Earnest Partners LLC Makes New $46.59 Million Investment in Nextracker Inc. (NASDAQ:NXT)

Earnest Partners LLC bought a new position in Nextracker Inc. (NASDAQ:NXT) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 828,017 shares of the company’s stock, valued at approximately $46,593,000. Earnest Partners LLC owned about 0.61% of Nextracker at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of NXT. 1832 Asset Management L.P. lifted its stake in shares of Nextracker by 0.3% in the 1st quarter. 1832 Asset Management L.P. now owns 80,190 shares of the company’s stock worth $4,512,000 after acquiring an additional 275 shares during the period. Farmers & Merchants Trust Co of Chambersburg PA acquired a new stake in shares of Nextracker in the 1st quarter worth approximately $25,000. Paradice Investment Management LLC lifted its stake in shares of Nextracker by 9.3% in the 1st quarter. Paradice Investment Management LLC now owns 5,682 shares of the company’s stock worth $320,000 after acquiring an additional 482 shares during the period. Lindbrook Capital LLC acquired a new stake in shares of Nextracker in the 1st quarter worth approximately $34,000. Finally, Bruce G. Allen Investments LLC acquired a new stake in shares of Nextracker in the 1st quarter worth approximately $37,000. Institutional investors own 67.41% of the company’s stock.

Insider Buying and Selling at Nextracker

In other news, insider Bruce Ledesma sold 12,135 shares of the stock in a transaction on Monday, May 20th. The shares were sold at an average price of $43.91, for a total transaction of $532,847.85. Following the transaction, the insider now owns 17,387 shares in the company, valued at approximately $763,463.17. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.27% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on NXT. Barclays reduced their price target on shares of Nextracker from $63.00 to $61.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 16th. Scotiabank cut their target price on shares of Nextracker from $55.00 to $50.00 and set a “sector outperform” rating for the company in a research note on Monday, April 29th. Mizuho cut their target price on shares of Nextracker from $64.00 to $59.00 and set a “buy” rating for the company in a research note on Friday, April 19th. BMO Capital Markets cut their target price on shares of Nextracker from $62.00 to $56.00 and set a “market perform” rating for the company in a research note on Wednesday, May 15th. Finally, Northland Securities lowered shares of Nextracker from an “outperform” rating to a “market perform” rating and cut their target price for the company from $60.00 to $44.00 in a research note on Friday, April 26th. Four research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $59.36.

Nextracker Stock Down 0.8 %

Nextracker stock traded down $0.40 during trading hours on Monday, hitting $46.88. The company had a trading volume of 2,375,036 shares, compared to its average volume of 4,064,254. The firm has a market capitalization of $6.80 billion, a P/E ratio of 14.07 and a beta of 2.52. 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 firm’s fifty day moving average is $51.78 and its 200-day moving average is $51.42. Nextracker Inc. has a fifty-two week low of $32.14 and a fifty-two week high of $62.31.

Nextracker (NASDAQ:NXT) last released its quarterly earnings data on Tuesday, May 14th. The company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.38. The firm had revenue of $736.52 million for the quarter, compared to analyst estimates of $681.03 million. Nextracker had a net margin of 12.25% and a negative return on equity of 13.70%. On average, research analysts forecast that Nextracker Inc. will post 2.62 earnings per share for the current year.

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.