Jupiter Asset Management Ltd. Buys New Shares in Nextracker Inc. (NASDAQ:NXT)

Jupiter Asset Management Ltd. bought a new stake in Nextracker Inc. (NASDAQ:NXT) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 6,134 shares of the company’s stock, valued at approximately $345,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Farmers & Merchants Trust Co of Chambersburg PA bought a new position in shares of Nextracker in the first quarter valued at $25,000. Paradice Investment Management LLC boosted its position in Nextracker by 9.3% during the first quarter. Paradice Investment Management LLC now owns 5,682 shares of the company’s stock worth $320,000 after purchasing an additional 482 shares during the period. Lindbrook Capital LLC bought a new position in Nextracker during the first quarter worth $34,000. Bruce G. Allen Investments LLC bought a new position in Nextracker during the first quarter worth $37,000. Finally, Toth Financial Advisory Corp bought a new position in Nextracker during the first quarter worth $38,000. 67.41% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on NXT. Daiwa Capital Markets began coverage on shares of Nextracker in a research report on Monday, April 1st. They set an “outperform” rating and a $63.00 price objective for the company. Fox Advisors raised Nextracker from an “equal weight” rating to an “overweight” rating and set a $60.00 target price for the company in a report on Wednesday, May 15th. Roth Mkm reissued a “buy” rating and set a $70.00 target price on shares of Nextracker in a report on Wednesday, May 15th. Barclays dropped their target price on Nextracker from $63.00 to $61.00 and set an “equal weight” rating for the company in a report on Tuesday, July 16th. Finally, Guggenheim dropped their target price on Nextracker from $73.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday, April 23rd. Four research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $59.17.

Insider Activity at Nextracker

In other news, insider Bruce Ledesma sold 12,135 shares of the company’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 transaction of $532,847.85. Following the transaction, the insider now directly owns 17,387 shares of the company’s stock, valued at $763,463.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.27% of the stock is currently owned by company insiders.

Nextracker Price Performance

Nextracker stock traded up $0.49 during midday trading on Friday, reaching $47.86. The company’s stock had a trading volume of 2,271,232 shares, compared to its average volume of 4,452,899. The stock has a market cap of $6.95 billion, a PE ratio of 14.24 and a beta of 2.51. The company has a current ratio of 1.98, a quick ratio of 1.76 and a debt-to-equity ratio of 0.15. The business has a 50-day moving average price of $51.48 and a 200-day moving average price of $51.21. Nextracker Inc. has a 52 week low of $32.14 and a 52 week high of $62.31.

Nextracker (NASDAQ:NXT) last released its quarterly earnings results on Tuesday, May 14th. The company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.38. The company had revenue of $736.52 million for the quarter, compared to analysts’ expectations of $681.03 million. Nextracker had a negative return on equity of 13.70% and a net margin of 12.25%. On average, sell-side analysts predict that Nextracker Inc. will post 2.62 EPS for the current year.

Nextracker Company 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.