Corbyn Investment Management Inc. MD Takes Position in Nextracker Inc. (NASDAQ:NXT)

Corbyn Investment Management Inc. MD acquired a new stake in Nextracker Inc. (NASDAQ:NXT) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 10,296 shares of the company’s stock, valued at approximately $482,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Tucker Asset Management LLC bought a new position in shares of Nextracker in the third quarter worth $42,000. Global Retirement Partners LLC acquired a new position in Nextracker during the 4th quarter valued at about $63,000. Trium Capital LLP bought a new stake in shares of Nextracker during the 3rd quarter worth about $101,000. Strs Ohio acquired a new stake in shares of Nextracker in the 3rd quarter worth approximately $104,000. Finally, New York State Teachers Retirement System acquired a new position in shares of Nextracker during the third quarter valued at approximately $155,000. 67.41% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Nextracker

In other news, insider Leah Schlesinger sold 2,149 shares of the business’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $51.91, for a total transaction of $111,554.59. Following the transaction, the insider now owns 11,910 shares in the company, valued at approximately $618,248.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Nextracker news, insider Leah Schlesinger sold 2,149 shares of the company’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $51.91, for a total transaction of $111,554.59. Following 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 is available through this link. Also, COO Nicholas Marco Miller sold 8,355 shares of the business’s stock in a transaction that occurred 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 transaction, the chief operating officer now directly 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 currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on NXT. Bank of America raised their price objective on shares of Nextracker from $53.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, April 10th. Northland Securities cut Nextracker from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $60.00 to $44.00 in a report on Friday. Barclays lowered Nextracker from an “overweight” rating to an “equal weight” rating and raised their price objective for the stock from $55.00 to $63.00 in a research note on Tuesday, April 2nd. Cantor Fitzgerald lifted their target price on Nextracker from $52.00 to $62.00 and gave the stock an “overweight” rating in a report on Thursday, February 1st. Finally, 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. Four research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $58.55.

Nextracker Price Performance

Shares of NXT stock traded up $0.83 during trading on Friday, reaching $43.81. The company had a trading volume of 1,310,578 shares, compared to its average volume of 4,157,331. The firm’s 50 day simple moving average is $54.39 and its two-hundred day simple moving average is $46.77. Nextracker Inc. has a one year low of $29.28 and a one year high of $62.14. The company has a market capitalization of $5.98 billion, a PE ratio of 23.18, a PEG ratio of 0.37 and a beta of 1.94.

Nextracker (NASDAQ:NXT) last posted its earnings results on Wednesday, January 31st. The company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.51. The business had revenue of $710.43 million for the quarter, compared to analyst estimates of $615.53 million. Nextracker had a net margin of 4.48% and a negative return on equity of 5.98%. Analysts forecast that Nextracker Inc. will post 2.35 earnings per share for the current year.

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.