The Vanguard Group, Inc. recently announced the acquisition of new stake in Nextracker Inc (NASDAQ:NXT). The institutional investor has increased its shareholding in the Technology company by 1.43% to 4.35 million shares with purchase of 61381.0 shares. This fresh investment now brings its stake to 7.00% valued currently at $176.63 million. In addition, BlackRock Fund Advisors raised its holdings by 1.21 million to 3.03 million shares. And AllianceBernstein LP has lifted its position by 128.23% or 1.43 million shares – to 2.54 million shares.
With over 22.94 million Nextracker Inc (NXT) shares trading Friday and a closing price of $41.99 on the day, the dollar volume was approximately $963.4 million. The shares have shown a positive half year performance of 10.30% and its price on 01/05/24 lost nearly -0.31%. Currently, there are 62.10M common shares owned by the public and among those 48.24M shares have been available to trade.
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Insiders at the company have transacted a total of 21 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 15 of these insider trades were purchases, accounting for 157,803 shares. Insider sales of the common stock occurred on 6 occasions, with total insider shares sold totaling 2,558,660 shares.
The top 3 mutual fund holders in Nextracker Inc are Handelsbanken Hallbar Energi, Vanguard Total Stock Market ETF, and iShares II Plc – Global Clean Ene. Handelsbanken Hallbar Energi owns 1.67 million shares of the company’s stock, all valued at over $67.9 million. Vanguard Total Stock Market ETF bought 2160.0 shares to see its total holdings expand to 1.51 million shares valued at over $61.18 million and representing 2.42% of the shares outstanding. iShares II Plc – Global Clean Ene bought 568.0 shares to bring its total holdings to over 1.26 million shares at a value of $51.38 million. iShares II Plc – Global Clean Ene now owns shares totaling to 2.04% of the shares outstanding.
Shares of Nextracker Inc (NASDAQ: NXT) opened at $41.85, down -$0.27 from a prior closing price of $42.12. However, the script later moved the day high at 43.40, down -0.31%. The company’s stock has a 5-day price change of -11.51% and 27.05% over the past three months. It has a 12-month low price of $28.24 and touched a high of $49.82 over the same period. NXT has an average intraday trading volume of 2.35 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -7.08%, 3.12%, and 8.80% respectively.
Institutional ownership of Nextracker Inc (NASDAQ: NXT) shares accounts for 82.67% of the company’s 62.10M shares outstanding. Mutual fund holders own 32.84%, while other institutional holders and individual stakeholders account for 50.29% and 20.80% respectively.
It has a market capitalization of $2.61B. The stock’s trailing 12-month PE ratio is 21.70, while the earnings-per-share (ttm) stands at $1.94. The company has a PEG of 0.58 and a Quick Ratio of 1.35. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.80% over the week and 5.50% over the month.
Analysts forecast that Nextracker Inc (NXT) will achieve an EPS of $Nordic American Tankers Limited for the current quarter, $4.56 for the next quarter and $Stocks for Type. The lowest estimate earnings-per-share for the quarter is $NEXTracker Inc. while analysts give the company a high EPS estimate of $Textron Inc.. Comparatively, EPS for the current quarter was $Nxu, Inc. a year ago. Earnings per share for the fiscal year are expected to increase by 105.33%, and 20.29% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 22 brokerage firm advisors rate Nextracker Inc (NXT) as a “Strong Buy” at a consensus score of 1.45. Specifically, 16 Wall Street analysts polled rate the stock as a buy, while 4 of the 22 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the NXT, a number of firms have released research notes about the stock. Piper Sandler stated their Overweight rating for the stock in a research note on December 19, 2023, with the firm’s price target at $60.
