Renaissance Capital LLC Increases Stock Holdings in Nextracker Inc. (NASDAQ:NXT)

Renaissance Capital LLC raised its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 3.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 159,779 shares of the company’s stock after acquiring an additional 5,390 shares during the quarter. Nextracker makes up about 3.8% of Renaissance Capital LLC’s portfolio, making the stock its 9th biggest position. Renaissance Capital LLC owned approximately 0.11% of Nextracker worth $5,837,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of NXT. Quarry LP boosted its position in shares of Nextracker by 61.5% in the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after purchasing an additional 426 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Nextracker by 83.2% in the 3rd quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock valued at $45,000 after purchasing an additional 549 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in Nextracker by 38.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock worth $68,000 after buying an additional 516 shares in the last quarter. Neo Ivy Capital Management purchased a new stake in Nextracker during the 3rd quarter worth approximately $74,000. Finally, Arcadia Investment Management Corp MI acquired a new position in shares of Nextracker during the 3rd quarter worth approximately $75,000. Institutional investors own 67.41% of the company’s stock.

Insider Transactions at Nextracker

In related news, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $45.00, for a total value of $272,970.00. Following the completion of the sale, the president now owns 209,365 shares in the company, valued at $9,421,425. This trade represents a 2.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO David P. Bennett sold 9,801 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total transaction 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. The trade was a 7.29 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.27% of the company’s stock.

Nextracker Stock Performance

NASDAQ:NXT opened at $48.60 on Tuesday. The firm has a market capitalization of $7.07 billion, a PE ratio of 12.37 and a beta of 2.13. The business’s fifty day moving average price is $39.69 and its 200 day moving average price is $38.98. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. Nextracker Inc. has a 12 month low of $30.93 and a 12 month 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, beating the consensus estimate of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. On average, sell-side analysts anticipate that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. BMO Capital Markets boosted their target price on Nextracker from $48.00 to $50.00 and gave the stock a “market perform” rating in a report on Wednesday, January 29th. Jefferies Financial Group upgraded Nextracker from a “hold” rating to a “buy” rating and upped their price objective for the company from $46.00 to $56.00 in a report on Wednesday, January 29th. Susquehanna boosted their target price on Nextracker from $50.00 to $54.00 and gave the company a “positive” rating in a research report on Wednesday, January 29th. BNP Paribas raised Nextracker to a “strong-buy” rating in a research report on Wednesday, January 29th. Finally, The Goldman Sachs Group boosted their target price on Nextracker from $54.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.50.

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.