Headlands Technologies LLC Raises Holdings in Nextracker Inc. (NASDAQ:NXT)

Headlands Technologies LLC lifted its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 952.3% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,104 shares of the company’s stock after purchasing an additional 3,714 shares during the quarter. Headlands Technologies LLC’s holdings in Nextracker were worth $231,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in NXT. Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in shares of Nextracker in the 1st quarter valued at about $25,000. Lindbrook Capital LLC bought a new position in Nextracker during the first quarter worth about $34,000. Bruce G. Allen Investments LLC bought a new position in shares of Nextracker during the 1st quarter valued at about $37,000. Toth Financial Advisory Corp acquired a new position in shares of Nextracker during the 1st quarter worth approximately $38,000. Finally, Wahed Invest LLC acquired a new position in Nextracker in the 4th quarter valued at $43,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Nextracker

In related news, insider Bruce Ledesma sold 12,135 shares of Nextracker stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $43.91, for a total transaction of $532,847.85. Following the completion of the transaction, the insider now directly owns 17,387 shares in the company, valued at approximately $763,463.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.27% of the stock is owned by insiders.

Nextracker Price Performance

NASDAQ:NXT traded up $0.81 during trading hours on Tuesday, reaching $48.58. The stock had a trading volume of 1,458,219 shares, compared to its average volume of 4,162,432. The stock has a market capitalization of $7.05 billion, a PE ratio of 14.49 and a beta of 2.52. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.76 and a current ratio of 1.98. The company has a 50 day moving average price of $51.17 and a two-hundred day moving average price of $51.22. Nextracker Inc. has a 52 week low of $32.14 and a 52 week high of $62.31.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings results on Tuesday, May 14th. The company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.38. Nextracker had a negative return on equity of 13.70% and a net margin of 12.25%. The business had revenue of $736.52 million for the quarter, compared to the consensus estimate of $681.03 million. As a group, sell-side analysts anticipate that Nextracker Inc. will post 2.23 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on NXT shares. BMO Capital Markets decreased their target price on Nextracker from $62.00 to $56.00 and set a “market perform” rating for the company in a research note on Wednesday, May 15th. Truist Financial reissued a “buy” rating and issued a $70.00 target price on shares of Nextracker in a research note on Wednesday, May 15th. Barclays reduced their price target on Nextracker from $63.00 to $61.00 and set an “equal weight” rating on the stock in a report on Tuesday. Scotiabank cut their target price on Nextracker from $55.00 to $50.00 and set a “sector outperform” rating on the stock in a research note on Monday, April 29th. Finally, Piper Sandler lowered their target price on Nextracker from $66.00 to $64.00 and set an “overweight” rating on the stock in a research report on Thursday, April 11th. Four analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $58.91.

Nextracker Profile

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.