Commonwealth Equity Services LLC Purchases Shares of 50,101 Nextracker Inc. (NASDAQ:NXT)

Commonwealth Equity Services LLC purchased a new position in shares of Nextracker Inc. (NASDAQ:NXT) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 50,101 shares of the company’s stock, valued at approximately $2,819,000.

A number of other institutional investors also recently made changes to their positions in NXT. Norges Bank purchased a new stake in Nextracker in the 4th quarter worth approximately $120,861,000. Assenagon Asset Management S.A. increased its holdings in Nextracker by 21,759.3% in the 1st quarter. Assenagon Asset Management S.A. now owns 1,586,766 shares of the company’s stock worth $89,287,000 after buying an additional 1,579,507 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its stake in shares of Nextracker by 2,652.9% in the third quarter. Jacobs Levy Equity Management Inc. now owns 994,981 shares of the company’s stock worth $39,958,000 after acquiring an additional 958,838 shares during the period. Westfield Capital Management Co. LP purchased a new position in shares of Nextracker during the fourth quarter valued at approximately $21,695,000. Finally, Handelsbanken Fonder AB lifted its position in Nextracker by 30.1% during the fourth quarter. Handelsbanken Fonder AB now owns 1,927,825 shares of the company’s stock valued at $90,319,000 after purchasing an additional 446,034 shares during the period. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Insider Activity at Nextracker

In other Nextracker news, insider Bruce Ledesma sold 12,135 shares of the 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 sale, the insider now directly owns 17,387 shares of the company’s stock, valued at approximately $763,463.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.27% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on NXT shares. Guggenheim reduced their price target on shares of Nextracker from $73.00 to $60.00 and set a “buy” rating for the company in a research report on Tuesday, April 23rd. Wells Fargo & Company lowered their price objective on Nextracker from $68.00 to $64.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 15th. Mizuho reduced their target price on shares of Nextracker from $64.00 to $59.00 and set a “buy” rating for the company in a report on Friday, April 19th. Barclays downgraded shares of Nextracker from an “overweight” rating to an “equal weight” rating and lifted their price target for the company from $55.00 to $63.00 in a report on Tuesday, April 2nd. Finally, Daiwa Capital Markets initiated coverage on Nextracker in a research note on Monday, April 1st. They issued an “outperform” rating and a $63.00 price objective for the company. Four research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $58.54.

Nextracker Stock Down 1.6 %

Shares of NASDAQ:NXT traded down $0.74 during trading on Friday, reaching $46.63. The stock had a trading volume of 1,110,647 shares, compared to its average volume of 4,228,400. The firm’s 50-day simple moving average is $50.54 and its 200 day simple moving average is $51.13. 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 one year low of $32.14 and a one year high of $62.31. The company has a market capitalization of $6.77 billion, a P/E ratio of 14.10 and a beta of 2.51.

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