Envestnet Asset Management Inc. Has $3.53 Million Stock Holdings in Nextracker Inc. (NASDAQ:NXT)

Envestnet Asset Management Inc. trimmed its stake in Nextracker Inc. (NASDAQ:NXT) by 4.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 96,743 shares of the company’s stock after selling 4,891 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.07% of Nextracker worth $3,534,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Allworth Financial LP grew its stake in shares of Nextracker by 52.4% in the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after buying an additional 276 shares in the last quarter. Millstone Evans Group LLC acquired a new stake in Nextracker in the fourth quarter valued at $48,000. Principal Securities Inc. grew its position in shares of Nextracker by 41.8% in the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock valued at $51,000 after acquiring an additional 410 shares during the period. Nisa Investment Advisors LLC increased its stake in shares of Nextracker by 38.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock worth $68,000 after purchasing an additional 516 shares during the last quarter. Finally, Murphy & Mullick Capital Management Corp bought a new stake in shares of Nextracker in the 4th quarter valued at about $69,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Jefferies Financial Group upgraded Nextracker from a “hold” rating to a “buy” rating and lifted their price target for the stock from $46.00 to $56.00 in a report on Wednesday, January 29th. Royal Bank of Canada assumed coverage on Nextracker in a research note on Monday, March 17th. They set an “outperform” rating and a $55.00 target price for the company. Robert W. Baird dropped their price target on Nextracker from $59.00 to $48.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 15th. JPMorgan Chase & Co. lifted their price objective on shares of Nextracker from $58.00 to $61.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Finally, Susquehanna upped their price objective on shares of Nextracker from $50.00 to $54.00 and gave the company a “positive” rating in a report on Wednesday, January 29th. Three investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Nextracker presently has an average rating of “Moderate Buy” and a consensus price target of $55.43.

Nextracker Stock Performance

NASDAQ:NXT opened at $42.35 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The company has a market cap of $6.17 billion, a price-to-earnings ratio of 10.78 and a beta of 2.02. The stock has a fifty day moving average price of $42.75 and a 200-day moving average price of $40.50.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. As a group, equities analysts anticipate that Nextracker Inc. will post 3.29 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Bruce Ledesma sold 9,891 shares of the stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $46.05, for a total value of $455,480.55. Following the completion of the transaction, the insider now owns 132,374 shares of the company’s stock, valued at approximately $6,095,822.70. This represents a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO David P. Bennett sold 9,801 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total transaction of $489,069.90. Following the completion of the sale, the chief accounting officer now owns 124,577 shares in the company, valued at approximately $6,216,392.30. The trade was 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 currently owned by company insiders.

Nextracker Company Profile

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.