Hodges Capital Management Inc. Acquires New Position in Nextracker Inc. (NASDAQ:NXT)

Hodges Capital Management Inc. acquired a new stake in shares of Nextracker Inc. (NASDAQ:NXT) during the first quarter, HoldingsChannel reports. The fund acquired 48,426 shares of the company’s stock, valued at approximately $2,725,000.

Other large investors also recently modified their holdings of the company. Bruce G. Allen Investments LLC bought a new stake in Nextracker in the first quarter valued at approximately $37,000. Wahed Invest LLC bought a new stake in Nextracker in the fourth quarter valued at approximately $43,000. Tucker Asset Management LLC bought a new stake in Nextracker in the third quarter valued at approximately $42,000. Global Retirement Partners LLC bought a new stake in Nextracker in the fourth quarter valued at approximately $63,000. Finally, Quarry LP lifted its position in Nextracker by 197.5% in the fourth quarter. Quarry LP now owns 1,428 shares of the company’s stock valued at $67,000 after purchasing an additional 948 shares during the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextracker Trading Down 4.6 %

Nextracker stock opened at $46.88 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.98 and a quick ratio of 1.76. Nextracker Inc. has a one year low of $32.14 and a one year high of $62.31. The stock has a market capitalization of $6.80 billion, a PE ratio of 13.95 and a beta of 2.66. The business’s fifty day moving average is $50.32 and its 200 day moving average is $51.15.

Nextracker (NASDAQ:NXT) last released its quarterly earnings data on Tuesday, May 14th. The company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.47 by $0.38. Nextracker had a negative return on equity of 13.70% and a net margin of 12.25%. The company had revenue of $736.52 million for the quarter, compared to analysts’ expectations of $681.03 million. On average, sell-side analysts predict that Nextracker Inc. will post 2.23 EPS for the current year.

Insider Activity at Nextracker

In other Nextracker news, insider Bruce Ledesma sold 12,135 shares of the stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $43.91, for a total value of $532,847.85. Following the transaction, the insider now owns 17,387 shares of the company’s stock, valued at $763,463.17. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Nextracker news, insider Leah Schlesinger sold 2,149 shares of the stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total value of $111,554.59. Following the transaction, the insider now owns 11,910 shares of the company’s stock, valued at $618,248.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Bruce Ledesma sold 12,135 shares of the stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $43.91, for a total value of $532,847.85. Following the completion of the transaction, the insider now directly owns 17,387 shares in the company, valued at approximately $763,463.17. The disclosure for this sale can be found here. Insiders have sold 22,639 shares of company stock valued at $1,084,460 over the last ninety days. Insiders own 0.09% of the company’s stock.

Wall Street Analysts Forecast Growth

NXT has been the subject of a number of recent analyst reports. Mizuho decreased their target price on Nextracker from $64.00 to $59.00 and set a “buy” rating for the company in a report on Friday, April 19th. Fox Advisors upgraded Nextracker from an “equal weight” rating to an “overweight” rating and set a $60.00 target price for the company in a report on Wednesday, May 15th. Wells Fargo & Company decreased their target price on Nextracker from $68.00 to $64.00 and set an “overweight” rating for the company in a report on Wednesday, May 15th. Robert W. Baird initiated coverage on Nextracker in a report on Thursday, March 21st. They set an “outperform” rating and a $71.00 target price for the company. Finally, Roth Mkm restated a “buy” rating and set a $70.00 target price on shares of Nextracker in a report on Wednesday, May 15th. Four investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.54.

About Nextracker

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.