Quaero Capital S.A. Decreases Position in Nextracker Inc. (NASDAQ:NXT)

Quaero Capital S.A. lowered its holdings in Nextracker Inc. (NASDAQ:NXT) by 27.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 35,862 shares of the company’s stock after selling 13,410 shares during the period. Quaero Capital S.A.’s holdings in Nextracker were worth $1,310,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Holocene Advisors LP acquired a new stake in shares of Nextracker during the 3rd quarter worth approximately $45,416,000. Erste Asset Management GmbH bought a new position in Nextracker during the 3rd quarter valued at $33,545,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Nextracker by 88.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,591,975 shares of the company’s stock worth $59,667,000 after acquiring an additional 745,665 shares in the last quarter. State Street Corp boosted its stake in shares of Nextracker by 15.8% during the 3rd quarter. State Street Corp now owns 5,070,473 shares of the company’s stock worth $190,041,000 after acquiring an additional 690,343 shares in the last quarter. Finally, Wellington Management Group LLP lifted its holdings in shares of Nextracker by 25.5% in the third quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock valued at $127,169,000 after purchasing an additional 688,810 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Insiders Place Their Bets

In other news, insider Bruce Ledesma sold 9,891 shares of Nextracker stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $46.05, for a total transaction of $455,480.55. Following the transaction, the insider now owns 132,374 shares in the company, valued at $6,095,822.70. The trade was a 6.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Howard Wenger sold 6,066 shares of Nextracker 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 transaction, the president now owns 209,365 shares in the company, valued at $9,421,425. This trade represents a 2.82 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 25,758 shares of company stock worth $1,217,520. Insiders own 0.27% of the company’s stock.

Nextracker Price Performance

Nextracker stock opened at $47.30 on Friday. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $62.31. The stock has a market cap of $6.89 billion, a price-to-earnings ratio of 12.04 and a beta of 2.14. The business’s 50-day simple moving average is $41.10 and its 200 day simple moving average is $39.07.

Nextracker (NASDAQ:NXT) last issued its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, topping 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, research analysts anticipate that Nextracker Inc. will post 3.29 earnings per share for the current year.

Analysts Set New Price Targets

NXT has been the topic of a number of research reports. Guggenheim increased their price objective on Nextracker from $50.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. Barclays upgraded Nextracker from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $47.00 to $60.00 in a report on Wednesday, January 29th. Piper Sandler upped their target price on Nextracker from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. The Goldman Sachs Group upped their target price on Nextracker from $54.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. Finally, UBS Group upped their target price on Nextracker from $60.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average 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.