abrdn plc Makes New $13.91 Million Investment in Nextracker Inc. (NASDAQ:NXT)

abrdn plc acquired a new stake in shares of Nextracker Inc. (NASDAQ:NXT) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 296,864 shares of the company’s stock, valued at approximately $13,908,000. abrdn plc owned about 0.19% of Nextracker at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Tucker Asset Management LLC purchased a new stake in Nextracker in the third quarter worth about $42,000. Global Retirement Partners LLC purchased a new stake in Nextracker in the fourth quarter worth about $63,000. Trium Capital LLP purchased a new stake in Nextracker in the third quarter worth about $101,000. Strs Ohio purchased a new stake in Nextracker in the third quarter worth about $104,000. Finally, New York State Teachers Retirement System purchased a new stake in Nextracker in the third quarter worth about $155,000. 67.41% of the stock is owned by institutional investors.

Analyst Ratings Changes

NXT has been the topic of several analyst reports. The Goldman Sachs Group upped their target price on shares of Nextracker from $62.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, February 1st. BMO Capital Markets initiated coverage on shares of Nextracker in a research note on Friday, March 22nd. They issued a “market perform” rating and a $69.00 target price on the stock. JPMorgan Chase & Co. dropped their target price on shares of Nextracker from $73.00 to $67.00 and set an “overweight” rating on the stock in a research note on Thursday, February 29th. Barclays downgraded shares of Nextracker from an “overweight” rating to an “equal weight” rating and upped their target price for the stock from $55.00 to $63.00 in a research note on Tuesday, April 2nd. Finally, Citigroup upped their target price on shares of Nextracker from $45.00 to $52.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 31st. Three analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. Based on data from MarketBeat, Nextracker presently has an average rating of “Moderate Buy” and a consensus price target of $58.59.

Insider Transactions at Nextracker

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

Nextracker Trading Down 2.1 %

NXT opened at $42.98 on Friday. Nextracker Inc. has a 1-year low of $29.28 and a 1-year high of $62.14. The company has a market capitalization of $5.87 billion, a PE ratio of 22.98, a PEG ratio of 0.37 and a beta of 1.94. The firm’s 50 day simple moving average is $54.39 and its two-hundred day simple moving average is $46.77.

Nextracker (NASDAQ:NXT) last released its quarterly earnings results on Wednesday, January 31st. The company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.51. Nextracker had a net margin of 4.48% and a negative return on equity of 5.98%. The business had revenue of $710.43 million for the quarter, compared to the consensus estimate of $615.53 million. Equities analysts forecast that Nextracker Inc. will post 2.35 earnings per share for the current fiscal year.

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.