Figure 8 Investment Strategies LLC Makes New $393,000 Investment in Nextracker Inc. (NASDAQ:NXT)

Figure 8 Investment Strategies LLC acquired a new stake in shares of Nextracker Inc. (NASDAQ:NXT) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 10,760 shares of the company’s stock, valued at approximately $393,000.

A number of other hedge funds also recently made changes to their positions in the stock. Truist Financial Corp raised its holdings in shares of Nextracker by 67.1% during the 2nd quarter. Truist Financial Corp now owns 11,225 shares of the company’s stock valued at $526,000 after buying an additional 4,507 shares in the last quarter. Cetera Investment Advisers grew its position in Nextracker by 48.5% during the second quarter. Cetera Investment Advisers now owns 24,235 shares of the company’s stock valued at $1,136,000 after acquiring an additional 7,910 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Nextracker during the second quarter worth approximately $384,000. GAMMA Investing LLC lifted its holdings in shares of Nextracker by 83.2% in the 3rd quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock worth $45,000 after acquiring an additional 549 shares during the last quarter. Finally, Creative Planning boosted its stake in shares of Nextracker by 19.4% in the 3rd quarter. Creative Planning now owns 36,186 shares of the company’s stock valued at $1,356,000 after purchasing an additional 5,869 shares in the last quarter. 67.41% of the stock is owned by institutional investors.

Insider Activity at Nextracker

In other news, CAO David P. Bennett sold 9,801 shares of the company’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total transaction of $489,069.90. Following the sale, the chief accounting officer now directly owns 124,577 shares in the company, valued at approximately $6,216,392.30. This represents a 7.29 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total value of $272,970.00. Following the sale, the president now owns 209,365 shares in the company, valued at approximately $9,421,425. This trade represents a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 25,758 shares of company stock worth $1,217,520. 0.27% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Citigroup decreased their target price on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th. Northland Securities reiterated an “outperform” rating and issued a $55.00 price objective (up previously from $48.00) on shares of Nextracker in a report on Wednesday, January 29th. UBS Group increased their target price on Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. Jefferies Financial Group raised Nextracker from a “hold” rating to a “buy” rating and lifted their price target for the stock from $46.00 to $56.00 in a research note on Wednesday, January 29th. Finally, Susquehanna boosted their price objective on Nextracker from $50.00 to $54.00 and gave the company a “positive” rating in a research report on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Nextracker has an average rating of “Moderate Buy” and an average target price of $56.50.

Nextracker Stock Up 1.3 %

Shares of Nextracker stock opened at $45.91 on Friday. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $62.31. The firm has a market cap of $6.69 billion, a price-to-earnings ratio of 11.68 and a beta of 2.14. The company has a 50-day moving average of $40.91 and a 200 day moving average of $39.02. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.31. Nextracker had a return on equity of 41.22% and a net margin of 20.12%. As a group, sell-side analysts anticipate that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

Nextracker Company Profile

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.