Nikko Asset Management Americas Inc. Sells 1,130 Shares of Nextracker Inc. (NASDAQ:NXT)

Nikko Asset Management Americas Inc. lowered its holdings in Nextracker Inc. (NASDAQ:NXT) by 9.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,319 shares of the company’s stock after selling 1,130 shares during the quarter. Nikko Asset Management Americas Inc.’s holdings in Nextracker were worth $377,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Allworth Financial LP grew its stake in shares of Nextracker by 52.4% in the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after purchasing an additional 276 shares during the period. Quarry LP grew its position in Nextracker by 61.5% in the third quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after acquiring an additional 426 shares during the period. Principal Securities Inc. raised its stake in 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 acquiring an additional 410 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of 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 acquiring an additional 516 shares during the period. Finally, Neo Ivy Capital Management acquired a new stake in shares of Nextracker in the 3rd quarter valued at $74,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Trading Up 3.6 %

NASDAQ NXT opened at $45.90 on Tuesday. Nextracker Inc. has a one year low of $30.93 and a one year high of $62.31. 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 firm has a market cap of $6.68 billion, a P/E ratio of 11.68 and a beta of 2.24. The stock’s 50-day moving average is $44.82 and its 200-day moving average is $39.64.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings results 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 net margin of 20.12% and a return on equity of 41.22%. Sell-side analysts anticipate that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on NXT. The Goldman Sachs Group increased their price target on shares of Nextracker from $54.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Wells Fargo & Company lowered their target price on 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 target on Nextracker from $48.00 to $50.00 and gave the company a “market perform” rating in a report on Wednesday, January 29th. Jefferies Financial Group raised Nextracker from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $46.00 to $56.00 in a report on Wednesday, January 29th. Finally, Northland Capmk raised shares of Nextracker to a “strong-buy” rating in a research note on Tuesday, November 19th. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $56.43.

Insider Activity at Nextracker

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