.24. 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 Inc. has a 12 month low of $30.93 and a 12 month high of $62.31.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. Equities analysts predict that Nextracker Inc. will post 3.29 EPS for the current year.

Insider Activity at Nextracker

In related news, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction dated 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 $9,421,425. This trade represents a 2.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO David P. Bennett sold 9,801 shares of the company’s stock in a transaction dated Wednesday, January 29th. The stock was 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 owns 124,577 shares in the company, valued at approximately $6,216,392.30. This trade represents a 7.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 25,758 shares of company stock worth $1,217,520 over the last ninety days. 0.27% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on NXT shares. UBS Group lifted their target price on shares of Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. BMO Capital Markets upped their target price on shares of Nextracker from $48.00 to $50.00 and gave the stock a “market perform” rating in a research report on Wednesday, January 29th. The Goldman Sachs Group increased their target price on Nextracker from $54.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Guggenheim lifted their price target on Nextracker from $50.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. Finally, Jefferies Financial Group upgraded Nextracker from a “hold” rating to a “buy” rating and increased their price objective for the company from $46.00 to $56.00 in a research report on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.43.

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.