Nextracker Inc. (NASDAQ:NXT) Shares Bought by Shell Asset Management Co.

Shell Asset Management Co. grew its stake in Nextracker Inc. (NASDAQ:NXT) by 374.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,676 shares of the company’s stock after purchasing an additional 6,059 shares during the quarter. Shell Asset Management Co.’s holdings in Nextracker were worth $432,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Nextracker by 297.1% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 478,875 shares of the company’s stock valued at $26,946,000 after buying an additional 358,277 shares during the last quarter. American International Group Inc. increased its holdings in shares of Nextracker by 151.5% in the 1st quarter. American International Group Inc. now owns 62,059 shares of the company’s stock valued at $3,492,000 after acquiring an additional 37,380 shares during the last quarter. Seven Eight Capital LP acquired a new stake in shares of Nextracker during the 1st quarter valued at approximately $1,897,000. O Shaughnessy Asset Management LLC acquired a new stake in shares of Nextracker during the 1st quarter valued at approximately $1,199,000. Finally, Ameritas Investment Partners Inc. lifted its stake in Nextracker by 153.7% during the first quarter. Ameritas Investment Partners Inc. now owns 12,626 shares of the company’s stock worth $710,000 after purchasing an additional 7,650 shares during the last quarter. Institutional investors own 67.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Scotiabank lowered their target price on shares of Nextracker from $55.00 to $50.00 and set a “sector outperform” rating for the company in a research note on Monday, April 29th. Daiwa Capital Markets began coverage on shares of Nextracker in a report on Monday, April 1st. They issued an “outperform” rating and a $63.00 target price on the stock. BMO Capital Markets dropped their price target on Nextracker from $62.00 to $56.00 and set a “market perform” rating on the stock in a research report on Wednesday, May 15th. Barclays reduced their price objective on Nextracker from $63.00 to $61.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 16th. Finally, Fox Advisors raised Nextracker from an “equal weight” rating to an “overweight” rating and set a $60.00 target price on the stock in a research report on Wednesday, May 15th. Four analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $59.17.

Nextracker Stock Up 2.0 %

Shares of NXT stock opened at $47.28 on Friday. The business’s fifty day moving average is $51.78 and its 200-day moving average is $51.29. The stock has a market cap of $6.86 billion, a PE ratio of 14.07 and a beta of 2.51. Nextracker Inc. has a 1 year low of $32.14 and a 1 year high of $62.31. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.76 and a current ratio of 1.98.

Nextracker (NASDAQ:NXT) last released its earnings results on Tuesday, May 14th. The company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.47 by $0.38. The business had revenue of $736.52 million during the quarter, compared to analyst estimates of $681.03 million. Nextracker had a net margin of 12.25% and a negative return on equity of 13.70%. Equities analysts expect that Nextracker Inc. will post 2.62 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Bruce Ledesma sold 12,135 shares of Nextracker stock in a transaction on Monday, May 20th. The stock was sold at an average price of $43.91, for a total value of $532,847.85. Following the transaction, the insider now directly owns 17,387 shares in the company, valued at approximately $763,463.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.27% of the company’s stock.

About Nextracker

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.