SPX Gestao de Recursos Ltda Makes New Investment in Nextracker Inc. (NASDAQ:NXT)

SPX Gestao de Recursos Ltda purchased a new position in shares of Nextracker Inc. (NASDAQ:NXT) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 30,000 shares of the company’s stock, valued at approximately $1,096,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Nextracker by 10.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,753,848 shares of the company’s stock worth $64,068,000 after acquiring an additional 161,873 shares in the last quarter. Ruffer LLP purchased a new stake in shares of Nextracker during the 4th quarter worth approximately $3,954,000. AlphaQuest LLC purchased a new stake in shares of Nextracker during the 4th quarter worth approximately $195,000. Raymond James Financial Inc. purchased a new stake in shares of Nextracker during the 4th quarter worth approximately $4,711,000. Finally, Arizona State Retirement System lifted its position in shares of Nextracker by 6.1% during the 4th quarter. Arizona State Retirement System now owns 41,590 shares of the company’s stock worth $1,519,000 after buying an additional 2,406 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Trading Up 0.4 %

Shares of NXT stock opened at $41.71 on Tuesday. The firm has a market cap of $6.07 billion, a P/E ratio of 10.61 and a beta of 2.24. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $62.31. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The firm’s 50-day simple moving average is $44.19 and its 200-day simple moving average is $39.51.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, topping the consensus estimate 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, equities analysts forecast that Nextracker Inc. will post 3.29 EPS for the current year.

Insider Activity at Nextracker

In related news, insider Bruce Ledesma sold 9,891 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $46.05, for a total value of $455,480.55. Following the transaction, the insider now owns 132,374 shares in the company, valued at approximately $6,095,822.70. This trade represents a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, President Howard Wenger sold 6,066 shares of the firm’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 completion of the transaction, the president now owns 209,365 shares in the company, valued at $9,421,425. The trade was a 2.82 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 25,758 shares of company stock worth $1,217,520. Company insiders own 0.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Jefferies Financial Group upgraded shares of Nextracker from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $46.00 to $56.00 in a research report on Wednesday, January 29th. Truist Financial reiterated a “buy” rating and issued a $56.00 price target (up previously from $54.00) on shares of Nextracker in a research report on Wednesday, January 29th. Susquehanna upped their price target on shares of Nextracker from $50.00 to $54.00 and gave the company a “positive” rating in a research report on Wednesday, January 29th. Piper Sandler upped their price target on shares of Nextracker from $47.00 to $50.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Finally, Barclays upgraded shares of Nextracker from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $47.00 to $60.00 in a research report on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $56.50.

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.