Martingale Asset Management L P Boosts Stock Position in Nextracker Inc. (NASDAQ:NXT)

Martingale Asset Management L P grew its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 583.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 38,002 shares of the company's stock after purchasing an additional 32,439 shares during the quarter. Martingale Asset Management L P's holdings in Nextracker were worth $1,388,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. HighTower Advisors LLC increased its holdings in Nextracker by 1.8% in the third quarter. HighTower Advisors LLC now owns 29,777 shares of the company's stock valued at $1,115,000 after purchasing an additional 519 shares during the last quarter. State Street Corp increased its stake in shares of Nextracker by 15.8% in the 3rd quarter. State Street Corp now owns 5,070,473 shares of the company's stock valued at $190,041,000 after acquiring an additional 690,343 shares during the last quarter. Nomura Asset Management Co. Ltd. acquired a new stake in shares of Nextracker in the 3rd quarter valued at approximately $112,000. Barclays PLC boosted its stake in Nextracker by 259.8% during the 3rd quarter. Barclays PLC now owns 259,800 shares of the company's stock worth $9,737,000 after acquiring an additional 187,598 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Nextracker by 23.3% during the third quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company's stock valued at $134,724,000 after purchasing an additional 679,272 shares during the period. Institutional investors and hedge funds own 67.41% of the company's stock.

Insider Transactions at Nextracker

In other Nextracker news, 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 completion of the sale, the insider now directly 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 document filed with the SEC, which is accessible through this hyperlink. Also, CAO David P. Bennett sold 9,801 shares of the firm's stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total value of $489,069.90. Following the transaction, the chief accounting officer now owns 124,577 shares in the company, valued at approximately $6,216,392.30. This trade represents a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.27% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on NXT shares. Northland Securities restated an "outperform" rating and issued a $55.00 price objective (up previously from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. Barclays dropped their target price on shares of Nextracker from $60.00 to $58.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. The Goldman Sachs Group upped their price target on shares of Nextracker from $54.00 to $61.00 and gave the company a "buy" rating in a report on Wednesday, January 29th. Jefferies Financial Group raised shares of Nextracker from a "hold" rating to a "buy" rating and increased their price objective for the stock from $46.00 to $56.00 in a research report on Wednesday, January 29th. Finally, Guggenheim boosted their price objective on shares of Nextracker from $50.00 to $62.00 and gave the company a "buy" rating in a research report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $55.64.

Nextracker Trading Up 0.9 %

Shares of NXT stock traded up $0.36 on Thursday, hitting $40.08. The company had a trading volume of 413,147 shares, compared to its average volume of 2,482,209. The stock's 50-day moving average is $43.43 and its two-hundred day moving average is $40.35. 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 market cap of $5.84 billion, a P/E ratio of 10.21 and a beta of 2.02. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $62.31.

Nextracker (NASDAQ:NXT - Get Free Report) last released its earnings results on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.58 by $0.31. Nextracker had a return on equity of 41.22% and a net margin of 20.12%. On average, equities research analysts anticipate that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

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.