Nextracker Inc. (NASDAQ:NXT) Stock Position Lifted by Arizona State Retirement System

Arizona State Retirement System lifted its holdings in Nextracker Inc. (NASDAQ:NXT) by 6.1% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 41,590 shares of the company’s stock after purchasing an additional 2,406 shares during the quarter. Arizona State Retirement System’s holdings in Nextracker were worth $1,519,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Allworth Financial LP grew its holdings in Nextracker by 52.4% during the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after acquiring an additional 276 shares during the period. Principal Securities Inc. boosted its position in shares of Nextracker by 41.8% during the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock valued at $51,000 after purchasing an additional 410 shares in the last quarter. Quarry LP grew its stake in shares of Nextracker by 61.5% in the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after purchasing an additional 426 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in shares of Nextracker by 38.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock worth $68,000 after purchasing an additional 516 shares during the last quarter. Finally, HighTower Advisors LLC raised its holdings in shares of Nextracker by 1.8% in the 3rd quarter. HighTower Advisors LLC now owns 29,777 shares of the company’s stock worth $1,115,000 after purchasing an additional 519 shares in the last quarter. Institutional investors own 67.41% of the company’s stock.

Nextracker Stock Down 1.4 %

Shares of Nextracker stock opened at $44.32 on Thursday. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $62.31. The stock has a 50-day moving average price of $44.51 and a 200 day moving average price of $39.57. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. The company has a market cap of $6.45 billion, a P/E ratio of 11.28 and a beta of 2.24.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share 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%. As a group, analysts expect that Nextracker Inc. will post 3.29 EPS for the current fiscal year.

Insider Transactions at Nextracker

In related news, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total value of $272,970.00. Following the transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bruce Ledesma sold 9,891 shares of the firm’s 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 completion of the transaction, the insider now directly owns 132,374 shares in the company, valued at $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 valued at $1,217,520 in the last three months. Corporate insiders own 0.27% of the company’s stock.

Analyst Ratings Changes

NXT has been the subject of a number of research reports. 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. Susquehanna raised their price objective on Nextracker from $50.00 to $54.00 and gave the stock a “positive” rating in a research note on Wednesday, January 29th. BNP Paribas raised Nextracker to a “strong-buy” rating in a research report on Wednesday, January 29th. UBS Group increased their price target on Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. Finally, Wells Fargo & Company decreased their price target on Nextracker from $70.00 to $69.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Three equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $56.50.

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.