Mackenzie Financial Corp Makes New $232,000 Investment in Nextracker Inc. (NASDAQ:NXT)

Mackenzie Financial Corp bought a new stake in Nextracker Inc. (NASDAQ:NXT) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 4,945 shares of the company’s stock, valued at approximately $232,000.

Several other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. raised its position in Nextracker by 2.4% in the 3rd quarter. Vanguard Group Inc. now owns 4,493,484 shares of the company’s stock valued at $180,458,000 after buying an additional 105,200 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Nextracker by 22.0% in the third quarter. Invesco Ltd. now owns 1,635,600 shares of the company’s stock valued at $65,686,000 after purchasing an additional 295,256 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Nextracker by 7.2% in the third quarter. Victory Capital Management Inc. now owns 1,285,510 shares of the company’s stock valued at $51,626,000 after purchasing an additional 86,045 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its position in shares of Nextracker by 2,652.9% during the third quarter. Jacobs Levy Equity Management Inc. now owns 994,981 shares of the company’s stock valued at $39,958,000 after purchasing an additional 958,838 shares in the last quarter. Finally, Clean Energy Transition LLP boosted its holdings in Nextracker by 1.2% during the third quarter. Clean Energy Transition LLP now owns 946,609 shares of the company’s stock worth $38,016,000 after purchasing an additional 10,963 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextracker Stock Performance

Shares of NXT stock opened at $43.76 on Monday. Nextracker Inc. has a 52-week low of $29.28 and a 52-week high of $62.14. The business’s fifty day moving average is $54.06 and its 200 day moving average is $46.97. The company has a market capitalization of $5.97 billion, a PE ratio of 23.40, a price-to-earnings-growth ratio of 0.37 and a beta of 1.94.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings results 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 negative return on equity of 5.98% and a net margin of 4.48%. The firm had revenue of $710.43 million during the quarter, compared to the consensus estimate of $615.53 million. On average, sell-side analysts forecast that Nextracker Inc. will post 2.35 EPS for the current fiscal year.

Insider Transactions at Nextracker

In related news, COO Nicholas Marco Miller sold 8,355 shares of the stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total value of $440,057.85. Following the transaction, the chief operating officer now 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 can be accessed through this hyperlink. In other Nextracker news, COO Nicholas Marco Miller sold 8,355 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total value of $440,057.85. Following the completion of the sale, the chief operating officer now owns 11,114 shares of the company’s stock, valued at $585,374.38. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Leah Schlesinger sold 2,149 shares of the company’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 completion of the sale, the insider now directly owns 11,910 shares of the company’s stock, valued at approximately $618,248.10. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Truist Financial lifted 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. Piper Sandler dropped their price target on Nextracker from $66.00 to $64.00 and set an “overweight” rating on the stock in a report on Thursday, April 11th. Barclays downgraded Nextracker from an “overweight” rating to an “equal weight” rating and upped their price objective for the company from $55.00 to $63.00 in a research note on Tuesday, April 2nd. Robert W. Baird assumed coverage on Nextracker in a research report on Thursday, March 21st. They set an “outperform” rating and a $71.00 target price for the company. Finally, Mizuho cut their price target on shares of Nextracker from $64.00 to $59.00 and set a “buy” rating on the stock in a report on Friday, April 19th. Four analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $58.55.

Nextracker Company 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.