Flputnam Investment Management Co. Sells 4,422 Shares of Nextracker Inc. (NASDAQ:NXT)

Flputnam Investment Management Co. reduced its position in Nextracker Inc. (NASDAQ:NXT) by 34.4% in the fourth quarter, Holdings Channel.com reports. The fund owned 8,420 shares of the company’s stock after selling 4,422 shares during the quarter. Flputnam Investment Management Co.’s holdings in Nextracker were worth $308,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of NXT. Allworth Financial LP lifted its stake in Nextracker by 52.4% in the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after purchasing an additional 276 shares in the last quarter. Quarry LP increased its holdings in shares of Nextracker by 61.5% in the third quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after purchasing an additional 426 shares during the period. Principal Securities Inc. raised its position in shares of Nextracker by 41.8% in the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock worth $51,000 after buying an additional 410 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in Nextracker by 38.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after buying an additional 516 shares during the period. Finally, Neo Ivy Capital Management purchased a new position in Nextracker during the third quarter worth about $74,000. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Insider Activity at Nextracker

In other Nextracker news, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total transaction of $272,970.00. Following the completion of the transaction, the president now owns 209,365 shares of the company’s stock, valued at approximately $9,421,425. This trade represents a 2.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO David P. Bennett sold 9,801 shares of the business’s stock in a transaction 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 sale, the chief accounting officer now owns 124,577 shares in the company, valued at approximately $6,216,392.30. This trade represents a 7.29 % decrease in their position. 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 ninety days. 0.27% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have weighed in on NXT shares. JPMorgan Chase & Co. raised their price target on Nextracker from $58.00 to $61.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Bank of America lowered their target price on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Wells Fargo & Company cut their price target on shares of Nextracker from $70.00 to $69.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. BMO Capital Markets raised their price objective on shares of Nextracker from $48.00 to $50.00 and gave the company a “market perform” rating in a research report on Wednesday, January 29th. Finally, UBS Group upped their target price on shares of Nextracker from $60.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $56.50.

Nextracker Stock Down 3.7 %

NASDAQ NXT opened at $42.41 on Tuesday. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $62.31. The stock has a market capitalization of $6.18 billion, a PE ratio of 10.79 and a beta of 2.14. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The business’s 50-day moving average is $43.65 and its 200 day moving average is $39.42.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings data 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%. Sell-side analysts forecast that Nextracker Inc. will post 3.29 earnings per share for the current year.

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.