Reynders McVeigh Capital Management LLC Sells 3,723 Shares of Nextracker Inc. (NASDAQ:NXT)

Reynders McVeigh Capital Management LLC reduced its holdings in Nextracker Inc. (NASDAQ:NXT) by 4.1% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 86,735 shares of the company’s stock after selling 3,723 shares during the quarter. Reynders McVeigh Capital Management LLC owned 0.06% of Nextracker worth $3,168,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in Nextracker by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 13,843,997 shares of the company’s stock valued at $505,721,000 after acquiring an additional 243,635 shares during the last quarter. Invesco Ltd. increased its position in shares of Nextracker by 52.2% during the 4th quarter. Invesco Ltd. now owns 3,874,875 shares of the company’s stock valued at $141,549,000 after purchasing an additional 1,329,456 shares during the last quarter. Geode Capital Management LLC increased its position in shares of 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 purchasing an additional 679,272 shares during the last quarter. Norges Bank purchased a new position in shares of Nextracker during the 4th quarter valued at about $106,166,000. Finally, Handelsbanken Fonder AB lifted its position in Nextracker by 36.0% in the 4th quarter. Handelsbanken Fonder AB now owns 2,278,217 shares of the company’s stock worth $83,223,000 after buying an additional 602,600 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextracker Stock Up 3.9 %

NXT stock opened at $39.23 on Friday. The business has a 50 day moving average of $43.83 and a 200 day moving average of $40.32. The firm has a market cap of $5.71 billion, a PE ratio of 9.98 and a beta of 2.02. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $62.31. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10.

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

Analysts Set New Price Targets

A number of brokerages have commented on NXT. Royal Bank of Canada began coverage on shares of Nextracker in a research report on Monday, March 17th. They set an “outperform” rating and a $55.00 price target on the stock. 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 report on Wednesday, January 29th. BNP Paribas upgraded shares of Nextracker to a “strong-buy” rating in a research report on Wednesday, January 29th. Citigroup decreased their price objective on Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. Finally, TD Cowen initiated coverage on Nextracker in a report on Thursday, December 19th. They set a “hold” rating and a $41.00 target price for the company. Three equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Nextracker has a consensus rating of “Moderate Buy” and a consensus target price of $56.05.

Insider Transactions at Nextracker

In related news, 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 $9,421,425. The trade was a 2.82 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bruce Ledesma sold 9,891 shares of the stock in a transaction on Monday, February 10th. The shares were sold at an average price of $46.05, for a total value of $455,480.55. Following the sale, the insider now owns 132,374 shares in the company, valued at approximately $6,095,822.70. This represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 25,758 shares of company stock worth $1,217,520. Corporate insiders own 0.27% of the company’s stock.

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.