Canada Pension Plan Investment Board Purchases Shares of 6,500 Nextracker Inc. (NASDAQ:NXT)

Canada Pension Plan Investment Board purchased a new position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 6,500 shares of the company's stock, valued at approximately $237,000.

Several other hedge funds also recently made changes to their positions in NXT. Barclays PLC boosted its holdings in shares of Nextracker by 259.8% in the 3rd quarter. Barclays PLC now owns 259,800 shares of the company's stock valued at $9,737,000 after buying an additional 187,598 shares during the last quarter. Retirement Systems of Alabama boosted its holdings in shares of Nextracker by 14.9% in the 3rd quarter. Retirement Systems of Alabama now owns 174,244 shares of the company's stock valued at $6,531,000 after buying an additional 22,570 shares during the last quarter. Everence Capital Management Inc. acquired a new stake in shares of Nextracker in the 4th quarter valued at approximately $331,000. Central Pacific Bank Trust Division acquired a new stake in shares of Nextracker in the 4th quarter valued at approximately $94,000. Finally, Nordea Investment Management AB acquired a new stake in shares of Nextracker in the 4th quarter valued at approximately $5,734,000. 67.41% of the stock is owned by institutional investors.

Insider Transactions at Nextracker

In other news, 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 completion of the transaction, the insider now directly owns 132,374 shares of the company's stock, valued at $6,095,822.70. This trade represents a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.27% of the company's stock.

Nextracker Stock Performance

Shares of NXT stock traded down $3.34 during trading on Wednesday, hitting $39.73. The company's stock had a trading volume of 2,428,702 shares, compared to its average volume of 2,971,931. The company has a market cap of $5.79 billion, a PE ratio of 10.11 and a beta of 2.02. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. The business has a fifty day moving average of $42.44 and a 200-day moving average of $40.72. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $62.31.

Nextracker (NASDAQ:NXT - Get Free Report) last announced its quarterly earnings data 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 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.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. UBS Group lifted their price objective on shares of Nextracker from $60.00 to $66.00 and gave the stock a "buy" rating in a research report on Wednesday, January 29th. Guggenheim lifted their target price on Nextracker from $50.00 to $62.00 and gave the stock a "buy" rating in a report on Wednesday, January 29th. BMO Capital Markets boosted their target price on shares of Nextracker from $48.00 to $50.00 and gave the company a "market perform" rating in a research report on Wednesday, January 29th. Robert W. Baird cut their price target on shares of Nextracker from $59.00 to $48.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Finally, Wells Fargo & Company dropped their price objective on shares of Nextracker from $70.00 to $69.00 and set an "overweight" rating for the company in a research note on Wednesday, January 8th. Three investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average 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.