Nextracker Inc. (NASDAQ:NXT) Position Increased by Handelsbanken Fonder AB

Handelsbanken Fonder AB grew its position in Nextracker Inc. (NASDAQ:NXT) by 36.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,278,217 shares of the company’s stock after purchasing an additional 602,600 shares during the period. Handelsbanken Fonder AB owned about 1.57% of Nextracker worth $83,223,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NXT. Creative Planning increased its holdings in Nextracker by 19.4% in the third quarter. Creative Planning now owns 36,186 shares of the company’s stock worth $1,356,000 after buying an additional 5,869 shares during the last quarter. Raymond James & Associates increased its stake in shares of Nextracker by 25.4% during the 3rd quarter. Raymond James & Associates now owns 123,905 shares of the company’s stock worth $4,644,000 after purchasing an additional 25,080 shares during the last quarter. Signaturefd LLC raised its holdings in shares of Nextracker by 37.8% during the 3rd quarter. Signaturefd LLC now owns 2,043 shares of the company’s stock valued at $77,000 after purchasing an additional 560 shares in the last quarter. Greystone Financial Group LLC bought a new stake in Nextracker in the third quarter worth $649,000. Finally, Assenagon Asset Management S.A. increased its position in Nextracker by 158.9% during the third quarter. Assenagon Asset Management S.A. now owns 963,698 shares of the company’s stock worth $36,119,000 after buying an additional 591,488 shares during the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

NXT has been the subject of a number of analyst reports. Truist Financial reaffirmed a “buy” rating and issued a $56.00 price target (up previously from $54.00) on shares of Nextracker in a research report on Wednesday, January 29th. Northland Capmk raised shares of Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. Barclays raised shares of Nextracker from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $47.00 to $60.00 in a report on Wednesday, January 29th. Guggenheim lifted their target price on shares of Nextracker from $50.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. Finally, Wells Fargo & Company decreased their price target on shares of Nextracker from $70.00 to $69.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. Three investment 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, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.50.

Insider Transactions at Nextracker

In related news, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $45.00, for a total transaction of $272,970.00. Following the transaction, the president now owns 209,365 shares in the company, valued at $9,421,425. This represents a 2.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO David P. Bennett sold 9,801 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total transaction of $489,069.90. Following the completion of the sale, the chief accounting officer now owns 124,577 shares of the company’s stock, valued at $6,216,392.30. The trade was a 7.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 25,758 shares of company stock valued at $1,217,520 in the last three months. 0.27% of the stock is owned by corporate insiders.

Nextracker Stock Performance

Shares of NASDAQ:NXT opened at $48.61 on Thursday. The stock has a market capitalization of $7.08 billion, a price-to-earnings ratio of 12.37 and a beta of 2.14. The business’s fifty day moving average price is $41.73 and its two-hundred day moving average price is $39.00. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96.

Nextracker (NASDAQ:NXT) last announced its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. As a group, analysts predict that Nextracker Inc. will post 3.29 EPS for the current fiscal year.

About Nextracker

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.