BI Asset Management Fondsmaeglerselskab A S Makes New $450,000 Investment in Nextracker Inc. (NASDAQ:NXT)

BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 12,331 shares of the company's stock, valued at approximately $450,000.

Other hedge funds have also recently bought and sold shares of the company. Allworth Financial LP raised its position in Nextracker by 52.4% in the 4th quarter. Allworth Financial LP now owns 803 shares of the company's stock valued at $29,000 after purchasing an additional 276 shares in the last quarter. Sterling Capital Management LLC boosted its position in shares of Nextracker by 448.9% during the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock worth $47,000 after acquiring an additional 1,055 shares in the last quarter. Millstone Evans Group LLC purchased a new position in shares of Nextracker in the 4th quarter valued at about $48,000. Principal Securities Inc. raised its position in shares of Nextracker by 41.8% during the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock worth $51,000 after acquiring an additional 410 shares in the last quarter. Finally, Quadrant Capital Group LLC lifted its stake in Nextracker by 92.5% during the fourth quarter. Quadrant Capital Group LLC now owns 1,817 shares of the company's stock worth $66,000 after purchasing an additional 873 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company's stock.

Insider Activity at Nextracker

In related news, insider Bruce Ledesma sold 9,891 shares of the business's stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $46.05, for a total transaction of $455,480.55. Following the sale, the insider now owns 132,374 shares of the company's stock, valued at approximately $6,095,822.70. The trade was a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.27% of the company's stock.

Nextracker Stock Performance

NASDAQ NXT traded down $2.46 during trading hours on Wednesday, hitting $40.61. 3,641,523 shares of the stock were exchanged, compared to its average volume of 2,979,937. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. The company has a market cap of $5.91 billion, a price-to-earnings ratio of 10.33 and a beta of 2.02. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $62.31. The stock has a 50-day moving average of $42.33 and a 200 day moving average of $40.72.

Nextracker (NASDAQ:NXT - Get Free Report) 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, equities research analysts forecast that Nextracker Inc. will post 3.29 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on NXT. UBS Group increased 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. Jefferies Financial Group raised shares of Nextracker from a "hold" rating to a "buy" rating and increased their target price for the company from $46.00 to $56.00 in a research report on Wednesday, January 29th. Citigroup reduced their price target on shares of Nextracker from $50.00 to $45.00 and set a "neutral" rating for the company in a research report on Wednesday, January 8th. Truist Financial decreased their price objective on shares of Nextracker from $56.00 to $52.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Finally, Wells Fargo & Company cut their target price on Nextracker from $70.00 to $69.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 8th. Three equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Nextracker presently has a consensus rating of "Moderate Buy" and an average price target of $55.70.

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.