New York State Common Retirement Fund Boosts Holdings in Nextracker Inc. (NASDAQ:NXT)

New York State Common Retirement Fund raised its holdings in Nextracker Inc. (NASDAQ:NXT) by 65.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 469,163 shares of the company’s stock after buying an additional 185,858 shares during the quarter. New York State Common Retirement Fund’s holdings in Nextracker were worth $17,139,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. 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 in the last quarter. Principal Securities Inc. lifted its stake in shares of Nextracker by 41.8% in the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock valued at $51,000 after purchasing an additional 410 shares in the last quarter. Quarry LP lifted its stake in shares of Nextracker by 61.5% in the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after purchasing an additional 426 shares in the last quarter. Nisa Investment Advisors LLC lifted 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 purchasing an additional 516 shares in the last quarter. Finally, HighTower Advisors LLC lifted its stake in shares of Nextracker by 1.8% in the 3rd quarter. HighTower Advisors LLC now owns 29,777 shares of the company’s stock valued at $1,115,000 after purchasing an additional 519 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextracker Price Performance

Shares of NASDAQ NXT opened at $46.12 on Friday. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $62.31. 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 company has a market capitalization of $6.72 billion, a price-to-earnings ratio of 11.74 and a beta of 2.14. The business has a 50 day simple moving average of $42.44 and a 200-day simple moving average of $39.17.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings data 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%. As a group, equities research analysts expect that Nextracker Inc. will post 3.29 earnings per share for the current year.

Insider Buying and Selling

In other Nextracker news, insider Bruce Ledesma sold 9,891 shares of the business’s stock in a transaction 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 completion of the transaction, the insider now owns 132,374 shares in the company, valued at approximately $6,095,822.70. The trade was a 6.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO David P. Bennett sold 9,801 shares of the business’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total value of $489,069.90. Following the transaction, the chief accounting officer now owns 124,577 shares of the company’s stock, valued at $6,216,392.30. This trade represents a 7.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 25,758 shares of company stock worth $1,217,520 in the last three months. 0.27% of the stock is owned by insiders.

Analyst Ratings Changes

NXT has been the topic of several research analyst reports. JPMorgan Chase & Co. lifted their price objective on Nextracker from $58.00 to $61.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Robert W. Baird reduced their price target on Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. TD Cowen initiated coverage on Nextracker in a research report on Thursday, December 19th. They set a “hold” rating and a $41.00 price target on the stock. BNP Paribas raised Nextracker to a “strong-buy” rating in a research report on Wednesday, January 29th. Finally, BMO Capital Markets boosted their price target on Nextracker from $48.00 to $50.00 and gave the stock a “market perform” rating in a research report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $56.50.

Nextracker Company 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.