abrdn plc Acquires Shares of 296,864 Nextracker Inc. (NASDAQ:NXT)

abrdn plc acquired a new stake in Nextracker Inc. (NASDAQ:NXT - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 296,864 shares of the company's stock, valued at approximately $13,908,000. abrdn plc owned about 0.19% of Nextracker as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Keybank National Association OH increased its holdings in Nextracker by 7.1% during the 3rd quarter. Keybank National Association OH now owns 6,825 shares of the company's stock worth $274,000 after purchasing an additional 455 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its holdings in shares of Nextracker by 3.4% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 16,239 shares of the company's stock worth $652,000 after acquiring an additional 541 shares during the period. Tucker Asset Management LLC bought a new position in shares of Nextracker in the third quarter worth $42,000. Global Retirement Partners LLC bought a new position in shares of Nextracker in the fourth quarter worth $63,000. Finally, Moody Aldrich Partners LLC boosted its holdings in shares of Nextracker by 3.7% in the third quarter. Moody Aldrich Partners LLC now owns 61,916 shares of the company's stock worth $2,487,000 after acquiring an additional 2,200 shares during the period. Institutional investors own 67.41% of the company's stock.

Insider Buying and Selling at Nextracker

In other Nextracker news, COO Nicholas Marco Miller sold 8,355 shares of Nextracker stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total transaction of $440,057.85. Following the sale, the chief operating officer now directly owns 11,114 shares of the company's stock, valued at approximately $585,374.38. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Leah Schlesinger sold 2,149 shares of Nextracker stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $51.91, for a total transaction of $111,554.59. Following the completion of the transaction, the insider now directly owns 11,910 shares in the company, valued at $618,248.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Nicholas Marco Miller sold 8,355 shares of Nextracker stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $52.67, for a total transaction of $440,057.85. Following the transaction, the chief operating officer now owns 11,114 shares of the company's stock, valued at $585,374.38. The disclosure for this sale can be found here. Insiders own 0.09% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on NXT shares. Robert W. Baird started coverage on Nextracker in a research report on Thursday, March 21st. They issued an "outperform" rating and a $71.00 price objective on the stock. JPMorgan Chase & Co. lowered their price objective on Nextracker from $73.00 to $67.00 and set an "overweight" rating on the stock in a research report on Thursday, February 29th. Roth Mkm increased their price objective on Nextracker from $60.00 to $70.00 and gave the stock a "buy" rating in a research report on Thursday, February 1st. Barclays downgraded Nextracker from an "overweight" rating to an "equal weight" rating and increased their price objective for the stock from $55.00 to $63.00 in a research report on Tuesday, April 2nd. Finally, Truist Financial increased their price objective on Nextracker from $52.00 to $60.00 and gave the stock a "buy" rating in a research report on Tuesday, January 23rd. Four equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $58.55.

Nextracker Stock Performance

Shares of NASDAQ NXT traded up $0.78 during trading hours on Friday, hitting $43.76. The company's stock had a trading volume of 2,319,610 shares, compared to its average volume of 4,170,404. The business has a 50-day simple moving average of $54.06 and a 200-day simple moving average of $46.83. The stock has a market cap of $5.97 billion, a price-to-earnings ratio of 23.40, a P/E/G ratio of 0.37 and a beta of 1.94. Nextracker Inc. has a 12 month low of $29.28 and a 12 month high of $62.14.

Nextracker (NASDAQ:NXT - Get Free Report) last posted its quarterly earnings data on Wednesday, January 31st. The company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.51. The business had revenue of $710.43 million for the quarter, compared to analysts' expectations of $615.53 million. Nextracker had a negative return on equity of 5.98% and a net margin of 4.48%. On average, equities research analysts forecast that Nextracker Inc. will post 2.35 EPS for the current year.

About Nextracker

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.