Nextracker Inc. (NASDAQ:NXT) Shares Acquired by Invesco Ltd.

Invesco Ltd. grew its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 52.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,874,875 shares of the company’s stock after purchasing an additional 1,329,456 shares during the period. Invesco Ltd. owned about 2.66% of Nextracker worth $141,549,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bank of Montreal Can grew its position in Nextracker by 4.1% during the 4th quarter. Bank of Montreal Can now owns 58,453 shares of the company’s stock worth $2,135,000 after purchasing an additional 2,306 shares in the last quarter. Polymer Capital Management US LLC purchased a new position in shares of Nextracker during the fourth quarter valued at $241,000. Quadrant Capital Group LLC raised its position in Nextracker by 92.5% during the fourth quarter. Quadrant Capital Group LLC now owns 1,817 shares of the company’s stock valued at $66,000 after buying an additional 873 shares during the period. Russell Investments Group Ltd. lifted its stake in Nextracker by 53.0% in the 4th quarter. Russell Investments Group Ltd. now owns 61,111 shares of the company’s stock worth $2,232,000 after acquiring an additional 21,164 shares in the last quarter. Finally, Grantham Mayo Van Otterloo & Co. LLC boosted its position in Nextracker by 13.2% during the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,067,165 shares of the company’s stock worth $38,984,000 after acquiring an additional 124,100 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Stock Performance

NASDAQ:NXT opened at $39.23 on Friday. The firm’s 50-day moving average is $43.83 and its 200-day moving average is $40.32. The company has a market cap of $5.71 billion, a price-to-earnings ratio of 9.98 and a beta of 2.02. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $62.31.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, beating 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%. Equities research analysts anticipate that Nextracker Inc. will post 3.29 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on NXT. Jefferies Financial Group upgraded Nextracker from a “hold” rating to a “buy” rating and upped their target price for the company from $46.00 to $56.00 in a report on Wednesday, January 29th. 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. Piper Sandler boosted their price target on shares of Nextracker from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Susquehanna increased their price objective on Nextracker from $50.00 to $54.00 and gave the stock a “positive” rating in a report on Wednesday, January 29th. Finally, BMO Capital Markets boosted their target price on Nextracker from $48.00 to $50.00 and gave the company a “market perform” rating in a research note on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $56.05.

Insider Activity at Nextracker

In other Nextracker news, President Howard Wenger sold 6,066 shares of the business’s stock in a transaction 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 of the company’s stock, valued at $9,421,425. The trade was a 2.82 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Bruce Ledesma sold 9,891 shares of the firm’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 transaction, the insider now directly owns 132,374 shares of the company’s stock, valued at $6,095,822.70. The trade was a 6.95 % 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 corporate insiders.

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.