Federated Hermes Inc. Has $10.78 Million Stock Position in Nextracker Inc. (NASDAQ:NXT)

Federated Hermes Inc. boosted its stake in Nextracker Inc. (NASDAQ:NXT) by 113.9% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 230,186 shares of the company’s stock after buying an additional 122,554 shares during the period. Federated Hermes Inc. owned approximately 0.14% of Nextracker worth $10,784,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Tucker Asset Management LLC acquired a new position in shares of Nextracker during the 3rd quarter worth approximately $42,000. Global Retirement Partners LLC acquired a new position in shares of Nextracker during the 4th quarter worth approximately $63,000. Trium Capital LLP acquired a new position in shares of Nextracker during the 3rd quarter worth approximately $101,000. Strs Ohio acquired a new position in shares of Nextracker during the 3rd quarter worth approximately $104,000. Finally, New York State Teachers Retirement System acquired a new position in shares of Nextracker during the 3rd quarter worth approximately $155,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Stock Performance

Shares of NASDAQ NXT opened at $44.42 on Wednesday. Nextracker Inc. has a 52-week low of $29.28 and a 52-week high of $62.14. The firm has a 50 day moving average price of $55.08 and a two-hundred day moving average price of $46.81. The stock has a market cap of $6.07 billion, a P/E ratio of 23.75, a price-to-earnings-growth ratio of 0.37 and a beta of 1.94.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings results on Wednesday, January 31st. The company reported $0.88 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $710.43 million during the quarter, compared to analysts’ expectations of $615.53 million. Analysts predict that Nextracker Inc. will post 2.35 earnings per share for the current fiscal year.

Analysts Set New Price Targets

NXT has been the topic of a number of analyst reports. Citigroup increased their target price on shares of Nextracker from $45.00 to $52.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 31st. The Goldman Sachs Group upped their price target on shares of Nextracker from $62.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, February 1st. Piper Sandler cut their price target on shares of Nextracker from $66.00 to $64.00 and set an “overweight” rating for the company in a report on Thursday, April 11th. Guggenheim cut their price target on shares of Nextracker from $73.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Cantor Fitzgerald upped their price target on shares of Nextracker from $52.00 to $62.00 and gave the stock an “overweight” rating in a report on Thursday, February 1st. Three research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.59.

Insider Buying and Selling at Nextracker

In other Nextracker news, COO Nicholas Marco Miller sold 8,355 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $52.67, for a total value of $440,057.85. Following the completion of the transaction, the chief operating officer now directly owns 11,114 shares in the company, valued at approximately $585,374.38. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, COO Nicholas Marco Miller sold 8,355 shares of the stock in a transaction on Tuesday, April 2nd. The shares were 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 in the company, valued at $585,374.38. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Leah Schlesinger sold 2,149 shares of the stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total transaction of $111,554.59. Following the sale, the insider now owns 11,910 shares of the company’s stock, valued at $618,248.10. The disclosure for this sale can be found here. Corporate insiders own 0.09% of the company’s stock.

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.