Boothbay Fund Management LLC Increases Holdings in Nextracker Inc. (NASDAQ:NXT)

Boothbay Fund Management LLC raised its stake in Nextracker Inc. (NASDAQ:NXT - Free Report) by 256.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 29,042 shares of the company's stock after acquiring an additional 20,887 shares during the period. Boothbay Fund Management LLC's holdings in Nextracker were worth $1,061,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Allworth Financial LP grew its position in Nextracker by 52.4% during 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 during the last quarter. Sterling Capital Management LLC grew its holdings in shares of Nextracker by 448.9% during the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock valued at $47,000 after buying an additional 1,055 shares during the last quarter. Millstone Evans Group LLC bought a new stake in shares of Nextracker during the fourth quarter valued at approximately $48,000. Principal Securities Inc. raised its holdings in Nextracker by 41.8% in 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 during the last quarter. Finally, Quadrant Capital Group LLC lifted its position in Nextracker by 92.5% in the 4th quarter. Quadrant Capital Group LLC now owns 1,817 shares of the company's stock valued at $66,000 after acquiring an additional 873 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on NXT shares. Truist Financial reduced their target price on Nextracker from $56.00 to $52.00 and set a "buy" rating for the company in a report on Thursday, April 17th. BNP Paribas raised Nextracker to a "strong-buy" rating in a research report on Wednesday, January 29th. Jefferies Financial Group raised shares of Nextracker from a "hold" rating to a "buy" rating and raised their price target for the company from $46.00 to $56.00 in a report on Wednesday, January 29th. Barclays decreased their price objective on shares of Nextracker from $60.00 to $58.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Finally, UBS Group raised their target price on shares of Nextracker from $60.00 to $66.00 and gave the stock a "buy" rating in a report on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $55.43.

Nextracker Price Performance

Shares of Nextracker stock opened at $43.20 on Tuesday. 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 stock's 50-day simple moving average is $42.55 and its 200-day simple moving average is $40.70. The company has a market capitalization of $6.29 billion, a price-to-earnings ratio of 10.99 and a beta of 2.02.

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

Insider Transactions at Nextracker

In other Nextracker news, insider Bruce Ledesma sold 9,891 shares of the firm's stock in a transaction that occurred on Monday, February 10th. The stock was 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 in the company, valued at $6,095,822.70. This trade represents a 6.95 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO David P. Bennett sold 9,801 shares of the company's stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total value of $489,069.90. Following the sale, the chief accounting officer now directly owns 124,577 shares in the company, valued at $6,216,392.30. This trade represents a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.27% of the company's stock.

Nextracker 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.

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