Skandinaviska Enskilda Banken AB publ Has $42.19 Million Position in Nextracker Inc. (NASDAQ:NXT)

Skandinaviska Enskilda Banken AB publ lifted its stake in Nextracker Inc. (NASDAQ:NXT) by 16.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,141,901 shares of the company’s stock after buying an additional 159,326 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Nextracker were worth $42,193,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Allworth Financial LP lifted its position in shares of Nextracker by 52.4% during the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after buying an additional 276 shares during the period. Quarry LP raised its stake in shares of Nextracker by 61.5% in the third quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after acquiring an additional 426 shares during the last quarter. Principal Securities Inc. grew its position in Nextracker by 41.8% during the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock worth $51,000 after acquiring an additional 410 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in Nextracker by 38.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after purchasing an additional 516 shares in the last quarter. Finally, Neo Ivy Capital Management bought a new position in Nextracker in the 3rd quarter valued at $74,000. 67.41% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Wells Fargo & Company lowered their price objective on shares of Nextracker from $70.00 to $69.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Jefferies Financial Group raised Nextracker from a “hold” rating to a “buy” rating and upped their price objective for the stock from $46.00 to $56.00 in a report on Wednesday, January 29th. UBS Group lifted their target price on Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. BNP Paribas raised Nextracker to a “strong-buy” rating in a research note on Wednesday, January 29th. Finally, Barclays upgraded Nextracker from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $47.00 to $60.00 in a research report on Wednesday, January 29th. Three investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $56.50.

Insiders Place Their Bets

In other news, insider Bruce Ledesma sold 9,891 shares of the company’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $46.05, for a total transaction of $455,480.55. Following the completion of the transaction, the insider now directly owns 132,374 shares of the company’s stock, valued at $6,095,822.70. This represents a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Howard Wenger sold 6,066 shares of the stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $45.00, for a total value of $272,970.00. Following the transaction, the president now owns 209,365 shares of the company’s stock, valued at approximately $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 25,758 shares of company stock worth $1,217,520. Company insiders own 0.27% of the company’s stock.

Nextracker Price Performance

NXT opened at $44.32 on Thursday. The stock has a market cap of $6.45 billion, a P/E ratio of 11.28 and a beta of 2.24. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $62.31. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. The company has a fifty day simple moving average of $44.51 and a 200 day simple moving average of $39.57.

Nextracker (NASDAQ:NXT) last announced 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%. On average, research analysts expect that Nextracker Inc. will post 3.29 EPS for the current year.

Nextracker 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.