Nextracker Inc. (NASDAQ:NXT) Shares Bought by Grantham Mayo Van Otterloo & Co. LLC

Grantham Mayo Van Otterloo & Co. LLC grew its position in Nextracker Inc. (NASDAQ:NXT) by 13.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,067,165 shares of the company’s stock after purchasing an additional 124,100 shares during the period. Grantham Mayo Van Otterloo & Co. LLC owned approximately 0.73% of Nextracker worth $38,984,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Allworth Financial LP lifted its position in Nextracker by 52.4% during 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 during the period. Quarry LP lifted its holdings in shares of Nextracker by 61.5% in the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after buying an additional 426 shares during the period. Millstone Evans Group LLC purchased a new stake in shares of Nextracker in the fourth quarter worth about $48,000. Principal Securities Inc. grew its holdings in Nextracker by 41.8% during the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock worth $51,000 after acquiring an additional 410 shares during the period. Finally, Nisa Investment Advisors LLC raised its position in 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 acquiring an additional 516 shares in the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Nextracker

In other Nextracker news, CAO David P. Bennett sold 9,801 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total value of $489,069.90. Following the completion of the transaction, the chief accounting officer now owns 124,577 shares of the company’s stock, valued at $6,216,392.30. This trade represents a 7.29 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, 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 value of $455,480.55. Following the sale, the insider now directly owns 132,374 shares in the company, valued at $6,095,822.70. This represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 25,758 shares of company stock valued at $1,217,520 in the last three months. 0.27% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on NXT. Citigroup dropped their price objective on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 8th. Barclays upgraded shares of Nextracker from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $47.00 to $60.00 in a research report on Wednesday, January 29th. TD Cowen initiated coverage on shares of Nextracker in a research report on Thursday, December 19th. They issued a “hold” rating and a $41.00 price objective for the company. Guggenheim raised their target price on Nextracker from $50.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. Finally, Royal Bank of Canada started coverage on Nextracker in a report on Monday, March 17th. They issued an “outperform” rating and a $55.00 price target for the company. Three equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $56.14.

Nextracker Trading Down 3.4 %

Shares of NXT stock opened at $39.02 on Friday. The company has a 50-day moving average of $45.04 and a two-hundred day moving average of $40.25. The firm has a market cap of $5.68 billion, a PE ratio of 9.93 and a beta of 2.02. 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 current ratio of 2.20 and a quick ratio of 1.96.

Nextracker (NASDAQ:NXT) last announced its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, beating 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%. On average, analysts predict that Nextracker Inc. will post 3.29 EPS for the current 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.