Envestnet Portfolio Solutions Inc. Buys 1,334 Shares of Nextracker Inc. (NASDAQ:NXT)

Envestnet Portfolio Solutions Inc. grew its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 17.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,895 shares of the company’s stock after acquiring an additional 1,334 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Nextracker were worth $325,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Holocene Advisors LP purchased a new stake in Nextracker during the 3rd quarter valued at about $45,416,000. Erste Asset Management GmbH purchased a new stake in shares of Nextracker during the third quarter valued at approximately $33,545,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position 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 valued at $59,667,000 after acquiring an additional 745,665 shares in the last quarter. State Street Corp raised its holdings in 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 acquiring an additional 690,343 shares during the last quarter. Finally, Wellington Management Group LLP lifted 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 acquiring an additional 688,810 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on NXT. Barclays upgraded Nextracker from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $47.00 to $60.00 in a research note on Wednesday, January 29th. Northland Securities restated an “outperform” rating and set a $55.00 target price (up previously from $48.00) on shares of Nextracker in a research note on Wednesday, January 29th. UBS Group raised their price target on shares of Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. Piper Sandler boosted their price objective on shares of Nextracker from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Finally, The Goldman Sachs Group raised their target price on shares of Nextracker from $54.00 to $61.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $56.43.

Insiders Place Their Bets

In other news, CAO David P. Bennett sold 9,801 shares of Nextracker stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total value of $489,069.90. Following the sale, the chief accounting officer now directly owns 124,577 shares of the company’s stock, valued at approximately $6,216,392.30. The trade was a 7.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 transaction, the insider now directly owns 132,374 shares of the company’s stock, valued at approximately $6,095,822.70. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,758 shares of company stock worth $1,217,520 in the last three months. 0.27% of the stock is owned by company insiders.

Nextracker Stock Down 2.1 %

Shares of NXT stock opened at $42.75 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. Nextracker Inc. has a one year low of $30.93 and a one year high of $62.31. The company’s fifty day moving average price is $45.11 and its 200-day moving average price is $39.99. The company has a market capitalization of $6.23 billion, a price-to-earnings ratio of 10.88 and a beta of 2.24.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, beating 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%. Sell-side analysts expect that Nextracker Inc. will post 3.29 EPS for the current fiscal year.

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.