462,792 Shares in Nextracker Inc. (NASDAQ:NXT) Acquired by LSV Asset Management

LSV Asset Management bought a new position in shares of Nextracker Inc. (NASDAQ:NXT) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 462,792 shares of the company’s stock, valued at approximately $26,041,000. LSV Asset Management owned about 0.34% of Nextracker at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in Nextracker in the 1st quarter valued at $25,000. Lindbrook Capital LLC acquired a new position in Nextracker in the 1st quarter valued at $34,000. Bruce G. Allen Investments LLC acquired a new position in Nextracker in the 1st quarter valued at $37,000. Toth Financial Advisory Corp acquired a new position in Nextracker in the 1st quarter valued at $38,000. Finally, Capital Advisors Ltd. LLC acquired a new position in Nextracker in the 1st quarter valued at $46,000. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextracker Trading Up 1.1 %

Shares of NXT traded up $0.54 during mid-day trading on Friday, reaching $51.76. 3,398,089 shares of the company were exchanged, compared to its average volume of 4,186,627. Nextracker Inc. has a 52 week low of $32.14 and a 52 week high of $62.31. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.76 and a current ratio of 1.98. The stock has a market capitalization of $7.51 billion, a PE ratio of 15.83 and a beta of 2.51. The business has a 50 day simple moving average of $51.04 and a two-hundred day simple moving average of $51.17.

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, topping analysts’ consensus estimates of $0.47 by $0.38. Nextracker had a negative return on equity of 13.70% and a net margin of 12.25%. The company had revenue of $736.52 million during the quarter, compared to the consensus estimate of $681.03 million. On average, analysts predict that Nextracker Inc. will post 2.23 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Nextracker news, insider Bruce Ledesma sold 12,135 shares of Nextracker stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $43.91, for a total value of $532,847.85. Following the completion of the sale, the insider now directly owns 17,387 shares in the company, valued at $763,463.17. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.27% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on NXT. Scotiabank cut their target price on Nextracker from $55.00 to $50.00 and set a “sector outperform” rating for the company in a research report on Monday, April 29th. Guggenheim cut their target price on Nextracker from $73.00 to $60.00 and set a “buy” rating for the company in a research report on Tuesday, April 23rd. Piper Sandler cut their target price on Nextracker from $66.00 to $64.00 and set an “overweight” rating for the company in a research report on Thursday, April 11th. BMO Capital Markets cut their target price on Nextracker from $62.00 to $56.00 and set a “market perform” rating for the company in a research report on Wednesday, May 15th. Finally, Wells Fargo & Company dropped their price objective on Nextracker from $68.00 to $64.00 and set an “overweight” rating for the company in a research report on Wednesday, May 15th. Four research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, Nextracker has a consensus rating of “Moderate Buy” and an average 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.