Nextracker Inc. (NASDAQ:NXT) Shares Purchased by Swiss National Bank

Swiss National Bank lifted its position in Nextracker Inc. (NASDAQ:NXT) by 6.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 282,120 shares of the company’s stock after purchasing an additional 16,500 shares during the period. Swiss National Bank owned about 0.19% of Nextracker worth $10,306,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. State Street Corp raised its position in Nextracker by 15.8% during the third quarter. State Street Corp now owns 5,070,473 shares of the company’s stock worth $190,041,000 after acquiring an additional 690,343 shares during the period. Geode Capital Management LLC raised its position in Nextracker by 23.3% during the third quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock worth $134,724,000 after acquiring an additional 679,272 shares during the period. Wellington Management Group LLP raised its position in Nextracker by 25.5% during the third quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock worth $127,169,000 after acquiring an additional 688,810 shares during the period. Handelsbanken Fonder AB raised its position in Nextracker by 36.0% during the fourth quarter. Handelsbanken Fonder AB now owns 2,278,217 shares of the company’s stock worth $83,223,000 after acquiring an additional 602,600 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings 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 buying an additional 161,873 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on NXT shares. Wells Fargo & Company dropped their target price on shares of Nextracker from $70.00 to $69.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. Citigroup dropped their target price on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. UBS Group upped their target price on shares of Nextracker from $60.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. Royal Bank of Canada started coverage on shares of Nextracker in a report on Monday. They set an “outperform” rating and a $55.00 target price for the company. Finally, TD Cowen began coverage on shares of Nextracker in a report on Thursday, December 19th. They set a “hold” rating and a $41.00 target price for the company. Three analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Nextracker currently has a consensus rating of “Moderate Buy” and an average price target of $56.43.

Insider Activity at Nextracker

In related news, CAO David P. Bennett sold 9,801 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total value of $489,069.90. Following the sale, the chief accounting officer now owns 124,577 shares of the company’s stock, valued at $6,216,392.30. This trade represents a 7.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Howard Wenger sold 6,066 shares of the firm’s 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 completion of the sale, the president now directly owns 209,365 shares in the company, valued at approximately $9,421,425. This trade represents a 2.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,758 shares of company stock valued at $1,217,520 over the last 90 days. 0.27% of the stock is owned by corporate insiders.

Nextracker Stock Down 0.4 %

Shares of NXT opened at $44.97 on Friday. The stock has a market capitalization of $6.55 billion, a PE ratio of 11.44 and a beta of 2.24. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $62.31. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. The company’s 50-day simple moving average is $44.93 and its 200-day simple moving average is $39.74.

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, 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 earnings per share for the current fiscal year.

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.