Nextracker Inc. (NASDAQ:NXT) Stock Position Increased by Martingale Asset Management L P

Martingale Asset Management L P boosted its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 583.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 38,002 shares of the company’s stock after purchasing an additional 32,439 shares during the period. Martingale Asset Management L P’s holdings in Nextracker were worth $1,388,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Allworth Financial LP increased its stake in Nextracker by 52.4% in the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after purchasing an additional 276 shares in the last quarter. Millstone Evans Group LLC purchased a new position in shares of Nextracker in the fourth quarter worth approximately $48,000. Principal Securities Inc. increased its position in shares of Nextracker by 41.8% in the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock worth $51,000 after acquiring an additional 410 shares in the last quarter. Quadrant Capital Group LLC raised its holdings in shares of Nextracker by 92.5% during the fourth quarter. Quadrant Capital Group LLC now owns 1,817 shares of the company’s stock valued at $66,000 after acquiring an additional 873 shares during the period. Finally, Nisa Investment Advisors LLC lifted its position in shares of Nextracker by 38.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after acquiring an additional 516 shares in the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Trading Up 3.9 %

NASDAQ:NXT opened at $39.23 on Friday. The company’s 50 day moving average is $43.83 and its 200-day moving average is $40.32. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $62.31. The firm has a market cap of $5.71 billion, a price-to-earnings ratio of 9.98 and a beta of 2.02.

Nextracker (NASDAQ:NXT) last announced its earnings results on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, topping 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%. Equities analysts anticipate that Nextracker Inc. will post 3.29 EPS for the current year.

Insider Buying and Selling

In other Nextracker news, President Howard Wenger sold 6,066 shares of the stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total value of $272,970.00. Following the completion of the sale, the president now directly owns 209,365 shares of the company’s stock, valued at $9,421,425. This represents a 2.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO David P. Bennett sold 9,801 shares of the business’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total transaction of $489,069.90. Following the transaction, the chief accounting officer now owns 124,577 shares in the company, valued at approximately $6,216,392.30. The trade was a 7.29 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 25,758 shares of company stock valued at $1,217,520. Insiders own 0.27% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on NXT shares. TD Cowen began coverage on shares of Nextracker in a research note on Thursday, December 19th. They set a “hold” rating and a $41.00 target price on the stock. Jefferies Financial Group raised Nextracker from a “hold” rating to a “buy” rating and increased their price objective for the stock from $46.00 to $56.00 in a research note on Wednesday, January 29th. Citigroup lowered their target price on Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 8th. BMO Capital Markets upped their target price on Nextracker from $48.00 to $50.00 and gave the company a “market perform” 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 equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Nextracker currently has a consensus rating of “Moderate Buy” and an average target price of $56.05.

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.