NFJ Investment Group LLC Buys 4,071 Shares of Nextracker Inc. (NASDAQ:NXT)

NFJ Investment Group LLC grew its stake in Nextracker Inc. (NASDAQ:NXT) by 8.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 52,625 shares of the company’s stock after acquiring an additional 4,071 shares during the quarter. NFJ Investment Group LLC’s holdings in Nextracker were worth $1,922,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Norges Bank acquired a new position in Nextracker in the fourth quarter valued at about $106,166,000. Invesco Ltd. lifted its holdings in shares of Nextracker by 52.2% during the 4th quarter. Invesco Ltd. now owns 3,874,875 shares of the company’s stock valued at $141,549,000 after purchasing an additional 1,329,456 shares in the last quarter. Robeco Schweiz AG acquired a new position in shares of Nextracker in the 4th quarter valued at approximately $22,112,000. Handelsbanken Fonder AB increased its stake in Nextracker by 36.0% during the 4th quarter. Handelsbanken Fonder AB now owns 2,278,217 shares of the company’s stock worth $83,223,000 after purchasing an additional 602,600 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Nextracker by 23.9% during the 4th quarter. JPMorgan Chase & Co. now owns 1,866,028 shares of the company’s stock worth $68,166,000 after buying an additional 360,214 shares during the period. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Nextracker news, insider Bruce Ledesma sold 9,891 shares of the firm’s stock in a transaction dated Monday, February 10th. The shares were 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 $6,095,822.70. This trade represents a 6.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO David P. Bennett sold 9,801 shares of the business’s stock in a transaction that occurred on Wednesday, January 29th. The shares were 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 owns 124,577 shares of the company’s stock, valued at $6,216,392.30. The trade was a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.27% of the company’s stock.

Nextracker Trading Up 1.5 %

Shares of Nextracker stock opened at $40.30 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 50-day moving average of $43.32 and a 200-day moving average of $40.37. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $62.31. The stock has a market cap of $5.87 billion, a PE ratio of 10.25 and a beta of 2.02.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, beating 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%. As a group, sell-side analysts forecast that Nextracker Inc. will post 3.29 EPS for the current year.

Analyst Upgrades and Downgrades

NXT has been the subject of several research analyst reports. Susquehanna upped their price target on shares of Nextracker from $50.00 to $54.00 and gave the company a “positive” rating in a report on Wednesday, January 29th. Guggenheim upped their target price on shares of Nextracker from $50.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. UBS Group lifted their price target on Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. BMO Capital Markets upped their price objective on Nextracker from $48.00 to $50.00 and gave the stock a “market perform” rating in a research report on Wednesday, January 29th. Finally, Barclays decreased their target price on shares of Nextracker from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. Three analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $55.64.

About Nextracker

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.