Covestor Ltd Purchases 1,629 Shares of Nextracker Inc. (NASDAQ:NXT)

Covestor Ltd raised its position in Nextracker Inc. (NASDAQ:NXT) by 54.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,639 shares of the company’s stock after buying an additional 1,629 shares during the quarter. Covestor Ltd’s holdings in Nextracker were worth $169,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Norges Bank bought a new position in Nextracker in the 4th quarter worth approximately $106,166,000. Invesco Ltd. boosted its holdings in shares of Nextracker by 52.2% in the fourth quarter. Invesco Ltd. now owns 3,874,875 shares of the company’s stock worth $141,549,000 after acquiring an additional 1,329,456 shares during the period. State Street Corp boosted its holdings in shares of Nextracker by 15.8% in the third quarter. State Street Corp now owns 5,070,473 shares of the company’s stock worth $190,041,000 after acquiring an additional 690,343 shares during the period. Geode Capital Management LLC grew its position in shares of Nextracker by 23.3% in the third 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 in the last quarter. Finally, Robeco Schweiz AG bought a new stake in shares of Nextracker during the 4th quarter valued at $22,112,000. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextracker Stock Performance

NASDAQ NXT opened at $37.75 on Friday. The company has a 50-day simple moving average of $44.04 and a two-hundred day simple moving average of $40.30. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $62.31. The firm has a market cap of $5.50 billion, a price-to-earnings ratio of 9.61 and a beta of 2.02. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10.

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

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. The Goldman Sachs Group raised their target price on Nextracker from $54.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. Guggenheim raised their price objective on shares of Nextracker from $50.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. Jefferies Financial Group raised shares of Nextracker from a “hold” rating to a “buy” rating and upped their target price for the stock from $46.00 to $56.00 in a report on Wednesday, January 29th. TD Cowen started coverage on shares of Nextracker in a report on Thursday, December 19th. They issued a “hold” rating and a $41.00 price target for the company. Finally, Northland Securities reaffirmed an “outperform” rating and issued a $55.00 price target (up previously from $48.00) on shares of Nextracker in a report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $56.05.

Insider Transactions at Nextracker

In other news, insider Bruce Ledesma sold 9,891 shares of Nextracker 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 sale, the insider now directly owns 132,374 shares in the company, valued at approximately $6,095,822.70. This trade represents a 6.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Howard Wenger sold 6,066 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total value of $272,970.00. Following the transaction, the president now directly owns 209,365 shares in the company, valued at $9,421,425. This trade represents a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 25,758 shares of company stock worth $1,217,520. Insiders own 0.27% of the company’s stock.

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.