Traders Purchase Large Volume of Call Options on Nextracker (NASDAQ:NXT)

Nextracker Inc. (NASDAQ:NXT) was the recipient of unusually large options trading activity on Wednesday. Investors purchased 6,818 call options on the company. This is an increase of 92% compared to the typical volume of 3,544 call options.

Nextracker Stock Performance

Shares of Nextracker stock traded down $0.21 during midday trading on Friday, hitting $50.42. The company had a trading volume of 2,389,629 shares, compared to its average volume of 3,409,160. The company has a fifty day simple moving average of $39.46 and a 200 day simple moving average of $39.08. The stock has a market cap of $7.34 billion, a price-to-earnings ratio of 12.83 and a beta of 2.04. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. Nextracker has a 12-month low of $30.93 and a 12-month high of $62.31.

Nextracker (NASDAQ:NXT) last issued its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.31. Nextracker had a return on equity of 43.83% and a net margin of 20.12%. As a group, analysts predict that Nextracker will post 2.67 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Bank of America dropped their price objective on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Barclays upgraded Nextracker from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $47.00 to $60.00 in a research report on Wednesday. Susquehanna upped their price objective on Nextracker from $50.00 to $54.00 and gave the company a “positive” rating in a research report on Wednesday. Northland Securities reaffirmed an “outperform” rating and issued a $55.00 price objective (up from $48.00) on shares of Nextracker in a research note on Wednesday. Finally, Guggenheim increased their price target on Nextracker from $50.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday. Three investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $56.50.

Insider Transactions at Nextracker

In other Nextracker news, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total value of $272,970.00. Following the completion of the transaction, the president now directly owns 209,365 shares in the company, valued at $9,421,425. This represents a 2.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Holocene Advisors LP acquired a new stake in shares of Nextracker during the 3rd quarter worth approximately $45,416,000. Erste Asset Management GmbH acquired a new stake in Nextracker during the third quarter valued at $33,545,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Nextracker by 88.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,591,975 shares of the company’s stock valued at $59,667,000 after buying an additional 745,665 shares during the period. State Street Corp increased its holdings in Nextracker by 15.8% in the third quarter. State Street Corp now owns 5,070,473 shares of the company’s stock valued at $190,041,000 after buying an additional 690,343 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Nextracker by 25.5% in the third quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock worth $127,169,000 after acquiring an additional 688,810 shares during the period. 67.41% of the stock is currently owned by institutional investors and hedge funds.

About Nextracker

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and distributed generation solar projects in the United States and internationally. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.