Cibc World Markets Corp Acquires New Stake in Nextracker Inc. (NASDAQ:NXT)

Cibc World Markets Corp acquired a new stake in shares of Nextracker Inc. (NASDAQ:NXT) in the fourth quarter, HoldingsChannel reports. The firm acquired 13,498 shares of the company’s stock, valued at approximately $493,000.

Other large investors also recently bought and sold shares of the company. Corient Private Wealth LLC purchased a new stake in shares of Nextracker in the 4th quarter worth $251,000. Greenwich Wealth Management LLC lifted its holdings in shares of Nextracker by 7.2% in the 4th quarter. Greenwich Wealth Management LLC now owns 10,179 shares of the company’s stock worth $372,000 after buying an additional 680 shares during the period. Royce & Associates LP lifted its holdings in shares of Nextracker by 171.1% in the 4th quarter. Royce & Associates LP now owns 240,840 shares of the company’s stock worth $8,798,000 after buying an additional 151,999 shares during the period. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Nextracker by 17.6% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 8,895 shares of the company’s stock worth $325,000 after buying an additional 1,334 shares during the period. Finally, Atala Financial Inc purchased a new stake in shares of Nextracker in the 4th quarter worth $1,001,000. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Wall Street Analyst Weigh In

NXT has been the subject of several research reports. Barclays upgraded Nextracker from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $47.00 to $60.00 in a report on Wednesday, January 29th. The Goldman Sachs Group upped their price objective on Nextracker from $54.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. UBS Group upped their price objective on Nextracker from $60.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. TD Cowen assumed coverage on Nextracker in a research note on Thursday, December 19th. They set a “hold” rating and a $41.00 price objective for the company. Finally, Truist Financial restated a “buy” rating and set a $56.00 price objective (up from $54.00) on shares of Nextracker in a research note on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $56.43.

Nextracker Stock Down 1.6 %

Shares of NXT stock opened at $44.27 on Friday. The stock’s 50-day simple moving average is $45.00 and its 200-day simple moving average is $39.79. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. The firm has a market capitalization of $6.45 billion, a PE ratio of 11.26 and a beta of 2.24. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31.

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

Insider Transactions at Nextracker

In other Nextracker news, insider Bruce Ledesma sold 9,891 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $46.05, for a total transaction 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 represents a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Howard Wenger sold 6,066 shares of the stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total value of $272,970.00. Following the transaction, the president now owns 209,365 shares in the company, valued at $9,421,425. This represents a 2.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 25,758 shares of company stock worth $1,217,520 over the last quarter. 0.27% of the stock is currently owned by insiders.

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.