Zurcher Kantonalbank Zurich Cantonalbank Purchases 161,873 Shares of Nextracker Inc. (NASDAQ:NXT)

Zurcher Kantonalbank Zurich Cantonalbank raised its position in Nextracker Inc. (NASDAQ:NXT) by 10.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,753,848 shares of the company’s stock after acquiring an additional 161,873 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 1.20% of Nextracker worth $64,068,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. State Street Corp lifted its holdings in Nextracker by 15.8% in the third quarter. State Street Corp now owns 5,070,473 shares of the company’s stock valued at $190,041,000 after acquiring an additional 690,343 shares during the period. Geode Capital Management LLC lifted its holdings in Nextracker by 23.3% in the third quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock valued at $134,724,000 after acquiring an additional 679,272 shares during the period. Wellington Management Group LLP raised its stake in shares of Nextracker by 25.5% in the third quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock worth $127,169,000 after buying an additional 688,810 shares during the period. Victory Capital Management Inc. raised its stake in shares of Nextracker by 15.4% in the third quarter. Victory Capital Management Inc. now owns 2,367,636 shares of the company’s stock worth $88,739,000 after buying an additional 315,199 shares during the period. Finally, Handelsbanken Fonder AB raised its stake in shares of Nextracker by 36.0% in the fourth quarter. Handelsbanken Fonder AB now owns 2,278,217 shares of the company’s stock worth $83,223,000 after buying an additional 602,600 shares during the period. Institutional investors own 67.41% of the company’s stock.

Nextracker Price Performance

Shares of NXT stock opened at $41.56 on Monday. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $62.31. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. The firm has a market capitalization of $6.05 billion, a P/E ratio of 10.58 and a beta of 2.24. The stock has a 50 day moving average price of $44.09 and a 200 day moving average price of $39.50.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (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%. As a group, sell-side analysts predict that Nextracker Inc. will post 3.29 earnings per share for the current year.

Analyst Upgrades and Downgrades

NXT has been the topic of several recent research reports. Jefferies Financial Group raised Nextracker from a “hold” rating to a “buy” rating and raised their price objective for the stock from $46.00 to $56.00 in a research note on Wednesday, January 29th. TD Cowen initiated coverage on Nextracker in a research note on Thursday, December 19th. They issued a “hold” rating and a $41.00 price objective on the stock. Piper Sandler raised their price objective on Nextracker from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Susquehanna raised their price objective on Nextracker from $50.00 to $54.00 and gave the stock a “positive” rating in a research note on Wednesday, January 29th. Finally, Barclays raised Nextracker from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $47.00 to $60.00 in a research note on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Nextracker currently has a consensus rating of “Moderate Buy” and an average price target of $56.50.

Insider Buying and Selling

In other Nextracker news, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total value of $272,970.00. Following the completion of the sale, the president now directly owns 209,365 shares in the company, valued at approximately $9,421,425. This represents a 2.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Bruce Ledesma sold 9,891 shares of the company’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $46.05, for a total value of $455,480.55. Following the completion of the sale, the insider now owns 132,374 shares of the company’s stock, valued at $6,095,822.70. This represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 25,758 shares of company stock valued at $1,217,520. Insiders own 0.27% of the company’s stock.

Nextracker Company 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.