Strs Ohio Purchases 2,800 Shares of Nextracker Inc. (NASDAQ:NXT)

Strs Ohio increased its position in shares of Nextracker Inc. (NASDAQ:NXT) by 107.7% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,400 shares of the company’s stock after acquiring an additional 2,800 shares during the period. Strs Ohio’s holdings in Nextracker were worth $252,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Jacobs Levy Equity Management Inc. raised its stake 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 acquiring an additional 958,838 shares during the last quarter. Fuller & Thaler Asset Management Inc. acquired a new position in Nextracker during the 3rd quarter worth about $13,023,000. Allspring Global Investments Holdings LLC grew its position in shares of Nextracker by 330.2% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 388,364 shares of the company’s stock valued at $18,195,000 after buying an additional 298,088 shares during the last quarter. Invesco Ltd. increased its stake 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 buying an additional 295,256 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ raised its position in shares of Nextracker by 181.6% during the third quarter. Skandinaviska Enskilda Banken AB publ now owns 216,800 shares of the company’s stock worth $8,718,000 after acquiring an additional 139,800 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

Analyst Ratings Changes

NXT has been the topic of a number of analyst reports. Bank of America upped their price objective on shares of Nextracker from $53.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. Scotiabank lowered their price objective on Nextracker from $55.00 to $50.00 and set a “sector outperform” rating for the company in a research report on Monday. Barclays lowered Nextracker from an “overweight” rating to an “equal weight” rating and upped their target price for the company from $55.00 to $63.00 in a research report on Tuesday, April 2nd. Citigroup lifted their target price on Nextracker from $45.00 to $52.00 and gave the stock a “neutral” rating in a report on Wednesday, January 31st. Finally, Piper Sandler cut 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. Four investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $58.17.

Nextracker Stock Performance

NXT stock opened at $44.11 on Tuesday. The business has a 50-day simple moving average of $53.74 and a two-hundred day simple moving average of $47.03. The company has a market capitalization of $6.02 billion, a P/E ratio of 23.59, a price-to-earnings-growth ratio of 0.37 and a beta of 1.94. Nextracker Inc. has a 52-week low of $29.28 and a 52-week high of $62.14.

Nextracker (NASDAQ:NXT) last posted its earnings results 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. The company had revenue of $710.43 million for the quarter, compared to analyst estimates of $615.53 million. Nextracker had a negative return on equity of 5.98% and a net margin of 4.48%. As a group, sell-side analysts forecast that Nextracker Inc. will post 2.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, 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 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 the SEC website. In related news, insider Leah Schlesinger sold 2,149 shares of the stock in a transaction that occurred on Wednesday, April 3rd. The stock was 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 $618,248.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Nicholas Marco Miller sold 8,355 shares of Nextracker 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 sale, the chief operating officer now owns 11,114 shares in the company, valued at $585,374.38. The disclosure for this sale can be found here. Insiders own 0.09% of the company’s stock.

About Nextracker

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.