Janus Henderson Group PLC Raises Stake in Nextracker Inc. (NASDAQ:NXT)

Janus Henderson Group PLC grew its position in Nextracker Inc. (NASDAQ:NXT) by 395.2% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 465,591 shares of the company’s stock after buying an additional 371,564 shares during the period. Janus Henderson Group PLC owned approximately 0.34% of Nextracker worth $26,185,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Nextracker by 166.1% in the first quarter. Vanguard Group Inc. now owns 12,531,526 shares of the company’s stock worth $705,149,000 after buying an additional 7,821,368 shares during the last quarter. Norges Bank purchased a new position in Nextracker in the fourth quarter worth about $120,861,000. Handelsbanken Fonder AB raised its holdings in Nextracker by 30.1% in the fourth quarter. Handelsbanken Fonder AB now owns 1,927,825 shares of the company’s stock worth $90,319,000 after buying an additional 446,034 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of Nextracker by 31.4% in the fourth quarter. Victory Capital Management Inc. now owns 1,689,656 shares of the company’s stock worth $79,160,000 after acquiring an additional 404,146 shares during the period. Finally, Assenagon Asset Management S.A. grew its stake in shares of Nextracker by 21,759.3% in the first quarter. Assenagon Asset Management S.A. now owns 1,586,766 shares of the company’s stock worth $89,287,000 after acquiring an additional 1,579,507 shares during the period. 67.41% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Bruce Ledesma sold 12,135 shares of the company’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $43.91, for a total transaction of $532,847.85. Following the completion of the transaction, the insider now owns 17,387 shares in the company, valued at $763,463.17. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.27% of the stock is owned by company insiders.

Nextracker Price Performance

Shares of NXT traded up $1.79 during mid-day trading on Wednesday, reaching $48.67. The stock had a trading volume of 730,688 shares, compared to its average volume of 4,031,266. The firm has a market cap of $7.06 billion, a price-to-earnings ratio of 13.95 and a beta of 2.51. Nextracker Inc. has a 12 month low of $32.14 and a 12 month high of $62.31. The business has a fifty day moving average of $51.82 and a 200 day moving average of $51.50. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.76 and a current ratio of 1.98.

Nextracker (NASDAQ:NXT) last issued its earnings results on Tuesday, May 14th. The company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.38. Nextracker had a net margin of 12.25% and a negative return on equity of 13.70%. The firm had revenue of $736.52 million during the quarter, compared to analyst estimates of $681.03 million. Equities analysts predict that Nextracker Inc. will post 2.62 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently commented on NXT. Mizuho reduced their price target on shares of 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 shares of Nextracker from an “equal weight” rating to an “overweight” rating and set a $60.00 price target for the company in a research note on Wednesday, May 15th. Truist Financial reduced their price target on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Monday. 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 note on Tuesday, April 23rd. Finally, Piper Sandler reduced their price target on shares of Nextracker from $66.00 to $64.00 and set an “overweight” rating for the company in a research note on Thursday, April 11th. Four investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $59.36.

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.