Bruce Ledesma Sells 9,891 Shares of Nextracker Inc. (NASDAQ:NXT) Stock

Nextracker Inc. (NASDAQ:NXT) 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 sale, the insider now directly owns 132,374 shares of the company’s stock, valued at approximately $6,095,822.70. This trade represents a 6.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Nextracker Trading Up 0.4 %

NXT opened at $45.31 on Thursday. 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 52 week low of $30.93 and a 52 week high of $62.31. The business’s 50 day moving average is $40.77 and its two-hundred day moving average is $38.98. The firm has a market cap of $6.60 billion, a price-to-earnings ratio of 11.53 and a beta of 2.14.

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

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on NXT. Northland Capmk upgraded Nextracker to a “strong-buy” rating in a report on Tuesday, November 19th. The Goldman Sachs Group lifted their price target on shares of Nextracker from $54.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. UBS Group boosted their price target on shares of Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Guggenheim increased their price objective on shares of Nextracker from $50.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. Finally, Bank of America cut their target price on Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Three analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.50.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of NXT. Franklin Resources Inc. lifted its holdings in shares of Nextracker by 113.4% during the fourth quarter. Franklin Resources Inc. now owns 301,455 shares of the company’s stock worth $11,012,000 after purchasing an additional 160,206 shares during the period. Duff & Phelps Investment Management Co. raised its position in Nextracker by 44.6% during the 4th quarter. Duff & Phelps Investment Management Co. now owns 25,146 shares of the company’s stock worth $919,000 after buying an additional 7,752 shares during the last quarter. New Age Alpha Advisors LLC acquired a new stake in shares of Nextracker in the 4th quarter worth $1,165,000. Norges Bank purchased a new stake in shares of Nextracker in the fourth quarter valued at about $106,166,000. Finally, JPMorgan Chase & Co. increased its stake in shares of Nextracker by 23.9% during the fourth quarter. JPMorgan Chase & Co. now owns 1,866,028 shares of the company’s stock worth $68,166,000 after acquiring an additional 360,214 shares during the period. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

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.