Eagle Ridge Investment Management Takes $285,000 Position in Nextracker Inc. (NASDAQ:NXT)

Eagle Ridge Investment Management acquired a new position in Nextracker Inc. (NASDAQ:NXT) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 5,071 shares of the company’s stock, valued at approximately $285,000.

Several other institutional investors also recently bought and sold shares of NXT. Bruce G. Allen Investments LLC acquired a new position in shares of Nextracker during the first quarter valued at about $37,000. Toth Financial Advisory Corp purchased a new stake in shares of Nextracker during the first quarter valued at $38,000. Tucker Asset Management LLC purchased a new position in Nextracker in the 3rd quarter worth $42,000. Wahed Invest LLC acquired a new stake in Nextracker during the 4th quarter worth about $43,000. Finally, Capital Advisors Ltd. LLC purchased a new stake in Nextracker during the 1st quarter valued at about $46,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Nextracker news, insider Leah Schlesinger sold 2,149 shares of Nextracker stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $51.91, for a total transaction of $111,554.59. Following the sale, the insider now owns 11,910 shares of the company’s stock, valued at approximately $618,248.10. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Bruce Ledesma sold 12,135 shares of the stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $43.91, for a total value of $532,847.85. Following the completion of the sale, the insider now owns 17,387 shares of the company’s stock, valued at $763,463.17. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Leah Schlesinger sold 2,149 shares of Nextracker 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 transaction, the insider now owns 11,910 shares in the company, valued at approximately $618,248.10. The disclosure for this sale can be found here. Company insiders own 0.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on NXT shares. BMO Capital Markets decreased their target price on Nextracker from $62.00 to $56.00 and set a “market perform” rating for the company in a report on Wednesday, May 15th. Robert W. Baird started coverage on shares of Nextracker in a research note on Thursday, March 21st. They set an “outperform” rating and a $71.00 price objective for the company. Susquehanna initiated coverage on shares of Nextracker in a research note on Friday. They issued a “positive” rating and a $59.00 price objective on the stock. Fox Advisors raised shares of Nextracker from an “equal weight” rating to an “overweight” rating and set a $60.00 target price for the company in a report on Wednesday, May 15th. Finally, Bank of America upped their price target on shares of Nextracker from $53.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. Four investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $58.54.

Nextracker Price Performance

NXT traded down $0.80 during midday trading on Tuesday, hitting $45.32. 3,851,447 shares of the company traded hands, compared to its average volume of 4,258,063. The company has a market capitalization of $6.58 billion, a price-to-earnings ratio of 13.45 and a beta of 2.52. The business has a 50 day simple moving average of $50.37 and a two-hundred day simple moving average of $51.20. The company has a current ratio of 1.98, a quick ratio of 1.76 and a debt-to-equity ratio of 0.15. Nextracker Inc. has a 52-week low of $32.14 and a 52-week high of $62.31.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings results on Tuesday, May 14th. The company reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.38. Nextracker had a net margin of 12.25% and a negative return on equity of 13.70%. The firm had revenue of $736.52 million for the quarter, compared to analyst estimates of $681.03 million. On average, equities analysts forecast that Nextracker Inc. will post 2.23 earnings per share for the current fiscal year.

Nextracker 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.