Alberta Investment Management Corp Acquires New Shares in Nextracker Inc. (NASDAQ:NXT)

Alberta Investment Management Corp purchased a new stake in Nextracker Inc. (NASDAQ:NXT) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 26,320 shares of the company’s stock, valued at approximately $961,000.

Other large investors have also recently added to or reduced their stakes in the company. State Street Corp increased its stake in shares of Nextracker by 15.8% during the third quarter. State Street Corp now owns 5,070,473 shares of the company’s stock valued at $190,041,000 after acquiring an additional 690,343 shares during the period. Geode Capital Management LLC raised 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 purchasing an additional 679,272 shares during the period. Wellington Management Group LLP raised its position in Nextracker by 25.5% during the third quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock valued at $127,169,000 after buying an additional 688,810 shares during the period. Victory Capital Management Inc. increased its holdings in shares of Nextracker by 15.4% in the 3rd quarter. Victory Capital Management Inc. now owns 2,367,636 shares of the company’s stock valued at $88,739,000 after purchasing an additional 315,199 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Nextracker by 88.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,591,975 shares of the company’s stock worth $59,667,000 after buying an additional 745,665 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other 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 value of $272,970.00. Following the sale, the president now directly owns 209,365 shares of the company’s stock, valued at approximately $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 can be accessed through the SEC website. Also, insider Bruce Ledesma sold 9,891 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $46.05, for a total value of $455,480.55. Following the completion of the sale, the insider now directly 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,758 shares of company stock valued at $1,217,520 in the last quarter. 0.27% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on NXT. The Goldman Sachs Group raised their price target on Nextracker from $54.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. JPMorgan Chase & Co. boosted their target price on shares of Nextracker from $58.00 to $61.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. BMO Capital Markets increased their price objective on Nextracker from $48.00 to $50.00 and gave the company a “market perform” rating in a research report on Wednesday, January 29th. Northland Securities reissued an “outperform” rating and set a $55.00 target price (up from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. Finally, Citigroup decreased their price target on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 8th. Three equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Nextracker has a consensus rating of “Moderate Buy” and an average target price of $56.50.

Nextracker Stock Down 4.8 %

Nextracker stock opened at $46.12 on Friday. The company’s 50 day simple moving average is $42.23 and its 200 day simple moving average is $39.13. The firm has a market capitalization of $6.72 billion, a price-to-earnings ratio of 11.74 and a beta of 2.14. 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 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, sell-side analysts anticipate that Nextracker Inc. will post 3.29 EPS for the current year.

Nextracker Company 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.