Norges Bank Acquires New Shares in Nextracker Inc. (NASDAQ:NXT)

Norges Bank bought a new position in shares of Nextracker Inc. (NASDAQ:NXT) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 2,906,259 shares of the company’s stock, valued at approximately $106,166,000. Norges Bank owned approximately 2.00% of Nextracker at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in NXT. IFP Advisors Inc boosted its position in Nextracker by 516.4% during the fourth quarter. IFP Advisors Inc now owns 3,304 shares of the company’s stock valued at $121,000 after purchasing an additional 2,768 shares in the last quarter. Robeco Schweiz AG bought a new stake in shares of Nextracker in the 4th quarter valued at about $22,112,000. New York State Common Retirement Fund grew its position in shares of Nextracker by 65.6% in the 4th quarter. New York State Common Retirement Fund now owns 469,163 shares of the company’s stock worth $17,139,000 after buying an additional 185,858 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of 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. Finally, Geode Capital Management LLC lifted 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 valued at $134,724,000 after acquiring an additional 679,272 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Insider Transactions at Nextracker

In other news, CAO David P. Bennett sold 9,801 shares of the company’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total transaction of $489,069.90. Following the completion of the transaction, the chief accounting officer now directly owns 124,577 shares of the company’s stock, valued at $6,216,392.30. This represents a 7.29 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Bruce Ledesma sold 9,891 shares of Nextracker stock in a transaction on Monday, February 10th. The shares were sold at an average price of $46.05, for a total transaction of $455,480.55. Following the completion of the sale, the insider now directly owns 132,374 shares in the company, valued at $6,095,822.70. This represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,758 shares of company stock valued at $1,217,520 in the last ninety days. 0.27% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NXT. Guggenheim upped their price target on Nextracker from $50.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. TD Cowen assumed coverage on Nextracker in a research report on Thursday, December 19th. They set a “hold” rating and a $41.00 target price on the stock. Barclays raised Nextracker from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $47.00 to $60.00 in a report on Wednesday, January 29th. JPMorgan Chase & Co. upped their price objective on shares of Nextracker from $58.00 to $61.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Finally, UBS Group lifted their target price on shares of Nextracker from $60.00 to $66.00 and gave the stock a “buy” rating in a research note 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. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $56.14.

Nextracker Trading Up 2.2 %

Shares of NASDAQ:NXT opened at $43.05 on Wednesday. The company has a market capitalization of $6.27 billion, a PE ratio of 10.95 and a beta of 2.24. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $62.31. The business has a 50 day moving average of $45.06 and a two-hundred day moving average of $40.21. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10.

Nextracker (NASDAQ:NXT) last announced its quarterly 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 net margin of 20.12% and a return on equity of 41.22%. As a group, analysts forecast that Nextracker Inc. will post 3.29 EPS for the current year.

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.