153,282 Shares in Nextracker Inc. (NASDAQ:NXT) Acquired by Soros Fund Management LLC

Soros Fund Management LLC acquired a new position in Nextracker Inc. (NASDAQ:NXT - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 153,282 shares of the company's stock, valued at approximately $5,599,000. Soros Fund Management LLC owned approximately 0.11% of Nextracker at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Barclays PLC raised its position in Nextracker by 259.8% in the third quarter. Barclays PLC now owns 259,800 shares of the company's stock worth $9,737,000 after purchasing an additional 187,598 shares in the last quarter. Retirement Systems of Alabama raised its position in Nextracker by 14.9% in the 3rd quarter. Retirement Systems of Alabama now owns 174,244 shares of the company's stock worth $6,531,000 after purchasing an additional 22,570 shares during the last quarter. Everence Capital Management Inc. bought a new position in Nextracker in the 4th quarter worth approximately $331,000. Central Pacific Bank Trust Division bought a new position in Nextracker in the 4th quarter worth approximately $94,000. Finally, Nordea Investment Management AB bought a new position in Nextracker in the 4th quarter worth approximately $5,734,000. 67.41% of the stock is currently owned by institutional investors.

Nextracker Stock Performance

Shares of NXT stock opened at $43.20 on Tuesday. The business's fifty day simple moving average is $42.55 and its 200-day simple moving average is $40.70. The company has a current ratio of 2.20, a quick ratio of 1.96 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 company has a market cap of $6.29 billion, a PE ratio of 10.99 and a beta of 2.02.

Nextracker (NASDAQ:NXT - Get Free Report) last posted its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share 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%. Analysts expect that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Bruce Ledesma sold 9,891 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $46.05, for a total transaction of $455,480.55. Following the completion of the transaction, the insider now 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 document filed with the SEC, which is accessible through this hyperlink. Also, CAO David P. Bennett sold 9,801 shares of the stock in a transaction on Wednesday, January 29th. The shares were 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 in the company, valued at approximately $6,216,392.30. The trade was a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.27% of the stock is currently owned by company insiders.

Analyst Ratings Changes

NXT has been the subject of a number of recent analyst reports. Royal Bank of Canada began coverage on Nextracker in a report on Monday, March 17th. They issued an "outperform" rating and a $55.00 price objective for the company. Barclays dropped their price objective on Nextracker from $60.00 to $58.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Guggenheim upped their price objective on Nextracker from $50.00 to $62.00 and gave the company a "buy" rating in a report on Wednesday, January 29th. Robert W. Baird lowered their price target on Nextracker from $59.00 to $48.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Finally, Piper Sandler set a $49.00 price objective on Nextracker in a research report on Monday, April 21st. Three equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $55.43.

About Nextracker

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.

Want to see what other hedge funds are holding NXT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Nextracker Inc. (NASDAQ:NXT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.