BNP Paribas Financial Markets Acquires New Position in Nextracker Inc. (NASDAQ:NXT)

BNP Paribas Financial Markets acquired a new stake in shares of Nextracker Inc. (NASDAQ:NXT) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 83,093 shares of the company’s stock, valued at approximately $3,035,000. BNP Paribas Financial Markets owned about 0.06% of Nextracker as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in Nextracker during the 4th quarter valued at about $106,166,000. Invesco Ltd. boosted its stake in Nextracker by 52.2% during the 4th quarter. Invesco Ltd. now owns 3,874,875 shares of the company’s stock valued at $141,549,000 after purchasing an additional 1,329,456 shares during the period. Robeco Schweiz AG acquired a new position in Nextracker during the 4th quarter valued at about $22,112,000. Handelsbanken Fonder AB boosted its stake in Nextracker by 36.0% during the 4th quarter. Handelsbanken Fonder AB now owns 2,278,217 shares of the company’s stock valued at $83,223,000 after purchasing an additional 602,600 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in Nextracker by 33.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,916,233 shares of the company’s stock valued at $70,005,000 after purchasing an additional 483,483 shares during the period. Institutional investors own 67.41% of the company’s stock.

Insider Activity at Nextracker

In related news, CAO David P. Bennett sold 9,801 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total transaction of $539,055.00. Following the completion of the sale, the chief accounting officer now directly owns 124,615 shares of the company’s stock, valued at $6,853,825. This represents a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Howard Wenger sold 6,066 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total transaction of $333,630.00. Following the sale, the president now directly owns 219,389 shares of the company’s stock, valued at approximately $12,066,395. This represents a 2.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.27% of the company’s stock.

Nextracker Stock Up 11.9%

NXT stock opened at $61.59 on Friday. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $63.19. The firm has a market cap of $8.97 billion, a PE ratio of 15.67 and a beta of 2.03. The firm has a 50 day simple moving average of $43.15 and a 200 day simple moving average of $41.83. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on NXT. Bank of America boosted their target price on shares of Nextracker from $55.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday. Fox Advisors lowered shares of Nextracker from an “overweight” rating to an “equal weight” rating in a research note on Thursday. The Goldman Sachs Group upped their price target on shares of Nextracker from $61.00 to $68.00 and gave the stock a “buy” rating in a research note on Thursday. Roth Capital reaffirmed a “buy” rating and issued a $70.00 price target (up from $55.00) on shares of Nextracker in a research note on Thursday. Finally, Jefferies Financial Group raised shares of Nextracker from a “hold” rating to a “buy” rating and upped their price target for the stock from $46.00 to $56.00 in a research note on Wednesday, January 29th. Five analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $59.60.

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.