Norges Bank Takes Position in Nextracker Inc. (NASDAQ:NXT)

Norges Bank purchased a new position in shares of Nextracker Inc. (NASDAQ:NXT) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 2,906,259 shares of the company’s stock, valued at approximately $106,166,000.

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

Nextracker Price Performance

Shares of NXT opened at $43.05 on Wednesday. The company has a market cap of $6.27 billion, a P/E ratio of 10.95 and a beta of 2.24. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. 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 firm’s 50 day moving average price is $45.06 and its 200 day moving average price is $40.21.

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

Insider Buying and Selling at Nextracker

In other news, President Howard Wenger sold 6,066 shares of the firm’s 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 sale, the president now directly owns 209,365 shares in the company, valued at approximately $9,421,425. This trade represents a 2.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Bruce Ledesma sold 9,891 shares of the business’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $46.05, for a total transaction of $455,480.55. Following the transaction, the insider now owns 132,374 shares of the company’s stock, valued at approximately $6,095,822.70. The trade was a 6.95 % 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 quarter. Corporate insiders own 0.27% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on NXT shares. Wells Fargo & Company lowered their target price on Nextracker from $70.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Citigroup dropped their target price on Nextracker from $50.00 to $45.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. The Goldman Sachs Group raised their target price on Nextracker from $54.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. Guggenheim raised their price objective on shares of Nextracker from $50.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. Finally, Piper Sandler boosted their target price on shares of Nextracker from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.14.

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.