Corebridge Financial Inc. Lowers Position in Nextracker Inc. (NASDAQ:NXT)

Corebridge Financial Inc. reduced its stake in Nextracker Inc. (NASDAQ:NXT) by 5.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 233,242 shares of the company’s stock after selling 12,432 shares during the period. Corebridge Financial Inc. owned approximately 0.16% of Nextracker worth $8,520,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in shares of Nextracker by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 13,843,997 shares of the company’s stock worth $505,721,000 after buying an additional 243,635 shares during the period. State Street Corp lifted its stake in Nextracker by 15.8% during the 3rd quarter. State Street Corp now owns 5,070,473 shares of the company’s stock worth $190,041,000 after acquiring an additional 690,343 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Nextracker by 23.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock valued at $134,724,000 after acquiring an additional 679,272 shares during the period. Wellington Management Group LLP grew its position in Nextracker by 25.5% in the 3rd quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock valued at $127,169,000 after acquiring an additional 688,810 shares in the last quarter. Finally, Handelsbanken Fonder AB increased its stake in Nextracker by 36.0% during the fourth quarter. Handelsbanken Fonder AB now owns 2,278,217 shares of the company’s stock worth $83,223,000 after purchasing an additional 602,600 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Stock Down 2.1 %

NXT opened at $42.75 on Friday. The stock has a market capitalization of $6.23 billion, a P/E ratio of 10.88 and a beta of 2.24. 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 one year low of $30.93 and a one year high of $62.31. The business’s 50-day simple moving average is $45.11 and its 200-day simple moving average is $39.99.

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

Analysts Set New Price Targets

Several research analysts have recently commented on NXT shares. Susquehanna raised their price objective on shares of Nextracker from $50.00 to $54.00 and gave the company a “positive” rating in a research note on Wednesday, January 29th. Royal Bank of Canada assumed coverage on shares of Nextracker in a research report on Monday, March 17th. They issued an “outperform” rating and a $55.00 price target for the company. TD Cowen assumed coverage on Nextracker in a research report on Thursday, December 19th. They set a “hold” rating and a $41.00 price objective on the stock. BMO Capital Markets lifted their target price on Nextracker from $48.00 to $50.00 and gave the company a “market perform” rating in a report on Wednesday, January 29th. Finally, Wells Fargo & Company cut their price target on Nextracker from $70.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Three equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Nextracker presently has an average rating of “Moderate Buy” and an average target price of $56.43.

Insider Activity at Nextracker

In other Nextracker news, insider Bruce Ledesma sold 9,891 shares of Nextracker stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $46.05, for a total value of $455,480.55. Following the transaction, the insider now directly owns 132,374 shares in the company, valued at approximately $6,095,822.70. This trade represents a 6.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Howard Wenger sold 6,066 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total value of $272,970.00. Following the completion of the transaction, the president now directly owns 209,365 shares in the company, valued at approximately $9,421,425. The trade was a 2.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 25,758 shares of company stock worth $1,217,520 in the last 90 days. 0.27% of the stock is owned by 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.