Nextracker Inc. (NASDAQ:NXT) Position Increased by MetLife Investment Management LLC

MetLife Investment Management LLC lifted its position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 8.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 166,112 shares of the company's stock after acquiring an additional 12,429 shares during the quarter. MetLife Investment Management LLC owned 0.11% of Nextracker worth $6,068,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Allworth Financial LP grew its holdings in shares of Nextracker by 52.4% in the 4th quarter. Allworth Financial LP now owns 803 shares of the company's stock worth $29,000 after acquiring an additional 276 shares during the period. Sterling Capital Management LLC raised its position in Nextracker by 448.9% during the fourth 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 during the last quarter. Millstone Evans Group LLC acquired a new stake in shares of Nextracker in the fourth quarter valued at approximately $48,000. Principal Securities Inc. increased its stake 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 purchasing an additional 410 shares in the last quarter. Finally, Quadrant Capital Group LLC raised its holdings in shares of Nextracker by 92.5% in the fourth quarter. Quadrant Capital Group LLC now owns 1,817 shares of the company's stock worth $66,000 after acquiring an additional 873 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company's stock.

Nextracker Stock Down 0.5 %

Shares of NXT traded down $0.20 during mid-day trading on Monday, reaching $43.45. 258,636 shares of the stock traded hands, compared to its average volume of 2,398,221. The firm has a market cap of $6.33 billion, a price-to-earnings ratio of 11.08 and a beta of 2.02. The stock has a fifty day simple moving average of $42.66 and a 200 day simple moving average of $40.65. 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 12-month low of $30.93 and a 12-month high of $62.31.

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, beating 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%. Sell-side analysts expect that Nextracker Inc. will post 3.29 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CAO David P. Bennett sold 9,801 shares of the firm's stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total transaction of $489,069.90. Following the transaction, 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Bruce Ledesma sold 9,891 shares of Nextracker stock in a transaction 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 directly owns 132,374 shares of the company's stock, valued at approximately $6,095,822.70. This represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. 0.27% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

NXT has been the subject of a number of recent research reports. Piper Sandler set a $49.00 price objective on shares of Nextracker in a research report on Monday, April 21st. UBS Group raised their price objective on Nextracker from $60.00 to $66.00 and gave the stock a "buy" rating in a report on Wednesday, January 29th. Guggenheim raised their price target on Nextracker from $50.00 to $62.00 and gave the stock a "buy" rating in a research note on Wednesday, January 29th. JPMorgan Chase & Co. raised their target price on shares of Nextracker from $58.00 to $61.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 29th. Finally, Jefferies Financial Group raised shares of Nextracker from a "hold" rating to a "buy" rating and increased their price target for the stock from $46.00 to $56.00 in a research note on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average 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.