Nextracker Inc. (NASDAQ:NXT) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. boosted its position in Nextracker Inc. (NASDAQ:NXTFree Report) by 338.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 24,993 shares of the company’s stock after acquiring an additional 19,293 shares during the quarter. Principal Financial Group Inc.’s holdings in Nextracker were worth $1,406,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in Nextracker during the 1st quarter worth approximately $25,000. Lindbrook Capital LLC bought a new position in Nextracker in the first quarter worth about $34,000. Bruce G. Allen Investments LLC acquired a new position in Nextracker during the 1st quarter valued at approximately $37,000. Toth Financial Advisory Corp acquired a new position in shares of Nextracker during the first quarter valued at $38,000. Finally, Capital Advisors Ltd. LLC bought a new position in Nextracker in the 1st quarter worth about $46,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

Insiders Place Their Bets

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 directly owns 17,387 shares of the company’s stock, valued at approximately $763,463.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.27% of the company’s stock.

Nextracker Stock Performance

NASDAQ NXT opened at $46.20 on Friday. Nextracker Inc. has a 52-week low of $32.14 and a 52-week high of $62.31. The firm has a market capitalization of $6.71 billion, a price-to-earnings ratio of 13.75 and a beta of 2.51. The company’s fifty day moving average is $50.59 and its two-hundred day moving average is $51.12. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.98 and a quick ratio of 1.76.

Nextracker (NASDAQ:NXTGet Free Report) last announced its quarterly earnings data on Tuesday, May 14th. The company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.38. The company had revenue of $736.52 million for the quarter, compared to analyst estimates of $681.03 million. Nextracker had a negative return on equity of 13.70% and a net margin of 12.25%. Equities research analysts forecast that Nextracker Inc. will post 2.23 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have commented on NXT. Roth Mkm reissued a “buy” rating and set a $70.00 target price on shares of Nextracker in a research note on Wednesday, May 15th. Scotiabank reduced their target price on Nextracker from $55.00 to $50.00 and set a “sector outperform” rating for the company in a report on Monday, April 29th. Guggenheim lowered their price objective on shares of Nextracker from $73.00 to $60.00 and set a “buy” rating on the stock in a research report on Tuesday, April 23rd. Bank of America upped their target price on Nextracker from $53.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. Finally, Barclays lowered Nextracker from an “overweight” rating to an “equal weight” rating and lifted their price target for the company from $55.00 to $63.00 in a report on Tuesday, April 2nd. Four equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Nextracker has a consensus rating of “Moderate Buy” and an average price target of $58.54.

Read Our Latest Research 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.

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Institutional Ownership by Quarter for Nextracker (NASDAQ:NXT)

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