Farmers & Merchants Investments Inc. Takes $150,000 Position in Nextracker Inc. (NASDAQ:NXT)

Farmers & Merchants Investments Inc. acquired a new position in Nextracker Inc. (NASDAQ:NXT) during the first quarter, Holdings Channel reports. The firm acquired 2,661 shares of the company’s stock, valued at approximately $150,000.

Several other large investors also recently added to or reduced their stakes in the business. Bruce G. Allen Investments LLC bought a new position in Nextracker in the first quarter valued at $37,000. Toth Financial Advisory Corp purchased a new position in Nextracker in the 1st quarter worth approximately $38,000. Tucker Asset Management LLC bought a new stake in Nextracker during the 3rd quarter valued at $42,000. Wahed Invest LLC purchased a new stake in shares of Nextracker during the fourth quarter worth about $43,000. Finally, Global Retirement Partners LLC bought a new stake in shares of Nextracker in the fourth quarter worth about $63,000. Institutional investors own 67.41% of the company’s stock.

Insider Buying and Selling at Nextracker

In other news, insider Leah Schlesinger sold 2,149 shares of the company’s stock in a transaction that occurred on Wednesday, April 3rd. The stock was 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 of the company’s stock, valued at approximately $618,248.10. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, insider Leah Schlesinger sold 2,149 shares of Nextracker 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 sale, the insider now owns 11,910 shares in the company, valued at $618,248.10. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 transaction of $532,847.85. Following the transaction, the insider now owns 17,387 shares of the company’s stock, valued at approximately $763,463.17. The disclosure for this sale can be found here. 0.27% of the stock is owned by corporate insiders.

Nextracker Stock Performance

Shares of NXT traded down $1.40 during mid-day trading on Tuesday, reaching $44.72. The company had a trading volume of 1,319,517 shares, compared to its average volume of 4,237,268. The stock has a 50 day moving average of $50.32 and a two-hundred day moving average of $51.20. The company has a quick ratio of 1.76, a current ratio of 1.98 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $6.49 billion, a P/E ratio of 13.73 and a beta of 2.52. Nextracker Inc. has a 52-week low of $32.14 and a 52-week high of $62.31.

Nextracker (NASDAQ:NXT) last posted its earnings results on Tuesday, May 14th. The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.38. Nextracker had a net margin of 12.25% and a negative return on equity of 13.70%. The business had revenue of $736.52 million for the quarter, compared to analyst estimates of $681.03 million. On average, analysts expect that Nextracker Inc. will post 2.23 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Scotiabank lowered their price objective on shares of Nextracker from $55.00 to $50.00 and set a “sector outperform” rating for the company in a report on Monday, April 29th. Wells Fargo & Company decreased their target price on shares of Nextracker from $68.00 to $64.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 15th. Roth Mkm reiterated a “buy” rating and set a $70.00 target price on shares of Nextracker in a research report on Wednesday, May 15th. Bank of America raised their price target on Nextracker from $53.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. Finally, Daiwa Capital Markets began coverage on shares of Nextracker in a report on Monday, April 1st. They issued an “outperform” rating and a $63.00 target price for the company. Four research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Nextracker currently has an average rating of “Moderate Buy” and a consensus target price of $58.54.

Nextracker 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.