Geode Capital Management LLC Has $131.47 Million Stake in Nextracker Inc. (NASDAQ:NXT)

Geode Capital Management LLC raised its holdings in Nextracker Inc. (NASDAQ:NXT) by 0.1% during the 4th quarter, Holdings Channel reports. The institutional investor owned 3,598,185 shares of the company’s stock after acquiring an additional 4,247 shares during the quarter. Geode Capital Management LLC’s holdings in Nextracker were worth $131,469,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Allworth Financial LP grew its position in shares of Nextracker by 52.4% in the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after acquiring an additional 276 shares during the period. Quarry LP boosted its holdings in shares of Nextracker by 61.5% during the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after buying an additional 426 shares during the period. Millstone Evans Group LLC bought a new position in Nextracker in the 4th quarter valued at about $48,000. Principal Securities Inc. raised its holdings in Nextracker by 41.8% in the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock valued at $51,000 after acquiring an additional 410 shares during the period. Finally, Nisa Investment Advisors LLC lifted its position in Nextracker by 38.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock worth $68,000 after acquiring an additional 516 shares during the last quarter. 67.41% of the stock is owned by institutional investors.

Nextracker Trading Down 2.4 %

NASDAQ NXT opened at $37.00 on Wednesday. The company has a market cap of $5.39 billion, a price-to-earnings ratio of 9.41 and a beta of 2.02. Nextracker Inc. has a twelve month low of $30.93 and a twelve 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 business’s fifty day moving average is $44.71 and its 200 day moving average is $40.29.

Nextracker (NASDAQ:NXT) last released its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share 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 expect that Nextracker Inc. will post 3.29 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Bruce Ledesma sold 9,891 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $46.05, for a total value of $455,480.55. Following the completion of the sale, the insider now owns 132,374 shares of the company’s stock, valued at approximately $6,095,822.70. This represents a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, President Howard Wenger sold 6,066 shares of Nextracker 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 approximately $9,421,425. This represents a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 25,758 shares of company stock valued at $1,217,520 in the last ninety days. 0.27% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on NXT shares. Citigroup lowered their target price on Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 8th. Northland Securities reissued an “outperform” rating and set a $55.00 target price (up previously from $48.00) on shares of Nextracker in a report on Wednesday, January 29th. Piper Sandler upped their price target on shares of Nextracker from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Jefferies Financial Group upgraded shares of Nextracker from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $46.00 to $56.00 in a research note on Wednesday, January 29th. Finally, UBS Group increased their target price on shares of Nextracker from $60.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $56.14.

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.