Legal & General Group Plc Acquires 3,980 Shares of Nextracker Inc. (NASDAQ:NXT)

Legal & General Group Plc boosted its stake in Nextracker Inc. (NASDAQ:NXT) by 1.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 396,938 shares of the company’s stock after acquiring an additional 3,980 shares during the period. Legal & General Group Plc owned 0.27% of Nextracker worth $14,500,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Allworth Financial LP boosted its position in shares of Nextracker by 52.4% during the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after purchasing an additional 276 shares in the last quarter. Millstone Evans Group LLC bought a new position in shares of Nextracker during the fourth quarter valued at approximately $48,000. Principal Securities Inc. grew its stake in shares of Nextracker by 41.8% in the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock worth $51,000 after buying an additional 410 shares during the last quarter. Quadrant Capital Group LLC increased its position in Nextracker by 92.5% during the 4th 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 in the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in Nextracker by 38.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after buying an additional 516 shares during the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextracker Stock Performance

NASDAQ:NXT opened at $40.57 on Wednesday. The stock has a 50-day simple moving average of $43.56 and a two-hundred day simple moving average of $40.36. 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. The firm has a market capitalization of $5.91 billion, a PE ratio of 10.32 and a beta of 2.02.

Nextracker (NASDAQ:NXT) last released its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. Analysts forecast that Nextracker Inc. will post 3.29 EPS for the current year.

Insider Transactions at Nextracker

In other Nextracker news, CAO David P. Bennett sold 9,801 shares of the company’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total value of $489,069.90. Following the completion of the transaction, the chief accounting officer now directly owns 124,577 shares in the company, valued at $6,216,392.30. This represents a 7.29 % decrease in their position. 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 that occurred on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total transaction of $272,970.00. Following the sale, the president now directly owns 209,365 shares of the company’s stock, valued at approximately $9,421,425. This trade represents a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,758 shares of company stock valued at $1,217,520 over the last three months. Corporate insiders own 0.27% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on NXT. TD Cowen initiated coverage on Nextracker in a report on Thursday, December 19th. They set a “hold” rating and a $41.00 price target for the company. Barclays decreased their target price on shares of Nextracker from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. Piper Sandler increased 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. Robert W. Baird lowered their price objective on Nextracker from $59.00 to $48.00 and set an “outperform” rating on the stock in a research report on Tuesday. Finally, BNP Paribas raised Nextracker to a “strong-buy” rating in a research report on Wednesday, January 29th. Three investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Nextracker presently has a consensus rating of “Moderate Buy” and an average price target of $55.82.

Nextracker Company 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.