Duff & Phelps Investment Management Co. Increases Holdings in Nextracker Inc. (NASDAQ:NXT)

Duff & Phelps Investment Management Co. grew its holdings in Nextracker Inc. (NASDAQ:NXT) by 44.6% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 25,146 shares of the company’s stock after acquiring an additional 7,752 shares during the period. Duff & Phelps Investment Management Co.’s holdings in Nextracker were worth $919,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Allworth Financial LP raised its holdings in shares of Nextracker by 52.4% during the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after acquiring an additional 276 shares in the last quarter. Quarry LP raised its holdings in Nextracker by 61.5% in the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after purchasing an additional 426 shares in the last quarter. Millstone Evans Group LLC purchased a new stake in shares of Nextracker in the 4th quarter worth about $48,000. Principal Securities Inc. boosted its stake in shares of Nextracker by 41.8% during the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock valued at $51,000 after purchasing an additional 410 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its position in shares of Nextracker by 38.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after buying an additional 516 shares during the period. 67.41% of the stock is currently owned by institutional investors.

Nextracker Stock Up 0.9 %

NXT opened at $43.15 on Friday. The stock has a market capitalization of $6.28 billion, a price-to-earnings ratio of 10.98 and a beta of 2.24. The firm has a 50 day moving average price of $45.09 and a 200-day moving average price of $40.05. Nextracker Inc. has a twelve month low of $30.93 and a twelve month 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.

Nextracker (NASDAQ:NXT) last announced its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, beating 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%. Equities research analysts forecast that Nextracker Inc. will post 3.29 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have weighed in on NXT shares. BNP Paribas raised Nextracker to a “strong-buy” rating in a research report on Wednesday, January 29th. Royal Bank of Canada assumed coverage on Nextracker in a research note on Monday, March 17th. They issued an “outperform” rating and a $55.00 price target on the stock. JPMorgan Chase & Co. raised their price objective on Nextracker from $58.00 to $61.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. TD Cowen began coverage on shares of Nextracker in a research report on Thursday, December 19th. They issued a “hold” rating and a $41.00 target price on the stock. Finally, UBS Group increased their price target on shares of Nextracker from $60.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $56.43.

Insider Activity at Nextracker

In other Nextracker news, insider Bruce Ledesma sold 9,891 shares of the company’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 transaction 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. This represents a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO David P. Bennett sold 9,801 shares of the stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total transaction of $489,069.90. Following the completion of the transaction, the chief accounting officer now owns 124,577 shares in the company, valued at $6,216,392.30. The trade was a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 25,758 shares of company stock worth $1,217,520. 0.27% of the stock is owned by insiders.

About Nextracker

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.