SPX Gestao de Recursos Ltda Invests $1.10 Million in Nextracker Inc. (NASDAQ:NXT)

SPX Gestao de Recursos Ltda acquired a new position in Nextracker Inc. (NASDAQ:NXT) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 30,000 shares of the company’s stock, valued at approximately $1,096,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. IFP Advisors Inc grew its position in Nextracker by 516.4% during the fourth quarter. IFP Advisors Inc now owns 3,304 shares of the company’s stock valued at $121,000 after buying an additional 2,768 shares during the period. Robeco Schweiz AG acquired a new stake in Nextracker during the fourth quarter valued at $22,112,000. Geode Capital Management LLC grew its position in Nextracker by 23.3% during the third quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock valued at $134,724,000 after buying an additional 679,272 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in Nextracker by 33.5% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,226,862 shares of the company’s stock valued at $45,983,000 after buying an additional 307,956 shares during the period. Finally, New York State Common Retirement Fund grew its position in Nextracker by 65.6% during the fourth quarter. New York State Common Retirement Fund now owns 469,163 shares of the company’s stock valued at $17,139,000 after buying an additional 185,858 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Price Performance

Shares of NXT stock opened at $41.71 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The firm’s 50-day moving average is $44.19 and its two-hundred day moving average is $39.51. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $62.31. The company has a market capitalization of $6.07 billion, a PE ratio of 10.61 and a beta of 2.24.

Nextracker (NASDAQ:NXT) last issued its earnings results on Tuesday, January 28th. The company reported $0.89 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%. Analysts predict that Nextracker Inc. will post 3.29 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently commented on NXT. 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. The Goldman Sachs Group lifted their target price on shares of Nextracker from $54.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. Piper Sandler lifted their target price on shares of Nextracker from $47.00 to $50.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Jefferies Financial Group upgraded shares of Nextracker from a “hold” rating to a “buy” rating and lifted their target price for the company from $46.00 to $56.00 in a research report on Wednesday, January 29th. Finally, Citigroup dropped their target price on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th. Three analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.50.

Insider Buying and Selling at Nextracker

In related news, CAO David P. Bennett sold 9,801 shares of Nextracker 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 in the company, valued at approximately $6,216,392.30. The trade was a 7.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Bruce Ledesma sold 9,891 shares of Nextracker stock in a transaction that occurred on Monday, February 10th. The shares were 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 owns 132,374 shares of the company’s stock, valued at $6,095,822.70. This trade 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 worth $1,217,520 over the last three months. Insiders own 0.27% of the company’s stock.

Nextracker 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.