Flputnam Investment Management Co. Invests $469,000 in Nextracker Inc. (NASDAQ:NXT)

Flputnam Investment Management Co. 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 firm acquired 10,004 shares of the company’s stock, valued at approximately $469,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in NXT. BlackRock Inc. purchased a new stake in shares of Nextracker in the first quarter worth $154,708,000. JPMorgan Chase & Co. purchased a new stake in Nextracker during the first quarter valued at about $42,403,000. Morgan Stanley raised its position in Nextracker by 337.3% during the third quarter. Morgan Stanley now owns 1,433,301 shares of the company’s stock valued at $57,561,000 after purchasing an additional 1,105,536 shares in the last quarter. Alliancebernstein L.P. raised its position in Nextracker by 3,423.9% during the second quarter. Alliancebernstein L.P. now owns 1,113,857 shares of the company’s stock valued at $44,343,000 after purchasing an additional 1,082,248 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its position in Nextracker by 2,652.9% during the third quarter. Jacobs Levy Equity Management Inc. now owns 994,981 shares of the company’s stock valued at $39,958,000 after purchasing an additional 958,838 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Insider Transactions at Nextracker

In other news, insider Leah Schlesinger sold 2,149 shares of the business’s stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total value of $111,554.59. Following the sale, the insider now directly owns 11,910 shares of the company’s stock, valued at approximately $618,248.10. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, COO Nicholas Marco Miller sold 8,355 shares of the business’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $52.67, for a total value of $440,057.85. Following the completion of the transaction, the chief operating officer now directly owns 11,114 shares in the company, valued at approximately $585,374.38. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Leah Schlesinger sold 2,149 shares of the business’s stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total transaction of $111,554.59. Following the completion of the transaction, the insider now owns 11,910 shares of the company’s stock, valued at $618,248.10. The disclosure for this sale can be found here. Insiders own 0.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on NXT shares. Guggenheim started coverage on Nextracker in a research report on Thursday, February 8th. They set a “buy” rating and a $73.00 price target on the stock. Barclays downgraded Nextracker from an “overweight” rating to an “equal weight” rating and raised their price target for the company from $55.00 to $63.00 in a research report on Tuesday, April 2nd. JPMorgan Chase & Co. decreased their price objective on Nextracker from $73.00 to $67.00 and set an “overweight” rating on the stock in a report on Thursday, February 29th. The Goldman Sachs Group lifted their price objective on Nextracker from $62.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, February 1st. Finally, Bank of America lifted their price objective on Nextracker from $53.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. Three analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $59.41.

Nextracker Price Performance

NASDAQ NXT opened at $44.76 on Thursday. The business’s 50-day moving average is $56.17 and its 200 day moving average is $46.49. Nextracker Inc. has a 1 year low of $29.28 and a 1 year high of $62.14. The stock has a market capitalization of $6.11 billion, a PE ratio of 23.94, a PEG ratio of 0.37 and a beta of 1.94.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings results on Wednesday, January 31st. The company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.51. Nextracker had a negative return on equity of 5.98% and a net margin of 4.48%. The firm had revenue of $710.43 million for the quarter, compared to analysts’ expectations of $615.53 million. As a group, equities research analysts anticipate that Nextracker Inc. will post 2.35 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 ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.