Figure 8 Investment Strategies LLC Invests $393,000 in Nextracker Inc. (NASDAQ:NXT)

Figure 8 Investment Strategies LLC purchased a new stake in shares of Nextracker Inc. (NASDAQ:NXT) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 10,760 shares of the company’s stock, valued at approximately $393,000.

Several other large investors have also made changes to their positions in the business. Holocene Advisors LP acquired a new stake in Nextracker during the 3rd quarter worth approximately $45,416,000. Erste Asset Management GmbH acquired a new position in Nextracker in the third quarter valued at approximately $33,545,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Nextracker by 88.1% during 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 during the last quarter. State Street Corp boosted its holdings in shares of Nextracker by 15.8% in the 3rd quarter. State Street Corp now owns 5,070,473 shares of the company’s stock valued at $190,041,000 after buying an additional 690,343 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Nextracker by 25.5% in the 3rd quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock valued at $127,169,000 after purchasing an additional 688,810 shares during the period. 67.41% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Nextracker news, CAO David P. Bennett sold 9,801 shares of Nextracker stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total value of $489,069.90. Following the transaction, the chief accounting officer now owns 124,577 shares of the company’s stock, valued at approximately $6,216,392.30. The trade was a 7.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total transaction of $272,970.00. Following the completion of the transaction, the president now directly owns 209,365 shares of the company’s stock, valued at approximately $9,421,425. This trade represents a 2.82 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,758 shares of company stock valued at $1,217,520. 0.27% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on NXT shares. TD Cowen started coverage on shares of Nextracker in a research note on Thursday, December 19th. They issued a “hold” rating and a $41.00 price objective on the stock. BNP Paribas upgraded shares of Nextracker to a “strong-buy” rating in a report on Wednesday, January 29th. Piper Sandler raised their price target on Nextracker from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Bank of America decreased their price target on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Finally, Guggenheim boosted their price objective on shares of Nextracker from $50.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.50.

Nextracker Trading Up 1.3 %

Nextracker stock opened at $45.91 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The company has a market capitalization of $6.69 billion, a price-to-earnings ratio of 11.68 and a beta of 2.14. The company’s fifty day moving average price is $40.91 and its two-hundred day moving average price is $39.02. Nextracker Inc. has a one year low of $30.93 and a one year high of $62.31.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.31. Nextracker had a return on equity of 41.22% and a net margin of 20.12%. On average, analysts forecast that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

Nextracker 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.