Millstone Evans Group LLC Invests $48,000 in Nextracker Inc. (NASDAQ:NXT)

Millstone Evans Group LLC bought a new position in Nextracker Inc. (NASDAQ:NXT) during the fourth quarter, Holdings Channel reports. The firm bought 1,306 shares of the company’s stock, valued at approximately $48,000.

Other hedge funds have also recently modified their holdings of the company. IFP Advisors Inc boosted its stake in shares of Nextracker by 516.4% in the fourth quarter. IFP Advisors Inc now owns 3,304 shares of the company’s stock worth $121,000 after buying an additional 2,768 shares during the last quarter. Robeco Schweiz AG purchased a new position in Nextracker during the fourth quarter worth approximately $22,112,000. New York State Common Retirement Fund boosted its position in Nextracker by 65.6% during the fourth quarter. New York State Common Retirement Fund now owns 469,163 shares of the company’s stock worth $17,139,000 after purchasing an additional 185,858 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Nextracker by 10.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,753,848 shares of the company’s stock worth $64,068,000 after purchasing an additional 161,873 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Nextracker by 23.3% during the third quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock worth $134,724,000 after purchasing an additional 679,272 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Insiders Place Their Bets

In other news, insider Bruce Ledesma sold 9,891 shares of Nextracker stock in a transaction on 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 directly owns 132,374 shares of the company’s stock, valued at approximately $6,095,822.70. The trade was a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total value of $272,970.00. Following the completion of the sale, the president now directly owns 209,365 shares of the company’s stock, valued at $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 valued at $1,217,520 over the last quarter. 0.27% of the stock is owned by insiders.

Nextracker Price Performance

NXT stock opened at $44.27 on Monday. The business has a fifty day moving average of $45.00 and a two-hundred day moving average of $39.80. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. The stock has a market cap of $6.45 billion, a price-to-earnings ratio of 11.26 and a beta of 2.24. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $62.31.

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 the consensus estimate 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.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Jefferies Financial Group upgraded Nextracker from a “hold” rating to a “buy” rating and increased their price target for the stock from $46.00 to $56.00 in a research report on Wednesday, January 29th. Truist Financial reiterated a “buy” rating and set a $56.00 price target (up previously from $54.00) on shares of Nextracker in a research report on Wednesday, January 29th. BMO Capital Markets raised their target price on Nextracker from $48.00 to $50.00 and gave the company a “market perform” rating in a research report on Wednesday, January 29th. JPMorgan Chase & Co. raised their target price on Nextracker from $58.00 to $61.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Finally, UBS Group raised their target price on Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a research report 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 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 target price of $56.43.

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.