Earnest Partners LLC Buys 459,879 Shares of Nextracker Inc. (NASDAQ:NXT)

Earnest Partners LLC raised its stake in Nextracker Inc. (NASDAQ:NXT - Free Report) by 57.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,254,490 shares of the company's stock after acquiring an additional 459,879 shares during the quarter. Earnest Partners LLC owned approximately 0.86% of Nextracker worth $45,827,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NXT. Barclays PLC raised its position in shares of Nextracker by 259.8% in the third quarter. Barclays PLC now owns 259,800 shares of the company's stock valued at $9,737,000 after purchasing an additional 187,598 shares during the period. Retirement Systems of Alabama lifted its stake 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 in the last quarter. Everence Capital Management Inc. bought a new position in Nextracker in the 4th quarter valued at $331,000. Central Pacific Bank Trust Division purchased a new position in shares of Nextracker during the 4th quarter valued at $94,000. Finally, Nordea Investment Management AB bought a new position in shares of Nextracker in the fourth quarter worth $5,734,000. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Nextracker news, insider Bruce Ledesma sold 9,891 shares of the business's stock in a transaction dated 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 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.27% of the company's stock.

Nextracker Stock Up 3.1 %

Shares of NXT traded up $1.26 during mid-day trading on Thursday, reaching $41.87. The company had a trading volume of 1,694,694 shares, compared to its average volume of 2,972,747. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. The firm has a 50-day moving average price of $42.33 and a 200 day moving average price of $40.72. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $62.31. The company has a market capitalization of $6.10 billion, a price-to-earnings ratio of 10.65 and a beta of 2.02.

Nextracker (NASDAQ:NXT - Get Free Report) last issued 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%. On average, sell-side analysts forecast that Nextracker Inc. will post 3.29 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on NXT. Truist Financial dropped their price objective on Nextracker from $56.00 to $52.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Wells Fargo & Company dropped their price objective on Nextracker from $70.00 to $69.00 and set an "overweight" rating for the company in a research note on Wednesday, January 8th. Piper Sandler set a $49.00 price objective on Nextracker in a research note on Monday, April 21st. Citigroup dropped their price objective on Nextracker from $50.00 to $45.00 and set a "neutral" rating for the company in a research note on Wednesday, January 8th. Finally, JPMorgan Chase & Co. lifted their price objective on Nextracker from $58.00 to $61.00 and gave the company an "overweight" rating in a research note on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $55.70.

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.