Park Avenue Securities LLC Takes $268,000 Position in Nextracker Inc. (NASDAQ:NXT)

Park Avenue Securities LLC bought a new stake in Nextracker Inc. (NASDAQ:NXTFree Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 4,769 shares of the company’s stock, valued at approximately $268,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Nextracker by 4.8% in the fourth quarter. Vanguard Group Inc. now owns 4,710,158 shares of the company’s stock valued at $220,671,000 after purchasing an additional 216,674 shares during the period. Norges Bank acquired a new stake in Nextracker in the fourth quarter valued at $120,861,000. Handelsbanken Fonder AB raised its holdings in Nextracker by 30.1% in the fourth quarter. Handelsbanken Fonder AB now owns 1,927,825 shares of the company’s stock valued at $90,319,000 after acquiring an additional 446,034 shares in the last quarter. Victory Capital Management Inc. raised its holdings in Nextracker by 31.4% in the fourth quarter. Victory Capital Management Inc. now owns 1,689,656 shares of the company’s stock valued at $79,160,000 after acquiring an additional 404,146 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its holdings in Nextracker by 2,652.9% in 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 in the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Nextracker Stock Performance

Shares of NXT opened at $46.12 on Tuesday. Nextracker Inc. has a 52-week low of $32.14 and a 52-week high of $62.31. The company has a quick ratio of 1.76, a current ratio of 1.98 and a debt-to-equity ratio of 0.15. The firm has a 50-day moving average price of $50.32 and a 200 day moving average price of $51.20. The firm has a market capitalization of $6.69 billion, a PE ratio of 13.73 and a beta of 2.52.

Nextracker (NASDAQ:NXTGet Free Report) last posted its quarterly earnings data on Tuesday, May 14th. The company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.38. Nextracker had a net margin of 12.25% and a negative return on equity of 13.70%. The company had revenue of $736.52 million during the quarter, compared to analyst estimates of $681.03 million. On average, sell-side analysts anticipate that Nextracker Inc. will post 2.23 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Bruce Ledesma sold 12,135 shares of the firm’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $43.91, for a total transaction of $532,847.85. Following the completion of the transaction, the insider now owns 17,387 shares in the company, valued at approximately $763,463.17. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Nextracker news, insider Bruce Ledesma sold 12,135 shares of the company’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $43.91, for a total transaction of $532,847.85. Following the completion of the sale, the insider now directly owns 17,387 shares of the company’s stock, valued at $763,463.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Leah Schlesinger sold 2,149 shares of the company’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 sale, the insider now directly owns 11,910 shares of the company’s stock, valued at $618,248.10. The disclosure for this sale can be found here. Insiders own 0.27% of the company’s stock.

Wall Street Analyst Weigh In

NXT has been the topic of several recent analyst reports. Barclays cut shares of Nextracker from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $55.00 to $63.00 in a report on Tuesday, April 2nd. Susquehanna began coverage on shares of Nextracker in a report on Friday. They issued a “positive” rating and a $59.00 price target on the stock. Guggenheim dropped their target price on shares of Nextracker from $73.00 to $60.00 and set a “buy” rating on the stock in a report on Tuesday, April 23rd. Northland Securities cut shares of Nextracker from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $60.00 to $44.00 in a report on Friday, April 26th. Finally, Robert W. Baird began coverage on shares of Nextracker in a report on Thursday, March 21st. They set an “outperform” rating and a $71.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $58.54.

Check Out Our Latest Report on Nextracker

Nextracker Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Nextracker (NASDAQ:NXT)

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