Corient Private Wealth LLC Makes New $251,000 Investment in Nextracker Inc. (NASDAQ:NXT)

Corient Private Wealth LLC bought a new stake in Nextracker Inc. (NASDAQ:NXT) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 6,859 shares of the company’s stock, valued at approximately $251,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of NXT. State Street Corp raised its holdings in shares of Nextracker by 15.8% in the 3rd quarter. State Street Corp now owns 5,070,473 shares of the company’s stock worth $190,041,000 after purchasing an additional 690,343 shares during the period. Geode Capital Management LLC increased its position in 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 buying an additional 679,272 shares during the last quarter. Wellington Management Group LLP increased its position in Nextracker by 25.5% in the third quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock worth $127,169,000 after buying an additional 688,810 shares during the last quarter. Handelsbanken Fonder AB raised its stake in shares of Nextracker by 36.0% in the fourth 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 period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Nextracker by 10.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,753,848 shares of the company’s stock valued at $64,068,000 after buying an additional 161,873 shares during the last quarter. 67.41% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. The Goldman Sachs Group lifted their price objective on Nextracker from $54.00 to $61.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. Barclays upgraded shares of Nextracker from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $47.00 to $60.00 in a research note on Wednesday, January 29th. Royal Bank of Canada began coverage on shares of Nextracker in a research note on Monday, March 17th. They set an “outperform” rating and a $55.00 price target on the stock. Truist Financial reiterated a “buy” rating and issued a $56.00 price objective (up from $54.00) on shares of Nextracker in a research note on Wednesday, January 29th. Finally, BMO Capital Markets boosted their target price on shares of Nextracker from $48.00 to $50.00 and gave the company a “market perform” rating in a report on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Nextracker has a consensus rating of “Moderate Buy” and a consensus target price of $56.43.

Insiders Place Their Bets

In other news, insider Bruce Ledesma sold 9,891 shares of Nextracker stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $46.05, for a total value of $455,480.55. Following the transaction, the insider now owns 132,374 shares in the company, valued at approximately $6,095,822.70. The trade was a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Howard Wenger sold 6,066 shares of the business’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $45.00, for a total value of $272,970.00. Following the completion of the sale, 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 ninety days, insiders have sold 25,758 shares of company stock valued at $1,217,520. 0.27% of the stock is currently owned by corporate insiders.

Nextracker Stock Performance

NASDAQ NXT opened at $42.14 on Tuesday. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $62.31. The company has a fifty day moving average of $45.05 and a 200-day moving average of $40.18. The company has a market capitalization of $6.14 billion, a P/E ratio of 10.72 and a beta of 2.24. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20.

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

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.