Cypress Capital LLC Purchases New Shares in Nextracker Inc. (NASDAQ:NXT)

Cypress Capital LLC purchased a new stake in Nextracker Inc. (NASDAQ:NXT) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 26,400 shares of the company’s stock, valued at approximately $964,000.

Other institutional investors have also recently added to or reduced their stakes in the company. 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 valued at $134,724,000 after acquiring an additional 679,272 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in Nextracker by 33.5% during 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 purchasing an additional 307,956 shares during the last quarter. Van ECK Associates Corp boosted its stake in Nextracker by 30.7% during the 3rd quarter. Van ECK Associates Corp now owns 60,613 shares of the company’s stock worth $2,272,000 after purchasing an additional 14,249 shares during the last quarter. Nordea Investment Management AB acquired a new stake in Nextracker during the 4th quarter worth $5,734,000. Finally, Proactive Wealth Strategies LLC acquired a new stake in Nextracker during the 3rd quarter worth $1,324,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

Insiders Place Their Bets

In other news, CAO David P. Bennett sold 9,801 shares of the business’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total transaction of $489,069.90. Following the completion of the transaction, the chief accounting officer now directly owns 124,577 shares of the company’s stock, 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 filing with the SEC, which can be accessed through the SEC website. Also, insider Bruce Ledesma sold 9,891 shares of the business’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $46.05, for a total value of $455,480.55. Following the transaction, the insider now directly owns 132,374 shares of the company’s stock, valued at approximately $6,095,822.70. This represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 25,758 shares of company stock worth $1,217,520 over the last three months. Company insiders own 0.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Robert W. Baird lowered their target price on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a research note on Thursday, October 31st. UBS Group lifted their target price on shares of Nextracker from $60.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. Jefferies Financial Group raised shares of Nextracker from a “hold” rating to a “buy” rating and lifted their target price for the stock from $46.00 to $56.00 in a research note on Wednesday, January 29th. Citigroup lowered their target price 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. Finally, Wells Fargo & Company reduced their price target on Nextracker from $70.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Three research 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. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $56.50.

Nextracker Stock Down 4.8 %

Shares of NXT opened at $46.12 on Friday. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. The firm has a market cap of $6.72 billion, a P/E ratio of 11.74 and a beta of 2.14. The company’s 50-day moving average price is $42.23 and its 200 day moving average price is $39.13. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $62.31.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (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%. On average, sell-side analysts forecast that Nextracker Inc. will post 3.29 earnings per share for the current year.

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.