Duff & Phelps Investment Management Co. Acquires 7,752 Shares of Nextracker Inc. (NASDAQ:NXT)

Duff & Phelps Investment Management Co. increased its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 44.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 25,146 shares of the company’s stock after acquiring an additional 7,752 shares during the quarter. Duff & Phelps Investment Management Co.’s holdings in Nextracker were worth $919,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Nextracker by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 13,843,997 shares of the company’s stock valued at $505,721,000 after purchasing an additional 243,635 shares during the last quarter. State Street Corp grew 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 valued at $190,041,000 after buying an additional 690,343 shares during the period. Geode Capital Management LLC increased its holdings 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 buying an additional 679,272 shares during the last quarter. Wellington Management Group LLP raised its position in Nextracker by 25.5% in 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. Finally, Norges Bank purchased a new position in Nextracker in the fourth quarter valued at about $106,166,000. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Insiders Place Their Bets

In other Nextracker news, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total value of $272,970.00. Following the transaction, the president now directly owns 209,365 shares of the company’s stock, valued at $9,421,425. The trade was a 2.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bruce Ledesma sold 9,891 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The shares were 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 owns 132,374 shares of the company’s stock, valued at $6,095,822.70. The trade was a 6.95 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 25,758 shares of company stock valued at $1,217,520. 0.27% of the stock is currently owned by corporate insiders.

Nextracker Stock Performance

Nextracker stock opened at $43.15 on Friday. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week 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 stock has a market cap of $6.28 billion, a P/E ratio of 10.98 and a beta of 2.24. The firm’s fifty day moving average price is $45.09 and its 200-day moving average price is $40.05.

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 return on equity of 41.22% and a net margin of 20.12%. On average, equities research analysts expect that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on NXT shares. Northland Securities restated an “outperform” rating and set a $55.00 price target (up previously from $48.00) on shares of Nextracker in a research note on Wednesday, January 29th. Jefferies Financial Group upgraded Nextracker from a “hold” rating to a “buy” rating and boosted their target price for the company from $46.00 to $56.00 in a research note on Wednesday, January 29th. Guggenheim boosted their price objective on Nextracker from $50.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. BMO Capital Markets increased their target price on shares of Nextracker from $48.00 to $50.00 and gave the stock a “market perform” rating in a research report on Wednesday, January 29th. Finally, Royal Bank of Canada initiated coverage on shares of Nextracker in a research report on Monday, March 17th. They issued an “outperform” rating and a $55.00 price target on the stock. Three analysts have rated the stock with a hold rating, twenty have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $56.43.

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.