1832 Asset Management L.P. Cuts Stake in Nextracker Inc. (NASDAQ:NXT)

1832 Asset Management L.P. lessened its holdings in Nextracker Inc. (NASDAQ:NXTFree Report) by 30.0% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 79,915 shares of the company’s stock after selling 34,275 shares during the period. 1832 Asset Management L.P.’s holdings in Nextracker were worth $3,744,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Tucker Asset Management LLC acquired a new stake in Nextracker in the third quarter valued at approximately $42,000. Global Retirement Partners LLC purchased a new stake in shares of Nextracker during the 4th quarter worth $63,000. Parallel Advisors LLC grew its stake in shares of Nextracker by 49.4% during the fourth quarter. Parallel Advisors LLC now owns 2,850 shares of the company’s stock worth $134,000 after purchasing an additional 942 shares in the last quarter. Principal Financial Group Inc. acquired a new stake in Nextracker in the third quarter valued at $208,000. Finally, Baader Bank Aktiengesellschaft acquired a new position in shares of Nextracker during the 4th quarter worth about $211,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Stock Down 0.3 %

Shares of NASDAQ NXT opened at $55.65 on Friday. The stock has a market capitalization of $7.60 billion, a PE ratio of 16.56 and a beta of 2.66. 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 firm has a fifty day moving average of $48.43 and a 200-day moving average of $49.53. Nextracker Inc. has a 52-week low of $32.14 and a 52-week high of $62.14.

Nextracker (NASDAQ:NXTGet Free Report) last announced its quarterly earnings results on Tuesday, May 14th. The company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.47 by $0.38. The company had revenue of $736.52 million during the quarter, compared to analyst estimates of $681.03 million. Nextracker had a negative return on equity of 13.70% and a net margin of 12.25%. On average, analysts anticipate that Nextracker Inc. will post 2.23 EPS for the current year.

Insiders Place Their Bets

In other news, insider Bruce Ledesma sold 12,135 shares of the stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $43.91, for a total value of $532,847.85. Following the completion of the sale, the insider now owns 17,387 shares in the company, valued at $763,463.17. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Bruce Ledesma sold 12,135 shares of the company’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $43.91, for a total value of $532,847.85. Following the completion of the transaction, the insider now directly owns 17,387 shares in the company, valued at $763,463.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Nicholas Marco Miller sold 8,355 shares of the business’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total transaction of $440,057.85. Following the completion of the transaction, the chief operating officer now owns 11,114 shares in the company, valued at approximately $585,374.38. The disclosure for this sale can be found here. Insiders sold a total of 22,639 shares of company stock worth $1,084,460 over the last ninety days. 0.09% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

NXT has been the subject of several research analyst reports. Wells Fargo & Company decreased their price objective on shares of Nextracker from $68.00 to $64.00 and set an “overweight” rating for the company in a research note on Wednesday, May 15th. Roth Mkm reaffirmed a “buy” rating and set a $70.00 price target on shares of Nextracker in a research report on Wednesday, May 15th. Robert W. Baird assumed coverage on shares of Nextracker in a research report on Thursday, March 21st. They set an “outperform” rating and a $71.00 target price on the stock. Truist Financial reissued a “buy” rating and set a $70.00 price objective on shares of Nextracker in a research report on Wednesday, May 15th. Finally, Mizuho reduced their target price on shares of Nextracker from $64.00 to $59.00 and set a “buy” rating for the company in a report on Friday, April 19th. Four equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $58.52.

Read Our Latest Stock Report on NXT

About Nextracker

(Free Report)

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.

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Institutional Ownership by Quarter for Nextracker (NASDAQ:NXT)

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