Sycomore Asset Management Buys New Holdings in Nextracker Inc. (NASDAQ:NXT)

Sycomore Asset Management bought a new position in shares of Nextracker Inc. (NASDAQ:NXT) in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor bought 261,985 shares of the company’s stock, valued at approximately $12,759,000. Nextracker accounts for approximately 2.7% of Sycomore Asset Management’s holdings, making the stock its 7th biggest position. Sycomore Asset Management owned approximately 0.16% of Nextracker as of its most recent SEC filing.

Several other large investors have also made changes to their positions in NXT. Keybank National Association OH raised its stake in Nextracker by 7.1% in the 3rd quarter. Keybank National Association OH now owns 6,825 shares of the company’s stock valued at $274,000 after purchasing an additional 455 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in Nextracker by 3.4% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 16,239 shares of the company’s stock valued at $652,000 after purchasing an additional 541 shares during the last quarter. Tucker Asset Management LLC acquired a new position in Nextracker in the 3rd quarter valued at $42,000. Global Retirement Partners LLC acquired a new position in Nextracker in the 4th quarter valued at $63,000. Finally, Moody Aldrich Partners LLC raised its stake in Nextracker by 3.7% in the 3rd quarter. Moody Aldrich Partners LLC now owns 61,916 shares of the company’s stock valued at $2,487,000 after purchasing an additional 2,200 shares during the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextracker Price Performance

Shares of NASDAQ:NXT traded down $0.51 during trading on Wednesday, reaching $43.91. The company had a trading volume of 2,791,555 shares, compared to its average volume of 4,209,367. The firm has a market capitalization of $6.00 billion, a price-to-earnings ratio of 23.48, a price-to-earnings-growth ratio of 0.37 and a beta of 1.94. The stock’s fifty day moving average price is $54.74 and its 200 day moving average price is $46.79. Nextracker Inc. has a fifty-two week low of $29.28 and a fifty-two week high of $62.14.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings data on Wednesday, January 31st. The company reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.51. Nextracker had a negative return on equity of 5.98% and a net margin of 4.48%. The firm had revenue of $710.43 million for the quarter, compared to analyst estimates of $615.53 million. On average, equities analysts anticipate that Nextracker Inc. will post 2.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other Nextracker news, COO Nicholas Marco Miller sold 8,355 shares of the business’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total transaction of $440,057.85. Following 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 document filed with the SEC, which can be accessed through the SEC website. In other news, insider Leah Schlesinger sold 2,149 shares of the company’s stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total value of $111,554.59. Following the sale, the insider now directly owns 11,910 shares in the company, valued at $618,248.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Nicholas Marco Miller sold 8,355 shares of the company’s stock in a transaction 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 sale, the chief operating officer now owns 11,114 shares in the company, valued at $585,374.38. The disclosure for this sale can be found here. 0.09% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

NXT has been the subject of several analyst reports. Wells Fargo & Company upped their target price on Nextracker from $57.00 to $68.00 and gave the company an “overweight” rating in a report on Thursday, February 1st. Cantor Fitzgerald increased their price target on Nextracker from $52.00 to $62.00 and gave the stock an “overweight” rating in a report on Thursday, February 1st. Truist Financial increased their price target on Nextracker from $52.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, January 23rd. JPMorgan Chase & Co. lowered their target price on Nextracker from $73.00 to $67.00 and set an “overweight” rating for the company in a report on Thursday, February 29th. Finally, Bank of America raised their target price on Nextracker from $53.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. Three research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $58.59.

Nextracker 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.