Nextracker Inc. (NASDAQ:NXT) Shares Purchased by New York State Common Retirement Fund

New York State Common Retirement Fund boosted its holdings in Nextracker Inc. (NASDAQ:NXT) by 65.6% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 469,163 shares of the company’s stock after purchasing an additional 185,858 shares during the quarter. New York State Common Retirement Fund owned about 0.32% of Nextracker worth $17,139,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in NXT. Allworth Financial LP boosted its holdings in 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 holdings in Nextracker by 61.5% in the third quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after purchasing an additional 426 shares in the last quarter. Principal Securities Inc. boosted its holdings in Nextracker by 41.8% in the fourth 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. Nisa Investment Advisors LLC boosted its holdings in Nextracker by 38.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after purchasing an additional 516 shares in the last quarter. Finally, Neo Ivy Capital Management acquired a new position in Nextracker in the third quarter valued at approximately $74,000. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextracker Stock Down 4.8 %

Nextracker stock opened at $46.12 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. The firm has a market capitalization of $6.72 billion, a price-to-earnings ratio of 11.74 and a beta of 2.14. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The stock’s fifty day moving average is $42.44 and its two-hundred day moving average is $39.17.

Nextracker (NASDAQ:NXT) last posted its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.31. Nextracker had a return on equity of 41.22% and a net margin of 20.12%. Analysts predict that Nextracker Inc. will post 3.29 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have weighed in on NXT. JPMorgan Chase & Co. boosted their price objective on Nextracker from $58.00 to $61.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Susquehanna boosted their price objective on Nextracker from $50.00 to $54.00 and gave the company a “positive” rating in a research note on Wednesday, January 29th. TD Cowen began coverage on Nextracker in a research note on Thursday, December 19th. They set a “hold” rating and a $41.00 price target for the company. Robert W. Baird cut their price target on Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. Finally, Barclays upgraded Nextracker from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $47.00 to $60.00 in a research note on Wednesday, January 29th. Three investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $56.50.

Insider Buying and Selling

In related news, insider Bruce Ledesma sold 9,891 shares of Nextracker stock in a transaction dated 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 sale, the insider now owns 132,374 shares in the company, valued at approximately $6,095,822.70. This trade represents a 6.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO David P. Bennett sold 9,801 shares of Nextracker stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total value of $489,069.90. Following the sale, the chief accounting officer now owns 124,577 shares of the company’s stock, valued at approximately $6,216,392.30. This represents a 7.29 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 25,758 shares of company stock worth $1,217,520. 0.27% of the stock is owned by corporate insiders.

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.