Nextracker Inc. (NASDAQ:NXT) Shares Purchased by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Nextracker Inc. (NASDAQ:NXT) by 98.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,983 shares of the company’s stock after purchasing an additional 9,926 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Nextracker were worth $936,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of Nextracker by 2.4% in the 3rd quarter. Vanguard Group Inc. now owns 4,493,484 shares of the company’s stock worth $180,458,000 after purchasing an additional 105,200 shares during the last quarter. Invesco Ltd. grew its stake in shares of Nextracker by 22.0% in the 3rd quarter. Invesco Ltd. now owns 1,635,600 shares of the company’s stock worth $65,686,000 after purchasing an additional 295,256 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Nextracker by 7.2% in the third quarter. Victory Capital Management Inc. now owns 1,285,510 shares of the company’s stock worth $51,626,000 after buying an additional 86,045 shares during the period. Jacobs Levy Equity Management Inc. boosted its holdings 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 buying an additional 958,838 shares during the period. Finally, Clean Energy Transition LLP boosted its holdings in shares of Nextracker by 1.2% in the third quarter. Clean Energy Transition LLP now owns 946,609 shares of the company’s stock worth $38,016,000 after buying an additional 10,963 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Trading Up 1.8 %

Shares of Nextracker stock opened at $43.76 on Monday. The firm has a fifty day simple moving average of $54.06 and a 200-day simple moving average of $46.97. Nextracker Inc. has a 1-year low of $29.28 and a 1-year high of $62.14. The stock has a market capitalization of $5.97 billion, a price-to-earnings ratio of 23.40, a PEG ratio of 0.37 and a beta of 1.94.

Nextracker (NASDAQ:NXT) last released its earnings results on Wednesday, January 31st. The company reported $0.88 EPS for the quarter, beating the consensus estimate of $0.37 by $0.51. The firm had revenue of $710.43 million during the quarter, compared to analysts’ expectations of $615.53 million. Nextracker had a net margin of 4.48% and a negative return on equity of 5.98%. As a group, research analysts predict that Nextracker Inc. will post 2.35 earnings per share for the current year.

Insider Activity

In other news, COO Nicholas Marco Miller sold 8,355 shares of the stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $52.67, for a total value of $440,057.85. Following the completion of the transaction, the chief operating officer now owns 11,114 shares in the company, valued at approximately $585,374.38. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, insider Leah Schlesinger sold 2,149 shares of the company’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $51.91, for a total value of $111,554.59. Following the sale, the insider now owns 11,910 shares of the company’s stock, valued at approximately $618,248.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Nicholas Marco Miller sold 8,355 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total transaction of $440,057.85. Following the completion of the sale, the chief operating officer now directly owns 11,114 shares in the company, valued at approximately $585,374.38. The disclosure for this sale can be found here. Corporate insiders own 0.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on NXT shares. Guggenheim decreased their target price on shares of Nextracker from $73.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday, April 23rd. Piper Sandler decreased their price target on shares of Nextracker from $66.00 to $64.00 and set an “overweight” rating for the company in a report on Thursday, April 11th. Truist Financial boosted their target price on shares of Nextracker from $52.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, January 23rd. Roth Mkm boosted their target price on shares of Nextracker from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, February 1st. Finally, Robert W. Baird started coverage on shares of Nextracker in a research report on Thursday, March 21st. They issued an “outperform” rating and a $71.00 target price for the company. Four equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $58.55.

Nextracker Company 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.