Ameritas Investment Partners Inc. Has $710,000 Stock Position in Nextracker Inc. (NASDAQ:NXT)

Ameritas Investment Partners Inc. raised its position in Nextracker Inc. (NASDAQ:NXT) by 153.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,626 shares of the company’s stock after purchasing an additional 7,650 shares during the quarter. Ameritas Investment Partners Inc.’s holdings in Nextracker were worth $710,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Nextracker by 166.1% during the 1st quarter. Vanguard Group Inc. now owns 12,531,526 shares of the company’s stock valued at $705,149,000 after purchasing an additional 7,821,368 shares in the last quarter. Norges Bank acquired a new stake in shares of Nextracker in the fourth quarter worth about $120,861,000. Assenagon Asset Management S.A. lifted its position in shares of Nextracker by 21,759.3% in the first quarter. Assenagon Asset Management S.A. now owns 1,586,766 shares of the company’s stock worth $89,287,000 after buying an additional 1,579,507 shares during the last quarter. Westfield Capital Management Co. LP bought a new stake in shares of Nextracker during the 4th quarter worth about $21,695,000. Finally, LSV Asset Management acquired a new position in shares of Nextracker during the 1st quarter valued at about $26,041,000. 67.41% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have issued reports on NXT. Bank of America upped their target price on Nextracker from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Guggenheim dropped their target price on shares of Nextracker from $73.00 to $60.00 and set a “buy” rating on the stock in a report on Tuesday, April 23rd. Fox Advisors upgraded shares of Nextracker from an “equal weight” rating to an “overweight” rating and set a $60.00 price target for the company in a report on Wednesday, May 15th. Mizuho dropped their price objective on Nextracker from $64.00 to $59.00 and set a “buy” rating on the stock in a research note on Friday, April 19th. Finally, Northland Securities downgraded Nextracker from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $60.00 to $44.00 in a research note on Friday, April 26th. Four equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat.com, Nextracker currently has a consensus rating of “Moderate Buy” and an average target price of $59.17.

Nextracker Price Performance

Shares of NXT traded down $0.28 during mid-day trading on Tuesday, reaching $47.14. The company had a trading volume of 2,197,855 shares, compared to its average volume of 4,118,792. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.98 and a quick ratio of 1.76. The company has a market capitalization of $6.84 billion, a P/E ratio of 13.98 and a beta of 2.52. Nextracker Inc. has a twelve month low of $32.14 and a twelve month high of $62.31. The company’s 50-day moving average is $51.57 and its 200-day moving average is $51.28.

Nextracker (NASDAQ:NXT) last issued its earnings results on Tuesday, May 14th. The company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.47 by $0.38. The company had revenue of $736.52 million for the quarter, compared to the consensus estimate of $681.03 million. Nextracker had a net margin of 12.25% and a negative return on equity of 13.70%. On average, equities analysts anticipate that Nextracker Inc. will post 2.62 EPS for the current year.

Insider Transactions at Nextracker

In other news, insider Bruce Ledesma sold 12,135 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $43.91, for a total value of $532,847.85. Following the transaction, the insider now directly owns 17,387 shares of the company’s stock, valued at approximately $763,463.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.27% of the company’s stock.

About Nextracker

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.