Tocqueville Asset Management L.P. Purchases 898 Shares of Nextracker Inc. (NASDAQ:NXT)

Tocqueville Asset Management L.P. increased its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 2.0% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 45,155 shares of the company’s stock after acquiring an additional 898 shares during the quarter. Tocqueville Asset Management L.P.’s holdings in Nextracker were worth $1,650,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. IFP Advisors Inc lifted its stake in Nextracker by 516.4% in 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 in the last quarter. Robeco Schweiz AG acquired a new position in Nextracker in the 4th quarter worth $22,112,000. New York State Common Retirement Fund boosted its stake in Nextracker by 65.6% in the 4th quarter. New York State Common Retirement Fund now owns 469,163 shares of the company’s stock worth $17,139,000 after purchasing an additional 185,858 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Nextracker by 10.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,753,848 shares of the company’s stock worth $64,068,000 after purchasing an additional 161,873 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of 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 purchasing an additional 679,272 shares during the period. 67.41% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on NXT. Piper Sandler increased their price objective on Nextracker from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. Citigroup lowered their price objective on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. Royal Bank of Canada began coverage on shares of Nextracker in a report on Monday. They set an “outperform” rating and a $55.00 target price for the company. Truist Financial reissued a “buy” rating and set a $56.00 price target (up from $54.00) on shares of Nextracker in a research report on Wednesday, January 29th. Finally, JPMorgan Chase & Co. raised their price objective on Nextracker from $58.00 to $61.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Nextracker presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.43.

Nextracker Stock Performance

NASDAQ NXT opened at $45.17 on Thursday. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $62.31. The firm has a market capitalization of $6.58 billion, a price-to-earnings ratio of 11.49 and a beta of 2.24. 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’s 50 day simple moving average is $44.89 and its 200 day simple moving average is $39.71.

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, 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%. As a group, research analysts expect that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

Insider Activity at Nextracker

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

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.