Federated Hermes Inc. Purchases 122,554 Shares of Nextracker Inc. (NASDAQ:NXT)

Federated Hermes Inc. boosted its position in shares of Nextracker Inc. (NASDAQ:NXT) by 113.9% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 230,186 shares of the company’s stock after acquiring an additional 122,554 shares during the quarter. Federated Hermes Inc.’s holdings in Nextracker were worth $10,784,000 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. Keybank National Association OH increased its position in Nextracker by 7.1% during the 3rd quarter. Keybank National Association OH now owns 6,825 shares of the company’s stock valued at $274,000 after purchasing an additional 455 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in Nextracker by 3.4% during the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 16,239 shares of the company’s stock valued at $652,000 after purchasing an additional 541 shares during the period. Tucker Asset Management LLC purchased a new position in Nextracker during the 3rd quarter valued at $42,000. Global Retirement Partners LLC purchased a new position in Nextracker during the 4th quarter valued at $63,000. Finally, Moody Aldrich Partners LLC grew its position in shares of Nextracker by 3.7% in the 3rd quarter. Moody Aldrich Partners LLC now owns 61,916 shares of the company’s stock worth $2,487,000 after buying an additional 2,200 shares during the period. 67.41% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on NXT shares. Guggenheim reduced their target price on shares of Nextracker from $73.00 to $60.00 and set a “buy” rating on the stock in a research report on Tuesday. Truist Financial upped their target price on shares of Nextracker from $52.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, January 23rd. Daiwa Capital Markets started coverage on shares of Nextracker in a research report on Monday, April 1st. They issued an “outperform” rating and a $63.00 target price on the stock. Mizuho reduced their target price on shares of Nextracker from $64.00 to $59.00 and set a “buy” rating on the stock in a research report on Friday, April 19th. Finally, Wells Fargo & Company increased their price objective on shares of Nextracker from $57.00 to $68.00 and gave the company an “overweight” rating in a research report on Thursday, February 1st. Three research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat.com, Nextracker presently has an average rating of “Moderate Buy” and a consensus target price of $58.59.

Insider Activity at Nextracker

In related news, COO Nicholas Marco Miller sold 8,355 shares of the firm’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $52.67, for a total value of $440,057.85. Following the completion of the transaction, the chief operating officer now directly owns 11,114 shares of the company’s stock, valued at $585,374.38. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Nextracker news, insider Leah Schlesinger sold 2,149 shares of the business’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $51.91, for a total transaction of $111,554.59. Following the transaction, the insider now owns 11,910 shares in the company, valued at $618,248.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Nicholas Marco Miller sold 8,355 shares of the business’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $52.67, for a total transaction of $440,057.85. Following the transaction, the chief operating officer now owns 11,114 shares in the company, valued at approximately $585,374.38. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by insiders.

Nextracker Trading Up 1.0 %

Nextracker stock opened at $44.42 on Wednesday. The firm has a 50 day moving average of $55.08 and a 200 day moving average of $46.81. The firm has a market capitalization of $6.07 billion, a price-to-earnings ratio of 23.75, a P/E/G ratio of 0.37 and a beta of 1.94. Nextracker Inc. has a 12-month low of $29.28 and a 12-month high of $62.14.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings data on Wednesday, January 31st. The company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.51. Nextracker had a net margin of 4.48% and a negative return on equity of 5.98%. The business had revenue of $710.43 million during the quarter, compared to analyst estimates of $615.53 million. On average, analysts predict that Nextracker Inc. will post 2.35 EPS for the current year.

Nextracker Profile

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.