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

Envestnet Portfolio Solutions Inc. raised its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 17.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,895 shares of the company’s stock after purchasing 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 filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Allworth Financial LP grew its position in shares of Nextracker by 52.4% in the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after purchasing an additional 276 shares in the last quarter. Quarry LP boosted its stake in 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 period. Principal Securities Inc. grew its holdings in 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 buying an additional 410 shares in the last quarter. Nisa Investment Advisors LLC increased its position in shares of Nextracker by 38.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after buying an additional 516 shares during the period. Finally, Neo Ivy Capital Management purchased a new stake in shares of Nextracker in the third quarter worth about $74,000. Institutional investors own 67.41% of the company’s stock.

Nextracker Stock Performance

NASDAQ:NXT opened at $42.75 on Friday. 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 Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The business has a 50 day moving average price of $45.11 and a 200-day moving average price of $39.99. The firm has a market cap of $6.23 billion, a PE ratio of 10.88 and a beta of 2.24.

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

Insider Activity at Nextracker

In related news, insider Bruce Ledesma sold 9,891 shares of the stock in a transaction dated 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 of the company’s stock, valued at $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 at this link. Also, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total value of $272,970.00. Following the sale, the president now directly owns 209,365 shares in the company, 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. Insiders have sold a total of 25,758 shares of company stock worth $1,217,520 in the last 90 days. Company insiders own 0.27% of the company’s stock.

Wall Street Analysts Forecast Growth

NXT has been the subject of several recent analyst reports. TD Cowen initiated coverage on shares of Nextracker in a research note on Thursday, December 19th. They set a “hold” rating and a $41.00 price objective for the company. UBS Group upped their price target on shares of Nextracker from $60.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. Royal Bank of Canada assumed coverage on Nextracker in a research report on Monday, March 17th. They issued an “outperform” rating and a $55.00 price objective on the stock. Barclays upgraded Nextracker from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $47.00 to $60.00 in a research report on Wednesday, January 29th. Finally, Jefferies Financial Group raised Nextracker from a “hold” rating to a “buy” rating and raised their price target for the company from $46.00 to $56.00 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 assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock 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.