Skandinaviska Enskilda Banken AB publ Purchases 159,326 Shares of Nextracker Inc. (NASDAQ:NXT)

Skandinaviska Enskilda Banken AB publ increased its holdings in Nextracker Inc. (NASDAQ:NXT) by 16.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,141,901 shares of the company’s stock after purchasing an additional 159,326 shares during the period. Skandinaviska Enskilda Banken AB publ owned 0.78% of Nextracker worth $42,193,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in NXT. Allworth Financial LP increased its position in Nextracker by 52.4% during the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after acquiring an additional 276 shares during the last quarter. Principal Securities Inc. lifted its holdings in shares of Nextracker by 41.8% in the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock worth $51,000 after buying an additional 410 shares during the period. Quarry LP grew its holdings in Nextracker by 61.5% during the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after acquiring an additional 426 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in Nextracker by 38.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after buying an additional 516 shares during the period. Finally, HighTower Advisors LLC raised its position in shares of Nextracker by 1.8% in the 3rd quarter. HighTower Advisors LLC now owns 29,777 shares of the company’s stock worth $1,115,000 after acquiring an additional 519 shares in the last quarter. Institutional investors own 67.41% of the company’s stock.

Insider Buying and Selling at Nextracker

In other news, insider Bruce Ledesma sold 9,891 shares of the company’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $46.05, for a total transaction of $455,480.55. Following the completion of the sale, the insider now directly owns 132,374 shares of the company’s stock, valued at $6,095,822.70. This represents a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $45.00, for a total value of $272,970.00. Following the completion of the transaction, the president now directly owns 209,365 shares in the company, valued at $9,421,425. This represents a 2.82 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 25,758 shares of company stock valued at $1,217,520. 0.27% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Truist Financial reiterated a “buy” rating and set a $56.00 price objective (up previously from $54.00) on shares of Nextracker in a report on Wednesday, January 29th. The Goldman Sachs Group increased their price objective on shares of Nextracker from $54.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. JPMorgan Chase & Co. boosted their price target on Nextracker from $58.00 to $61.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. BMO Capital Markets raised their target price on Nextracker from $48.00 to $50.00 and gave the company a “market perform” rating in a research report on Wednesday, January 29th. Finally, Citigroup cut their price target on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. Three equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Nextracker currently has an average rating of “Moderate Buy” and an average price target of $56.50.

Nextracker Stock Down 1.4 %

NXT stock opened at $44.32 on Thursday. The firm’s 50-day moving average is $44.51 and its two-hundred day moving average is $39.57. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $6.45 billion, a price-to-earnings ratio of 11.28 and a beta of 2.24. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $62.31.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.31. Nextracker had a return on equity of 41.22% and a net margin of 20.12%. On average, analysts forecast that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

Nextracker Company Profile

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and distributed generation solar projects in the United States and internationally. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.