Crestline Management LP Sells 13,504 Shares of Nextracker Inc. (NASDAQ:NXT)

Crestline Management LP decreased its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 58.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 9,786 shares of the company’s stock after selling 13,504 shares during the period. Crestline Management LP’s holdings in Nextracker were worth $357,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in NXT. Allworth Financial LP increased 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 worth $29,000 after purchasing an additional 276 shares during the period. Sterling Capital Management LLC grew its holdings in Nextracker by 448.9% in the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock valued at $47,000 after buying an additional 1,055 shares during the last quarter. Millstone Evans Group LLC bought a new position in Nextracker in the 4th quarter worth approximately $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 buying an additional 410 shares during the last quarter. Finally, Quadrant Capital Group LLC boosted its position 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 valued at $66,000 after acquiring an additional 873 shares during the period. 67.41% of the stock is owned by institutional investors.

Insider Buying and Selling at Nextracker

In other Nextracker news, insider Bruce Ledesma sold 9,891 shares of the firm’s 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 sale, the insider now 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.27% of the company’s stock.

Nextracker Stock Performance

NASDAQ:NXT opened at $46.51 on Friday. The stock has a market capitalization of $6.77 billion, a P/E ratio of 11.83 and a beta of 2.03. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $62.31. The firm has a 50 day moving average of $42.09 and a 200-day moving average of $41.24.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. JPMorgan Chase & Co. upped their target price on shares of Nextracker from $58.00 to $61.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. BMO Capital Markets upped 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. UBS Group increased their target price on shares of Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Jefferies Financial Group upgraded Nextracker from a “hold” rating to a “buy” rating and boosted their price target for the company from $46.00 to $56.00 in a research note on Wednesday, January 29th. Finally, Truist Financial reduced their price objective on Nextracker from $56.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. Three equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Nextracker currently has an average rating of “Moderate Buy” and an average target price of $55.70.

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.