Daiwa Securities Group Inc. Takes $265,000 Position in Nextracker Inc. (NASDAQ:NXT)

Daiwa Securities Group Inc. purchased a new stake in Nextracker Inc. (NASDAQ:NXT) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 5,659 shares of the company’s stock, valued at approximately $265,000.

A number of other large investors have also made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Nextracker by 98.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,983 shares of the company’s stock valued at $936,000 after purchasing an additional 9,926 shares in the last quarter. Flputnam Investment Management Co. purchased a new position in Nextracker in the fourth quarter worth approximately $469,000. Mackenzie Financial Corp purchased a new position in Nextracker in the fourth quarter worth approximately $232,000. Strs Ohio grew its position in Nextracker by 107.7% in the fourth quarter. Strs Ohio now owns 5,400 shares of the company’s stock worth $252,000 after acquiring an additional 2,800 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. purchased a new position in Nextracker in the fourth quarter worth approximately $558,000. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Nextracker Price Performance

Nextracker stock opened at $43.76 on Friday. Nextracker Inc. has a 1-year low of $29.28 and a 1-year high of $62.14. The stock has a market cap of $5.97 billion, a PE ratio of 23.40, a P/E/G ratio of 0.37 and a beta of 1.94. The stock’s fifty day moving average is $54.06 and its two-hundred day moving average is $46.83.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings results on Wednesday, January 31st. The company reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.51. Nextracker had a negative return on equity of 5.98% and a net margin of 4.48%. The company had revenue of $710.43 million for the quarter, compared to analysts’ expectations of $615.53 million. On average, research analysts expect that Nextracker Inc. will post 2.35 earnings per share for the current fiscal year.

Insider Buying and Selling at Nextracker

In other Nextracker news, COO Nicholas Marco Miller sold 8,355 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total transaction of $440,057.85. Following the transaction, the chief operating officer now owns 11,114 shares of the company’s stock, valued at $585,374.38. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Nextracker news, insider Leah Schlesinger sold 2,149 shares of the firm’s stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total transaction 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 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 firm’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total value of $440,057.85. Following the transaction, the chief operating officer now directly owns 11,114 shares in the company, valued at approximately $585,374.38. The disclosure for this sale can be found here. 0.09% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

NXT has been the subject of several analyst reports. JPMorgan Chase & Co. lowered their price objective on Nextracker from $73.00 to $67.00 and set an “overweight” rating for the company in a research report on Thursday, February 29th. Wells Fargo & Company increased their price objective on Nextracker from $57.00 to $68.00 and gave the stock an “overweight” rating in a research report on Thursday, February 1st. Daiwa Capital Markets assumed coverage on Nextracker in a research report on Monday, April 1st. They issued an “outperform” rating and a $63.00 price objective for the company. Bank of America upped their price target on Nextracker from $53.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, April 10th. Finally, Barclays cut Nextracker from an “overweight” rating to an “equal weight” rating and upped their price target for the stock from $55.00 to $63.00 in a research note on Tuesday, April 2nd. Four research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $58.55.

Nextracker Company Profile

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.