MYDA Advisors LLC Invests $731,000 in Nextracker Inc. (NASDAQ:NXT)

MYDA Advisors LLC 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 20,000 shares of the company's stock, valued at approximately $731,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. IFP Advisors Inc increased its position in shares of Nextracker by 516.4% during the 4th quarter. IFP Advisors Inc now owns 3,304 shares of the company's stock worth $121,000 after purchasing an additional 2,768 shares during the last quarter. Robeco Schweiz AG bought a new position in shares of Nextracker in the 4th quarter valued at about $22,112,000. New York State Common Retirement Fund increased its stake in shares of Nextracker by 65.6% during the 4th quarter. New York State Common Retirement Fund now owns 469,163 shares of the company's stock worth $17,139,000 after purchasing an additional 185,858 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Nextracker by 10.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,753,848 shares of the company's stock valued at $64,068,000 after purchasing an additional 161,873 shares during the period. Finally, Nordea Investment Management AB acquired a new stake in Nextracker in the 4th quarter valued at about $5,734,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Nextracker

In other news, 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 completion of the transaction, the chief accounting officer now owns 124,577 shares of the company's stock, valued at $6,216,392.30. This represents a 7.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Bruce Ledesma sold 9,891 shares of the business'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 sale, the insider now directly owns 132,374 shares in the company, valued at $6,095,822.70. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.27% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on NXT. Truist Financial dropped their price objective on Nextracker from $56.00 to $52.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Northland Securities reaffirmed an "outperform" rating and set a $55.00 price objective (up from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. Wells Fargo & Company dropped their price objective on shares of Nextracker from $70.00 to $69.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 8th. BMO Capital Markets lifted their target price on shares of Nextracker from $48.00 to $50.00 and gave the stock a "market perform" rating in a report on Wednesday, January 29th. Finally, BNP Paribas raised shares of Nextracker to a "strong-buy" rating in a report on Wednesday, January 29th. Three 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. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $55.43.

Nextracker Price Performance

NXT traded up $0.88 during trading on Friday, hitting $43.23. 490,538 shares of the stock traded hands, compared to its average volume of 2,975,597. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $62.31. The business has a 50 day moving average price of $42.75 and a 200 day moving average price of $40.50. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The company has a market cap of $6.29 billion, a price-to-earnings ratio of 11.01 and a beta of 2.02.

Nextracker (NASDAQ:NXT - Get Free Report) last posted its 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 net margin of 20.12% and a return on equity of 41.22%. Equities research analysts forecast that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

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.