23,925 Shares in Nextracker Inc. (NASDAQ:NXT) Purchased by Tower View Wealth Management LLC

Tower View Wealth Management LLC purchased a new stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 23,925 shares of the company's stock, valued at approximately $1,121,000.

Other hedge funds have also recently bought and sold shares of the company. Tucker Asset Management LLC acquired a new stake in shares of Nextracker in the 3rd quarter valued at approximately $42,000. Global Retirement Partners LLC bought a new position in Nextracker during the fourth quarter worth about $63,000. Trium Capital LLP acquired a new position in Nextracker during the third quarter worth approximately $101,000. Strs Ohio bought a new stake in Nextracker in the third quarter valued at approximately $104,000. Finally, New York State Teachers Retirement System bought a new stake in Nextracker in the third quarter valued at approximately $155,000. 67.41% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on NXT. Bank of America boosted their target price on Nextracker from $53.00 to $60.00 and gave the stock a "buy" rating in a report on Wednesday, April 10th. Northland Securities lowered shares of Nextracker from an "outperform" rating to a "market perform" rating and dropped their price objective for the company from $60.00 to $44.00 in a research report on Friday, April 26th. Citigroup raised their target price on shares of Nextracker from $45.00 to $52.00 and gave the stock a "neutral" rating in a research note on Wednesday, January 31st. Barclays lowered shares of Nextracker from an "overweight" rating to an "equal weight" rating and upped their price target for the company from $55.00 to $63.00 in a research note on Tuesday, April 2nd. Finally, Mizuho lowered their price target on shares of Nextracker from $64.00 to $59.00 and set a "buy" rating on the stock in a report on Friday, April 19th. Four equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $58.17.

Nextracker Stock Performance

Shares of NASDAQ NXT traded up $0.08 during trading hours on Wednesday, hitting $42.87. 3,484,725 shares of the stock were exchanged, compared to its average volume of 4,115,953. The company's fifty day simple moving average is $53.12 and its two-hundred day simple moving average is $47.05. The company has a market cap of $5.85 billion, a PE ratio of 22.93, a price-to-earnings-growth ratio of 0.38 and a beta of 1.94. Nextracker Inc. has a 1-year low of $29.28 and a 1-year high of $62.14.

Nextracker (NASDAQ:NXT - Get Free Report) last released its earnings results on Wednesday, January 31st. The company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.51. Nextracker had a negative return on equity of 5.98% and a net margin of 4.48%. The firm had revenue of $710.43 million during the quarter, compared to analysts' expectations of $615.53 million. As a group, sell-side analysts expect that Nextracker Inc. will post 2.35 EPS for the current fiscal year.

Insider Transactions at Nextracker

In other news, insider Leah Schlesinger sold 2,149 shares of the stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $51.91, for a total value of $111,554.59. Following the completion of the transaction, the insider now owns 11,910 shares of the company's stock, valued at $618,248.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, COO Nicholas Marco Miller sold 8,355 shares of the firm's stock in a transaction 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 owns 11,114 shares of the company's stock, valued at approximately $585,374.38. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Leah Schlesinger sold 2,149 shares of the company's stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total value of $111,554.59. Following the completion of the transaction, the insider now directly owns 11,910 shares of the company's stock, valued at approximately $618,248.10. The disclosure for this sale can be found here. 0.09% of the stock is owned by insiders.

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.

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