Leuthold Group LLC Takes $2.29 Million Position in Nextracker Inc. (NASDAQ:NXT)

Leuthold Group LLC acquired a new position in shares of Nextracker Inc. (NASDAQ:NXT) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 40,775 shares of the company’s stock, valued at approximately $2,294,000.

A number of other institutional investors have also recently added to or reduced their stakes in NXT. Norges Bank purchased a new position in Nextracker during the fourth quarter worth approximately $120,861,000. Assenagon Asset Management S.A. increased its stake in Nextracker by 21,759.3% during the first quarter. Assenagon Asset Management S.A. now owns 1,586,766 shares of the company’s stock worth $89,287,000 after acquiring an additional 1,579,507 shares during the last quarter. Westfield Capital Management Co. LP acquired a new stake in Nextracker during the fourth quarter worth $21,695,000. Handelsbanken Fonder AB increased its stake in Nextracker by 30.1% during the fourth quarter. Handelsbanken Fonder AB now owns 1,927,825 shares of the company’s stock worth $90,319,000 after acquiring an additional 446,034 shares during the last quarter. Finally, Victory Capital Management Inc. grew its stake in shares of Nextracker by 31.4% in the fourth quarter. Victory Capital Management Inc. now owns 1,689,656 shares of the company’s stock valued at $79,160,000 after buying an additional 404,146 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Insider Activity at Nextracker

In other Nextracker news, insider Bruce Ledesma sold 12,135 shares of the business’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $43.91, for a total value of $532,847.85. Following the transaction, the insider now directly owns 17,387 shares in the company, valued at $763,463.17. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.27% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

NXT has been the subject of several analyst reports. Daiwa Capital Markets began coverage on Nextracker in a research note on Monday, April 1st. They set an “outperform” rating and a $63.00 target price for the company. Mizuho decreased their price target on Nextracker from $64.00 to $59.00 and set a “buy” rating for the company in a report on Friday, April 19th. Susquehanna assumed coverage on Nextracker in a report on Friday, June 28th. They issued a “positive” rating and a $59.00 target price for the company. Barclays cut Nextracker from an “overweight” rating to an “equal weight” rating and boosted their price target for the company from $55.00 to $63.00 in a research report on Tuesday, April 2nd. Finally, Robert W. Baird began coverage on Nextracker in a research report on Thursday, March 21st. They set an “outperform” rating and a $71.00 target price on the stock. Four analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $58.54.

Nextracker Stock Up 3.8 %

Shares of NASDAQ:NXT traded up $1.96 during trading on Friday, reaching $53.18. 2,142,447 shares of the company traded hands, compared to its average volume of 4,177,188. The firm has a fifty day simple moving average of $51.04 and a 200 day simple moving average of $51.17. The firm has a market cap of $7.72 billion, a P/E ratio of 15.24 and a beta of 2.51. Nextracker Inc. has a 1-year low of $32.14 and a 1-year high of $62.31. The company has a quick ratio of 1.76, a current ratio of 1.98 and a debt-to-equity ratio of 0.15.

Nextracker (NASDAQ:NXT) last released its quarterly earnings data on Tuesday, May 14th. The company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.38. Nextracker had a net margin of 12.25% and a negative return on equity of 13.70%. The business had revenue of $736.52 million during the quarter, compared to analyst estimates of $681.03 million. Analysts anticipate that Nextracker Inc. will post 2.23 earnings per share for the current fiscal year.

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.