Bayesian Capital Management LP Has $2.73 Million Stock Holdings in Nextracker Inc. (NASDAQ:NXT)

Bayesian Capital Management LP boosted its position in shares of Nextracker Inc. (NASDAQ:NXT) by 82.3% during the 1st quarter, Holdings Channel reports. The institutional investor owned 48,481 shares of the company’s stock after purchasing an additional 21,881 shares during the quarter. Bayesian Capital Management LP’s holdings in Nextracker were worth $2,728,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in shares of Nextracker in the 1st quarter valued at $25,000. Lindbrook Capital LLC acquired a new position in shares of Nextracker in the 1st quarter valued at $34,000. Bruce G. Allen Investments LLC acquired a new position in shares of Nextracker in the 1st quarter valued at $37,000. Toth Financial Advisory Corp acquired a new position in shares of Nextracker in the 1st quarter valued at $38,000. Finally, Wahed Invest LLC acquired a new position in shares of Nextracker in the 4th quarter valued at $43,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

Insider Buying and Selling

In related news, insider Bruce Ledesma sold 12,135 shares of Nextracker stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $43.91, for a total transaction of $532,847.85. Following the completion of the transaction, the insider now owns 17,387 shares in the company, valued at $763,463.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.27% of the stock is currently owned by corporate insiders.

Nextracker Stock Down 0.4 %

Shares of NASDAQ:NXT traded down $0.18 during midday trading on Tuesday, reaching $46.70. The company had a trading volume of 1,633,975 shares, compared to its average volume of 4,047,494. The company has a quick ratio of 1.76, a current ratio of 1.98 and a debt-to-equity ratio of 0.15. The business’s 50 day moving average price is $51.83 and its 200 day moving average price is $51.46. The stock has a market cap of $6.78 billion, a PE ratio of 13.95 and a beta of 2.52. Nextracker Inc. has a 1-year low of $32.14 and a 1-year high of $62.31.

Nextracker (NASDAQ:NXT) last released its earnings results on Tuesday, May 14th. The company reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.38. Nextracker had a negative return on equity of 13.70% and a net margin of 12.25%. The business had revenue of $736.52 million for the quarter, compared to the consensus estimate of $681.03 million. Research analysts forecast that Nextracker Inc. will post 2.62 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Susquehanna began coverage on Nextracker in a research note on Friday, June 28th. They issued a “positive” rating and a $59.00 price target on the stock. Scotiabank lowered their price objective on shares of Nextracker from $55.00 to $50.00 and set a “sector outperform” rating for the company in a research report on Monday, April 29th. Fox Advisors upgraded shares of Nextracker from an “equal weight” rating to an “overweight” rating and set a $60.00 price objective for the company in a research report on Wednesday, May 15th. Piper Sandler lowered their price objective on shares of Nextracker from $66.00 to $64.00 and set an “overweight” rating for the company in a research report on Thursday, April 11th. Finally, Mizuho lowered their price objective 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. Four analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.36.

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.