Nextracker Inc. (NASDAQ:NXT) Shares Purchased by JPMorgan Chase & Co.

JPMorgan Chase & Co. grew its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 23.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,866,028 shares of the company’s stock after acquiring an additional 360,214 shares during the period. JPMorgan Chase & Co. owned about 1.28% of Nextracker worth $68,166,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. State Street Corp raised its holdings in 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 acquiring an additional 690,343 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of 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 purchasing an additional 688,810 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Nextracker by 23.3% during 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. Robeco Schweiz AG bought a new position in shares of Nextracker during the fourth quarter worth about $22,112,000. Finally, Handelsbanken Fonder AB grew its stake in Nextracker by 36.0% in the fourth quarter. Handelsbanken Fonder AB now owns 2,278,217 shares of the company’s stock worth $83,223,000 after purchasing an additional 602,600 shares in the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextracker Stock Down 3.4 %

Shares of NXT stock opened at $39.02 on Friday. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $62.31. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. The business’s fifty day moving average is $45.04 and its 200-day moving average is $40.25. The stock has a market cap of $5.68 billion, a PE ratio of 9.93 and a beta of 2.02.

Nextracker (NASDAQ:NXT) last released 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 return on equity of 41.22% and a net margin of 20.12%. Equities analysts expect that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

Analyst Ratings Changes

NXT has been the topic of a number of research analyst reports. Guggenheim increased their target price on Nextracker from $50.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. Truist Financial restated a “buy” rating and set a $56.00 price objective (up from $54.00) on shares of Nextracker in a research note on Wednesday, January 29th. The Goldman Sachs Group boosted their target price on shares of Nextracker from $54.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Piper Sandler raised their price target on shares of Nextracker from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Finally, Citigroup lowered their price objective on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating for the company in a research report on Wednesday, January 8th. Three analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Nextracker presently has an average rating of “Moderate Buy” and a consensus price target of $56.14.

Insider Buying and Selling

In other Nextracker news, insider Bruce Ledesma sold 9,891 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $46.05, for a total transaction of $455,480.55. Following the completion of the sale, the insider now directly owns 132,374 shares of the company’s stock, valued at approximately $6,095,822.70. This represents a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction dated Thursday, January 16th. The stock was 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 owns 209,365 shares of the company’s stock, valued at approximately $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 25,758 shares of company stock worth $1,217,520. Corporate insiders own 0.27% of the company’s stock.

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.