Fmr LLC Sells 2,722,068 Shares of Nextracker Inc. (NASDAQ:NXT)

Fmr LLC trimmed its position in Nextracker Inc. (NASDAQ:NXT) by 27.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 7,307,260 shares of the company’s stock after selling 2,722,068 shares during the period. Fmr LLC owned 5.02% of Nextracker worth $266,934,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of NXT. Allworth Financial LP boosted its position in Nextracker by 52.4% during the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after buying an additional 276 shares during the period. Millstone Evans Group LLC bought a new position in shares of Nextracker during the fourth quarter valued at $48,000. Principal Securities Inc. lifted its holdings in shares of Nextracker by 41.8% during the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock worth $51,000 after purchasing an additional 410 shares during the period. Quadrant Capital Group LLC grew its stake in shares of Nextracker by 92.5% in the fourth quarter. Quadrant Capital Group LLC now owns 1,817 shares of the company’s stock worth $66,000 after purchasing an additional 873 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in Nextracker by 38.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after purchasing an additional 516 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.

Wall Street Analyst Weigh In

NXT has been the topic of several recent research reports. Jefferies Financial Group raised Nextracker from a “hold” rating to a “buy” rating and lifted their target price for the stock from $46.00 to $56.00 in a report on Wednesday, January 29th. Barclays reduced their target price on Nextracker from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday. Northland Securities restated an “outperform” rating and set a $55.00 price target (up previously from $48.00) on shares of Nextracker in a report on Wednesday, January 29th. Citigroup reduced their price objective on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 8th. Finally, Susquehanna lifted their target price on shares of Nextracker from $50.00 to $54.00 and gave the stock a “positive” rating in a research note on Wednesday, January 29th. Three investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Nextracker presently has an average rating of “Moderate Buy” and an average target price of $56.05.

Nextracker Stock Performance

Shares of NXT stock opened at $39.23 on Friday. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. The firm has a fifty day simple moving average of $43.83 and a two-hundred day simple moving average of $40.32. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $62.31. The firm has a market capitalization of $5.71 billion, a PE ratio of 9.98 and a beta of 2.02.

Nextracker (NASDAQ:NXT) last posted its earnings results on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. Analysts forecast that Nextracker Inc. will post 3.29 EPS for the current fiscal year.

Insider Activity

In other Nextracker news, insider Bruce Ledesma sold 9,891 shares of Nextracker stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $46.05, for a total transaction of $455,480.55. Following the transaction, the insider now owns 132,374 shares of the company’s stock, valued at $6,095,822.70. This trade represents a 6.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO David P. Bennett sold 9,801 shares of the company’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 value of $489,069.90. Following the completion of the transaction, the chief accounting officer now directly owns 124,577 shares of the company’s stock, valued at approximately $6,216,392.30. This represents a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 25,758 shares of company stock worth $1,217,520 over the last 90 days. 0.27% of the stock is currently owned by corporate insiders.

Nextracker 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.