Invesco Ltd. Has $141.55 Million Stock Position in Nextracker Inc. (NASDAQ:NXT)

Invesco Ltd. boosted its position in shares of Nextracker Inc. (NASDAQ:NXT) by 52.2% in the 4th quarter, HoldingsChannel reports. The firm owned 3,874,875 shares of the company’s stock after buying an additional 1,329,456 shares during the period. Invesco Ltd.’s holdings in Nextracker were worth $141,549,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in NXT. Vanguard Group Inc. raised its stake in shares of Nextracker by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 13,843,997 shares of the company’s stock valued at $505,721,000 after acquiring an additional 243,635 shares during the last quarter. Geode Capital Management LLC raised its position in Nextracker by 23.3% in 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 last quarter. Norges Bank acquired a new position in Nextracker in the fourth quarter worth $106,166,000. Handelsbanken Fonder AB grew its holdings in shares of Nextracker by 36.0% during the fourth quarter. Handelsbanken Fonder AB now owns 2,278,217 shares of the company’s stock worth $83,223,000 after purchasing an additional 602,600 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Nextracker by 23.9% in the fourth quarter. JPMorgan Chase & Co. now owns 1,866,028 shares of the company’s stock valued at $68,166,000 after buying an additional 360,214 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Truist Financial reiterated a “buy” rating and set a $56.00 target price (up from $54.00) on shares of Nextracker in a research report on Wednesday, January 29th. Guggenheim increased their price objective on Nextracker from $50.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. The Goldman Sachs Group lifted their target price on Nextracker from $54.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Northland Securities reaffirmed an “outperform” rating and set a $55.00 price target (up previously from $48.00) on shares of Nextracker in a research note on Wednesday, January 29th. Finally, BMO Capital Markets lifted their price objective on Nextracker from $48.00 to $50.00 and gave the stock a “market perform” rating in a research report on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $56.05.

Insider Activity

In other news, insider Bruce Ledesma sold 9,891 shares of the business’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $46.05, for a total value of $455,480.55. Following the sale, the insider now directly owns 132,374 shares in the company, valued at $6,095,822.70. The trade was a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Howard Wenger sold 6,066 shares of the stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $45.00, for a total value of $272,970.00. Following the transaction, the president now owns 209,365 shares of the company’s stock, valued at approximately $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,758 shares of company stock worth $1,217,520 over the last quarter. 0.27% of the stock is currently owned by company insiders.

Nextracker Stock Performance

NXT stock opened at $39.23 on Friday. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $62.31. The business’s 50-day moving average price is $43.83 and its two-hundred day moving average price is $40.32. The firm has a market cap of $5.71 billion, a PE ratio of 9.98 and a beta of 2.02. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10.

Nextracker (NASDAQ:NXT) last released its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.31. Nextracker had a return on equity of 41.22% and a net margin of 20.12%. As a group, research analysts forecast that Nextracker Inc. will post 3.29 earnings per share for the current year.

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.