Artemis Investment Management LLP Buys Shares of 77,089 Nextracker Inc. (NASDAQ:NXT)

Artemis Investment Management LLP purchased a new position in shares of Nextracker Inc. (NASDAQ:NXT) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 77,089 shares of the company’s stock, valued at approximately $4,335,000. Artemis Investment Management LLP owned approximately 0.06% of Nextracker as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the business. UBS Group AG boosted its holdings in Nextracker by 7,428.3% in the third quarter. UBS Group AG now owns 118,420 shares of the company’s stock valued at $4,756,000 after purchasing an additional 116,847 shares during the period. Rhumbline Advisers boosted its stake in shares of Nextracker by 61.6% in the 3rd quarter. Rhumbline Advisers now owns 68,440 shares of the company’s stock valued at $2,749,000 after buying an additional 26,092 shares during the period. FMR LLC boosted its stake in shares of Nextracker by 1.0% in the 3rd quarter. FMR LLC now owns 731,708 shares of the company’s stock valued at $29,385,000 after buying an additional 7,131 shares during the period. Dark Forest Capital Management LP purchased a new position in shares of Nextracker in the 3rd quarter valued at about $331,000. Finally, Federated Hermes Inc. purchased a new position in shares of Nextracker in the 3rd quarter valued at about $4,323,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Price Performance

Shares of NASDAQ:NXT traded down $2.25 on Friday, hitting $46.88. The company had a trading volume of 8,612,576 shares, compared to its average volume of 4,266,001. The company has a current ratio of 1.98, a quick ratio of 1.76 and a debt-to-equity ratio of 0.15. Nextracker Inc. has a 52-week low of $32.14 and a 52-week high of $62.31. The business has a 50 day moving average of $50.18 and a 200 day moving average of $51.06. The company has a market cap of $6.80 billion, a PE ratio of 14.62 and a beta of 2.66.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings data on Tuesday, May 14th. The company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.38. Nextracker had a negative return on equity of 13.70% and a net margin of 12.25%. The business had revenue of $736.52 million for the quarter, compared to the consensus estimate of $681.03 million. As a group, equities analysts anticipate that Nextracker Inc. will post 2.23 earnings per share for the current fiscal year.

Insider Activity at Nextracker

In related news, COO Nicholas Marco Miller sold 8,355 shares of the company’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total value of $440,057.85. Following the completion of the transaction, the chief operating officer now directly owns 11,114 shares in the company, valued at $585,374.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Nextracker news, COO Nicholas Marco Miller sold 8,355 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The stock was 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bruce Ledesma sold 12,135 shares of the company’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $43.91, for a total value of $532,847.85. Following the sale, the insider now owns 17,387 shares of the company’s stock, valued at $763,463.17. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 22,639 shares of company stock worth $1,084,460. 0.09% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on NXT shares. Northland Securities cut Nextracker from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $60.00 to $44.00 in a research note on Friday, April 26th. Scotiabank decreased their target price on Nextracker from $55.00 to $50.00 and set a “sector outperform” rating for the company in a research note on Monday, April 29th. Mizuho decreased their target price on Nextracker from $64.00 to $59.00 and set a “buy” rating for the company in a research note on Friday, April 19th. Fox Advisors upgraded Nextracker from an “equal weight” rating to an “overweight” rating and set a $60.00 target price for the company in a research note on Wednesday, May 15th. Finally, Barclays cut Nextracker from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $55.00 to $63.00 in a research note on Tuesday, April 2nd. Four analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $58.54.

Nextracker Company Profile

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.