Royce & Associates LP Grows Position in Nextracker Inc. (NASDAQ:NXT)

Royce & Associates LP lifted its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 171.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 240,840 shares of the company’s stock after purchasing an additional 151,999 shares during the quarter. Royce & Associates LP’s holdings in Nextracker were worth $8,798,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in NXT. Holocene Advisors LP acquired a new position in Nextracker during the third quarter worth about $45,416,000. Erste Asset Management GmbH acquired a new stake in shares of Nextracker in the 3rd quarter worth approximately $33,545,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Nextracker by 88.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,591,975 shares of the company’s stock valued at $59,667,000 after purchasing an additional 745,665 shares in the last quarter. State Street Corp raised its holdings in Nextracker by 15.8% during the third quarter. State Street Corp now owns 5,070,473 shares of the company’s stock worth $190,041,000 after purchasing an additional 690,343 shares during the last quarter. Finally, Wellington Management Group LLP boosted its position in Nextracker by 25.5% during the third quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock worth $127,169,000 after purchasing an additional 688,810 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Northland Securities restated an “outperform” rating and issued a $55.00 price target (up previously from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. Piper Sandler lifted their target price on shares of Nextracker from $47.00 to $50.00 and gave the stock an “overweight” 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 price target for the company from $46.00 to $56.00 in a report on Wednesday, January 29th. TD Cowen began coverage on shares of Nextracker in a research note on Thursday, December 19th. They set a “hold” rating and a $41.00 price objective for the company. Finally, BMO Capital Markets upped their target price on Nextracker from $48.00 to $50.00 and gave the company a “market perform” rating in a research note on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $56.43.

Insiders Place Their Bets

In other news, insider Bruce Ledesma sold 9,891 shares of the company’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $46.05, for a total value of $455,480.55. Following the completion of the sale, the insider now owns 132,374 shares of the company’s stock, valued at $6,095,822.70. This represents a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $45.00, for a total value of $272,970.00. Following the sale, the president now owns 209,365 shares in the company, valued at approximately $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,758 shares of company stock worth $1,217,520 over the last ninety days. 0.27% of the stock is owned by company insiders.

Nextracker Price Performance

Shares of Nextracker stock opened at $44.48 on Wednesday. The stock has a market capitalization of $6.48 billion, a P/E ratio of 11.32 and a beta of 2.24. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. The business’s fifty day moving average price is $44.83 and its 200 day moving average price is $39.67. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $62.31.

Nextracker (NASDAQ:NXT) last issued 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 return on equity of 41.22% and a net margin of 20.12%. As a group, research analysts anticipate that Nextracker Inc. will post 3.29 earnings per share for the current year.

Nextracker Profile

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.