Jupiter Asset Management Ltd. Boosts Holdings in Nextracker Inc. (NASDAQ:NXT)

Jupiter Asset Management Ltd. grew its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 297.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 150,548 shares of the company’s stock after acquiring an additional 112,679 shares during the quarter. Jupiter Asset Management Ltd. owned 0.10% of Nextracker worth $5,500,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the business. Allworth Financial LP increased its position in Nextracker by 52.4% during the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after purchasing an additional 276 shares during the period. Principal Securities Inc. increased its position in Nextracker by 41.8% during the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock valued at $51,000 after purchasing an additional 410 shares during the period. Quarry LP increased its position in Nextracker by 61.5% during the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after purchasing an additional 426 shares during the period. Nisa Investment Advisors LLC increased its position in Nextracker by 38.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after purchasing an additional 516 shares during the period. Finally, HighTower Advisors LLC boosted its holdings in shares of Nextracker by 1.8% during the 3rd quarter. HighTower Advisors LLC now owns 29,777 shares of the company’s stock valued at $1,115,000 after buying an additional 519 shares in the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on NXT. The Goldman Sachs Group boosted their target price on shares of Nextracker from $54.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. Piper Sandler boosted their target price on shares of Nextracker from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. UBS Group boosted their target price on shares of Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. Northland Capmk upgraded shares of Nextracker to a “strong-buy” rating in a research note on Tuesday, November 19th. Finally, TD Cowen assumed coverage on shares of Nextracker in a research note on Thursday, December 19th. They issued a “hold” rating and a $41.00 price target on the stock. Three research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $56.50.

Insider Activity

In related news, insider Bruce Ledesma sold 9,891 shares of the firm’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 completion of the sale, the insider now directly owns 132,374 shares in the company, valued at $6,095,822.70. This trade represents a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO David P. Bennett sold 9,801 shares of the firm’s stock in a transaction 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 sale, the chief accounting officer now owns 124,577 shares of the company’s stock, valued at approximately $6,216,392.30. This represents a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,758 shares of company stock worth $1,217,520. 0.27% of the stock is currently owned by insiders.

Nextracker Stock Up 1.9 %

NASDAQ NXT opened at $45.16 on Friday. 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 has a market capitalization of $6.58 billion, a P/E ratio of 11.49 and a beta of 2.24. Nextracker Inc. has a one year low of $30.93 and a one year high of $62.31. The stock has a 50 day moving average price of $44.62 and a 200-day moving average price of $39.61.

Nextracker (NASDAQ:NXT) last posted its earnings results on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates 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, equities analysts predict that Nextracker Inc. will post 3.29 EPS for the current fiscal year.

Nextracker 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.