Cypress Capital LLC Purchases New Position in Nextracker Inc. (NASDAQ:NXT)

Cypress Capital LLC purchased a new stake in Nextracker Inc. (NASDAQ:NXT) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 26,400 shares of the company’s stock, valued at approximately $964,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in NXT. Allworth Financial LP boosted its holdings in Nextracker by 52.4% in 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. Quarry LP boosted its holdings in shares of Nextracker by 61.5% in the third quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after acquiring an additional 426 shares during the period. Principal Securities Inc. boosted its holdings in shares of Nextracker by 41.8% in the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock valued at $51,000 after acquiring an additional 410 shares during the period. Nisa Investment Advisors LLC boosted its holdings in shares of Nextracker by 38.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after acquiring an additional 516 shares during the period. Finally, Neo Ivy Capital Management acquired a new stake in shares of Nextracker in the third quarter valued at approximately $74,000. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextracker Trading Down 4.8 %

NASDAQ:NXT opened at $46.12 on Friday. The stock has a fifty day moving average price of $42.23 and a two-hundred day moving average price of $39.13. The stock has a market capitalization of $6.72 billion, a price-to-earnings ratio of 11.74 and a beta of 2.14. 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 1 year low of $30.93 and a 1 year high of $62.31.

Nextracker (NASDAQ:NXT) last released its quarterly earnings data 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 return on equity of 41.22% and a net margin of 20.12%. As a group, sell-side analysts anticipate that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

Analysts Set New Price Targets

NXT has been the subject of several research analyst reports. BNP Paribas raised Nextracker to a “strong-buy” rating in a report on Wednesday, January 29th. The Goldman Sachs Group increased their price objective on Nextracker from $54.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. Susquehanna increased their price objective on Nextracker from $50.00 to $54.00 and gave the company a “positive” rating in a report on Wednesday, January 29th. Barclays raised Nextracker from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $47.00 to $60.00 in a report on Wednesday, January 29th. Finally, Piper Sandler increased their price objective on Nextracker from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Nextracker currently has an average rating of “Moderate Buy” and an average target price of $56.50.

Insider Buying and Selling at Nextracker

In other Nextracker news, insider Bruce Ledesma sold 9,891 shares of the company’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $46.05, for a total value of $455,480.55. Following the sale, the insider now owns 132,374 shares of the company’s stock, valued at approximately $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 Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO David P. Bennett sold 9,801 shares of the stock in a transaction 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 directly owns 124,577 shares in the company, valued at approximately $6,216,392.30. The trade was a 7.29 % 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 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.