Zurcher Kantonalbank Zurich Cantonalbank Buys 9,926 Shares of Nextracker Inc. (NASDAQ:NXT)

Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Nextracker Inc. (NASDAQ:NXT) by 98.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,983 shares of the company’s stock after purchasing an additional 9,926 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Nextracker were worth $936,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NXT. SG Americas Securities LLC acquired a new position in Nextracker in the 3rd quarter valued at approximately $214,000. Raymond James & Associates acquired a new position in Nextracker in the 3rd quarter valued at approximately $486,000. Bank of New York Mellon Corp increased its position in Nextracker by 60.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 178,115 shares of the company’s stock valued at $7,153,000 after acquiring an additional 67,285 shares during the period. New York State Teachers Retirement System acquired a new position in Nextracker in the 3rd quarter valued at approximately $155,000. Finally, Strs Ohio acquired a new position in Nextracker in the 3rd quarter valued at approximately $104,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Nextracker Trading Up 1.8 %

Nextracker stock opened at $43.76 on Monday. Nextracker Inc. has a 1-year low of $29.28 and a 1-year high of $62.14. The firm has a market capitalization of $5.97 billion, a price-to-earnings ratio of 23.40, a price-to-earnings-growth ratio of 0.37 and a beta of 1.94. The firm’s fifty day moving average price is $54.06 and its two-hundred day moving average price is $46.97.

Nextracker (NASDAQ:NXT) last released its quarterly earnings data on Wednesday, January 31st. The company reported $0.88 earnings per share 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 firm had revenue of $710.43 million for the quarter, compared to analyst estimates of $615.53 million. On average, research analysts forecast that Nextracker Inc. will post 2.35 EPS for the current year.

Insider Buying and Selling at Nextracker

In other Nextracker news, insider Leah Schlesinger sold 2,149 shares of the firm’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $51.91, for a total value of $111,554.59. Following the transaction, the insider now directly owns 11,910 shares of the company’s stock, valued at $618,248.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, COO Nicholas Marco Miller sold 8,355 shares of the firm’s stock in a transaction dated 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 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Leah Schlesinger sold 2,149 shares of the firm’s stock in a transaction dated 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 directly owns 11,910 shares in the company, valued at $618,248.10. The disclosure for this sale can be found here. Insiders own 0.09% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on NXT. JPMorgan Chase & Co. decreased their price objective on shares of Nextracker from $73.00 to $67.00 and set an “overweight” rating for the company in a research report on Thursday, February 29th. Barclays cut shares of Nextracker from an “overweight” rating to an “equal weight” rating and increased their price objective for the stock from $55.00 to $63.00 in a research report on Tuesday, April 2nd. Mizuho decreased their price objective on shares of Nextracker from $64.00 to $59.00 and set a “buy” rating for the company in a research report on Friday, April 19th. Bank of America increased their price objective on shares of Nextracker from $53.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. Finally, Roth Mkm increased their price objective on shares of Nextracker from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, February 1st. Four equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat, Nextracker has a consensus rating of “Moderate Buy” and a consensus target price 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.