Nextracker Inc. (NASDAQ:NXT) Shares Purchased by Pier Capital LLC

Pier Capital LLC grew its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 0.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 207,166 shares of the company’s stock after purchasing an additional 1,183 shares during the quarter. Pier Capital LLC owned 0.14% of Nextracker worth $7,568,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of NXT. IFP Advisors Inc raised its holdings in shares of Nextracker by 516.4% during the 4th quarter. IFP Advisors Inc now owns 3,304 shares of the company’s stock valued at $121,000 after buying an additional 2,768 shares during the period. Robeco Schweiz AG acquired a new stake in Nextracker in the fourth quarter valued at approximately $22,112,000. New York State Common Retirement Fund raised its stake in shares of Nextracker by 65.6% during the fourth quarter. New York State Common Retirement Fund now owns 469,163 shares of the company’s stock valued at $17,139,000 after purchasing an additional 185,858 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Nextracker by 10.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,753,848 shares of the company’s stock worth $64,068,000 after purchasing an additional 161,873 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Nextracker by 23.3% in the third quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock valued at $134,724,000 after purchasing an additional 679,272 shares during the period. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. TD Cowen began coverage on shares of Nextracker in a research note on Thursday, December 19th. They set a “hold” rating and a $41.00 price target on the stock. Jefferies Financial Group raised Nextracker from a “hold” rating to a “buy” rating and lifted their target price for the stock from $46.00 to $56.00 in a research report on Wednesday, January 29th. Piper Sandler boosted their price target on Nextracker from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. UBS Group raised their price objective on Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Finally, The Goldman Sachs Group upped their target price on Nextracker from $54.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. Three investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Nextracker has an average rating of “Moderate Buy” and a consensus price target of $56.43.

Insider Activity

In related news, insider Bruce Ledesma sold 9,891 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were 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 $6,095,822.70. This represents a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, President Howard Wenger sold 6,066 shares of the stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $45.00, for a total transaction of $272,970.00. Following the completion of the transaction, the president now owns 209,365 shares of the company’s stock, valued at $9,421,425. This represents a 2.82 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 25,758 shares of company stock valued at $1,217,520. Insiders own 0.27% of the company’s stock.

Nextracker Stock Performance

Shares of NXT stock opened at $45.20 on Tuesday. The company has a market cap of $6.58 billion, a P/E ratio of 11.50 and a beta of 2.24. The business has a 50 day moving average of $45.08 and a two-hundred day moving average of $39.87. Nextracker Inc. has a 52 week low of $30.93 and a 52 week 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.

Nextracker (NASDAQ:NXT) last posted its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (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%. As a group, analysts anticipate that Nextracker Inc. will post 3.29 EPS for the current year.

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.