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

BNP Paribas Financial Markets purchased a new stake in shares of Nextracker Inc. (NASDAQ:NXT) during the fourth quarter, Holdings Channel.com reports. The firm purchased 83,093 shares of the company’s stock, valued at approximately $3,035,000.

Other large investors have also made changes to their positions in the company. Ameriprise Financial Inc. increased its stake in Nextracker by 88.1% in the 4th quarter. Ameriprise Financial Inc. now owns 558,683 shares of the company’s stock valued at $20,409,000 after buying an additional 261,648 shares during the period. Algert Global LLC increased its stake in Nextracker by 25.3% in the 4th quarter. Algert Global LLC now owns 146,986 shares of the company’s stock valued at $5,369,000 after buying an additional 29,707 shares during the period. Mercer Global Advisors Inc. ADV acquired a new position in Nextracker in the 4th quarter valued at approximately $490,000. Freestone Grove Partners LP acquired a new position in Nextracker in the 4th quarter valued at approximately $1,781,000. Finally, Kapitalo Investimentos Ltda acquired a new position in Nextracker in the 4th quarter valued at approximately $117,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Price Performance

NASDAQ NXT opened at $61.59 on Friday. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $63.19. 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 stock has a market capitalization of $8.97 billion, a PE ratio of 15.67 and a beta of 2.03. The stock has a 50-day simple moving average of $43.15 and a 200 day simple moving average of $41.83.

Insider Buying and Selling

In other Nextracker news, President Howard Wenger sold 6,066 shares of the stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total value of $333,630.00. Following the completion of the sale, the president now directly owns 219,389 shares of the company’s stock, valued at $12,066,395. This represents a 2.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO David P. Bennett sold 9,801 shares of the stock in a transaction 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 approximately $6,853,825. This trade represents a 7.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.27% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on NXT. UBS Group upped their price objective on shares of Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Jefferies Financial Group upgraded shares of Nextracker from a “hold” rating to a “buy” rating and upped their price objective for the company from $46.00 to $56.00 in a research note on Wednesday, January 29th. Susquehanna upped their price objective on shares of Nextracker from $54.00 to $66.00 and gave the company a “positive” rating in a research note on Thursday. The Goldman Sachs Group boosted their target price on shares of Nextracker from $61.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Northland Securities reissued an “outperform” rating and issued a $55.00 target price (up from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. Five investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $59.60.

About Nextracker

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.