Nextracker Inc. (NASDAQ:NXT) Insider Bruce Ledesma Sells 9,891 Shares

Nextracker Inc. (NASDAQ:NXT) insider Bruce Ledesma sold 9,891 shares of the company’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $46.05, for a total transaction 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 position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Nextracker Trading Down 1.8 %

NASDAQ:NXT traded down $0.82 during mid-day trading on Tuesday, hitting $45.12. 2,178,778 shares of the stock traded hands, compared to its average volume of 3,361,537. The stock has a market capitalization of $6.57 billion, a price-to-earnings ratio of 11.48 and a beta of 2.14. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $62.31. The firm’s 50 day moving average is $40.65 and its two-hundred day moving average is $39.00. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10.

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

Hedge Funds Weigh In On Nextracker

Hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its stake in Nextracker by 23.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock worth $134,724,000 after acquiring an additional 679,272 shares in the last quarter. Secure Asset Management LLC bought a new position in Nextracker in the 3rd quarter worth about $1,370,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in Nextracker by 33.5% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,226,862 shares of the company’s stock worth $45,983,000 after acquiring an additional 307,956 shares in the last quarter. Van ECK Associates Corp grew its stake in Nextracker by 30.7% in the 3rd quarter. Van ECK Associates Corp now owns 60,613 shares of the company’s stock worth $2,272,000 after acquiring an additional 14,249 shares in the last quarter. Finally, Nordea Investment Management AB bought a new position in shares of Nextracker during the fourth quarter valued at approximately $5,734,000. 67.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Susquehanna upped their target price on shares of Nextracker from $50.00 to $54.00 and gave the stock a “positive” rating in a report on Wednesday, January 29th. Piper Sandler boosted their price target on shares of Nextracker from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. JPMorgan Chase & Co. boosted their price target on shares of Nextracker from $58.00 to $61.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. BMO Capital Markets boosted their price target on shares of Nextracker from $48.00 to $50.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 29th. Finally, Barclays upgraded shares of 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. Three 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. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $56.50.

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.