Flputnam Investment Management Co. Acquires Shares of 10,004 Nextracker Inc. (NASDAQ:NXT)

Flputnam Investment Management Co. acquired a new stake in Nextracker Inc. (NASDAQ:NXT) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 10,004 shares of the company’s stock, valued at approximately $469,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NXT. BlackRock Inc. purchased a new position in Nextracker in the first quarter valued at $154,708,000. JPMorgan Chase & Co. purchased a new position in Nextracker in the first quarter valued at $42,403,000. Morgan Stanley increased its holdings in Nextracker by 337.3% in the third quarter. Morgan Stanley now owns 1,433,301 shares of the company’s stock valued at $57,561,000 after buying an additional 1,105,536 shares in the last quarter. Alliancebernstein L.P. increased its holdings in Nextracker by 3,423.9% in the second quarter. Alliancebernstein L.P. now owns 1,113,857 shares of the company’s stock valued at $44,343,000 after buying an additional 1,082,248 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its holdings in Nextracker by 2,652.9% in the third quarter. Jacobs Levy Equity Management Inc. now owns 994,981 shares of the company’s stock valued at $39,958,000 after buying an additional 958,838 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Insider Buying and Selling at Nextracker

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

Wall Street Analyst Weigh In

NXT has been the subject of a number of recent analyst reports. The Goldman Sachs Group lifted their price objective on shares of Nextracker from $62.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, February 1st. Robert W. Baird started coverage on shares of Nextracker in a research report on Thursday, March 21st. They issued an “outperform” rating and a $71.00 target price on the stock. Roth Mkm lifted their target price on shares of Nextracker from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, February 1st. Guggenheim started coverage on shares of Nextracker in a research report on Thursday, February 8th. They issued a “buy” rating and a $73.00 target price on the stock. Finally, Truist Financial lifted their target price on shares of Nextracker from $52.00 to $60.00 and gave the company a “buy” rating in a research report on Tuesday, January 23rd. Three investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. According to data from MarketBeat, Nextracker currently has an average rating of “Moderate Buy” and a consensus target price of $59.41.

Nextracker Price Performance

NASDAQ:NXT opened at $44.76 on Thursday. The firm has a market capitalization of $6.11 billion, a price-to-earnings ratio of 23.94, a PEG ratio of 0.37 and a beta of 1.94. The company’s 50-day moving average is $56.17 and its two-hundred day moving average is $46.49. Nextracker Inc. has a 1-year low of $29.28 and a 1-year high of $62.14.

Nextracker (NASDAQ:NXT) last posted its earnings results 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 company had revenue of $710.43 million for the quarter, compared to analyst estimates of $615.53 million. Nextracker had a net margin of 4.48% and a negative return on equity of 5.98%. As a group, equities analysts anticipate that Nextracker Inc. will post 2.35 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 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.