Price T Rowe Associates Inc. MD Grows Holdings in Nextracker Inc. (NASDAQ:NXT)

Price T Rowe Associates Inc. MD grew its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 6.3% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 328,640 shares of the company’s stock after buying an additional 19,399 shares during the period. Price T Rowe Associates Inc. MD’s holdings in Nextracker were worth $12,006,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. IFP Advisors Inc raised its position in Nextracker by 516.4% during the fourth quarter. IFP Advisors Inc now owns 3,304 shares of the company’s stock valued at $121,000 after purchasing an additional 2,768 shares in the last quarter. Robeco Schweiz AG purchased a new position in shares of Nextracker during the 4th quarter valued at about $22,112,000. New York State Common Retirement Fund raised its holdings in shares of Nextracker by 65.6% during the 4th quarter. New York State Common Retirement Fund now owns 469,163 shares of the company’s stock valued at $17,139,000 after buying an additional 185,858 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Nextracker by 10.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,753,848 shares of the company’s stock worth $64,068,000 after buying an additional 161,873 shares during the last quarter. Finally, Nordea Investment Management AB purchased a new stake in Nextracker in the fourth quarter worth approximately $5,734,000. 67.41% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have commented on the stock. Citigroup decreased their price target on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 8th. Jefferies Financial Group raised shares of Nextracker from a “hold” rating to a “buy” rating and boosted their price target for the stock from $46.00 to $56.00 in a research note on Wednesday, January 29th. Truist Financial decreased their price objective on Nextracker from $56.00 to $52.00 and set a “buy” rating on the stock in a report on Thursday, April 17th. UBS Group boosted 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. Finally, JPMorgan Chase & Co. raised their price target on Nextracker from $58.00 to $61.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Three investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.70.

Insiders Place Their Bets

In other Nextracker news, insider Bruce Ledesma sold 9,891 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The shares were 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 owns 132,374 shares of the company’s stock, valued at approximately $6,095,822.70. This trade represents a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.27% of the stock is owned by corporate insiders.

Nextracker Stock Performance

Shares of NXT opened at $42.20 on Friday. Nextracker Inc. has a one year low of $30.93 and a one year high of $62.31. The company has a 50-day simple moving average of $42.15 and a two-hundred day simple moving average of $40.82. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The firm has a market capitalization of $6.15 billion, a PE ratio of 10.74 and a beta of 2.02.

Nextracker (NASDAQ:NXT) last released its earnings results on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.31. Nextracker had a return on equity of 41.22% and a net margin of 20.12%. On average, analysts anticipate that Nextracker Inc. will post 3.29 EPS for the current fiscal year.

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.