Handelsbanken Fonder AB Acquires 602,600 Shares of Nextracker Inc. (NASDAQ:NXT)

Handelsbanken Fonder AB increased its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 36.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,278,217 shares of the company’s stock after buying an additional 602,600 shares during the period. Handelsbanken Fonder AB’s holdings in Nextracker were worth $83,223,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the business. Allworth Financial LP lifted its stake in shares of Nextracker by 52.4% in the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after purchasing an additional 276 shares during the period. Quarry LP lifted its stake in Nextracker by 61.5% in the third quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after buying an additional 426 shares during the period. Principal Securities Inc. grew its position in shares of Nextracker by 41.8% during the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock worth $51,000 after buying an additional 410 shares during the period. Nisa Investment Advisors LLC increased its stake in shares of Nextracker by 38.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after acquiring an additional 516 shares during the last quarter. Finally, Neo Ivy Capital Management acquired a new stake in shares of Nextracker in the 3rd quarter valued at approximately $74,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have weighed in on NXT. Wells Fargo & Company cut their target price on shares of Nextracker from $70.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Barclays upgraded shares of Nextracker from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $47.00 to $60.00 in a report on Wednesday, January 29th. Guggenheim upped their price target on shares of Nextracker from $50.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. Piper Sandler raised their price objective on shares of Nextracker from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. Finally, Northland Capmk raised shares of Nextracker to a “strong-buy” rating in a research note on Tuesday, November 19th. Three investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $56.50.

Nextracker Stock Up 0.7 %

NXT opened at $48.61 on Thursday. The stock’s fifty day simple moving average is $41.73 and its 200 day simple moving average is $39.00. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $62.31. The stock has a market cap of $7.08 billion, a PE ratio of 12.37 and a beta of 2.14. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10.

Nextracker (NASDAQ:NXT) last posted its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, topping 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, research analysts expect that Nextracker Inc. will post 3.29 earnings per share for the current year.

Insiders Place Their Bets

In related news, CAO David P. Bennett sold 9,801 shares of the 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 of the company’s stock, valued at $6,216,392.30. This represents a 7.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available 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 transaction of $272,970.00. Following the transaction, the president now owns 209,365 shares of the company’s stock, valued at approximately $9,421,425. This represents a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,758 shares of company stock worth $1,217,520 over the last three months. 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.