Jennison Associates LLC Increases Stake in Nextracker Inc. (NASDAQ:NXT)

Jennison Associates LLC grew its position in Nextracker Inc. (NASDAQ:NXT) by 32.4% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 862,620 shares of the company’s stock after buying an additional 211,192 shares during the period. Jennison Associates LLC owned approximately 0.54% of Nextracker worth $40,414,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Tucker Asset Management LLC purchased a new stake in shares of Nextracker during the third quarter valued at $42,000. Global Retirement Partners LLC purchased a new stake in shares of Nextracker during the 4th quarter valued at about $63,000. Trium Capital LLP bought a new stake in shares of Nextracker in the third quarter worth approximately $101,000. Strs Ohio purchased a new position in shares of Nextracker during the third quarter valued at approximately $104,000. Finally, New York State Teachers Retirement System purchased a new stake in Nextracker in the third quarter worth approximately $155,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextracker Stock Up 1.0 %

Nextracker stock opened at $44.42 on Wednesday. Nextracker Inc. has a 52-week low of $29.28 and a 52-week high of $62.14. The firm’s fifty day moving average is $55.08 and its 200 day moving average is $46.81. The company has a market cap of $6.07 billion, a price-to-earnings ratio of 23.75, a PEG ratio of 0.37 and a beta of 1.94.

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

Analyst Ratings Changes

NXT has been the topic of a number of research reports. Guggenheim dropped their price target on Nextracker from $73.00 to $60.00 and set a “buy” rating on the stock in a research note on Tuesday. Mizuho reduced their price target on shares of Nextracker from $64.00 to $59.00 and set a “buy” rating for the company in a research report on Friday, April 19th. Daiwa Capital Markets assumed coverage on shares of Nextracker in a report on Monday, April 1st. They issued an “outperform” rating and a $63.00 price objective on the stock. BMO Capital Markets started coverage on shares of Nextracker in a research report on Friday, March 22nd. They set a “market perform” rating and a $69.00 target price for the company. Finally, Cantor Fitzgerald increased their price target on shares of Nextracker from $52.00 to $62.00 and gave the stock an “overweight” rating in a research report on Thursday, February 1st. Three analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. According to MarketBeat.com, Nextracker presently has a consensus rating of “Moderate Buy” and an average target price of $58.59.

Insider Activity

In related news, COO Nicholas Marco Miller sold 8,355 shares of the firm’s stock in a transaction on Tuesday, April 2nd. The stock was 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 directly owns 11,114 shares in the company, valued at $585,374.38. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Leah Schlesinger sold 2,149 shares of the business’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $51.91, for a total transaction of $111,554.59. Following the completion of the sale, the insider now directly owns 11,910 shares of the company’s stock, valued at $618,248.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Nicholas Marco Miller sold 8,355 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total transaction of $440,057.85. Following the completion of the transaction, 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. Corporate insiders own 0.09% of the company’s stock.

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.