Nextracker Inc. (NASDAQ:NXT) Shares Purchased by Dynamic Technology Lab Private Ltd

Dynamic Technology Lab Private Ltd raised its holdings in Nextracker Inc. (NASDAQ:NXT) by 78.3% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 23,395 shares of the company’s stock after acquiring an additional 10,275 shares during the period. Dynamic Technology Lab Private Ltd’s holdings in Nextracker were worth $854,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the business. IFP Advisors Inc boosted its position in shares of Nextracker by 516.4% in the fourth quarter. IFP Advisors Inc now owns 3,304 shares of the company’s stock worth $121,000 after acquiring an additional 2,768 shares during the last quarter. Robeco Schweiz AG acquired a new position in shares of Nextracker in the 4th quarter valued at $22,112,000. New York State Common Retirement Fund boosted its holdings in shares of Nextracker by 65.6% in the 4th quarter. New York State Common Retirement Fund now owns 469,163 shares of the company’s stock valued at $17,139,000 after purchasing an additional 185,858 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Nextracker by 10.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,753,848 shares of the company’s stock valued at $64,068,000 after buying an additional 161,873 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of Nextracker by 23.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock worth $134,724,000 after buying an additional 679,272 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Jefferies Financial Group upgraded Nextracker from a “hold” rating to a “buy” rating and lifted their target price for the company from $46.00 to $56.00 in a report on Wednesday, January 29th. Piper Sandler increased their target price on shares of Nextracker from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Guggenheim raised their price target on shares of Nextracker from $50.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. JPMorgan Chase & Co. boosted their price objective on shares of Nextracker from $58.00 to $61.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Finally, UBS Group raised their target price on shares of Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $56.14.

Insider Buying and Selling

In other news, insider Bruce Ledesma sold 9,891 shares of Nextracker stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $46.05, for a total value of $455,480.55. Following the completion of the transaction, the insider now owns 132,374 shares in the company, valued at approximately $6,095,822.70. This trade represents a 6.95 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO David P. Bennett sold 9,801 shares of the company’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total value of $489,069.90. Following the sale, the chief accounting officer now directly owns 124,577 shares in the company, valued at approximately $6,216,392.30. This represents a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 25,758 shares of company stock worth $1,217,520. Corporate insiders own 0.27% of the company’s stock.

Nextracker Stock Performance

Shares of NXT opened at $39.02 on Monday. The firm has a market cap of $5.68 billion, a price-to-earnings ratio of 9.93 and a beta of 2.02. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. The business’s 50 day moving average is $45.04 and its two-hundred day moving average is $40.30. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $62.31.

Nextracker (NASDAQ:NXT) last posted 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 net margin of 20.12% and a return on equity of 41.22%. Analysts forecast that Nextracker Inc. will post 3.29 EPS for the current fiscal year.

Nextracker 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.