Primecap Management Co. CA Cuts Position in Nextracker Inc. (NASDAQ:NXT)

Primecap Management Co. CA lessened its stake in Nextracker Inc. (NASDAQ:NXT) by 1.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,701,847 shares of the company’s stock after selling 142,560 shares during the quarter. Primecap Management Co. CA owned 0.05% of Nextracker worth $281,348,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. State Street Corp increased its holdings in shares of Nextracker by 15.8% in the 3rd quarter. State Street Corp now owns 5,070,473 shares of the company’s stock valued at $190,041,000 after purchasing an additional 690,343 shares in the last quarter. Geode Capital Management LLC increased its holdings in 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 acquiring an additional 679,272 shares in the last quarter. Wellington Management Group LLP increased its holdings in Nextracker by 25.5% during the 3rd quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock valued at $127,169,000 after acquiring an additional 688,810 shares in the last quarter. Handelsbanken Fonder AB boosted its stake in shares of Nextracker by 36.0% during the 4th quarter. Handelsbanken Fonder AB now owns 2,278,217 shares of the company’s stock worth $83,223,000 after purchasing an additional 602,600 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Nextracker by 10.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,753,848 shares of the company’s stock worth $64,068,000 after purchasing an additional 161,873 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextracker Trading Up 3.6 %

NXT opened at $45.90 on Tuesday. The firm has a market capitalization of $6.68 billion, a P/E ratio of 11.68 and a beta of 2.24. The firm’s 50 day moving average is $44.82 and its 200-day moving average is $39.64. Nextracker Inc. has a 52-week low of $30.93 and a 52-week 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 posted its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) 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%. Analysts expect that Nextracker Inc. will post 3.29 EPS for the current fiscal year.

Insider Buying and Selling

In other Nextracker news, President Howard Wenger sold 6,066 shares of the business’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total transaction of $272,970.00. Following the completion of the sale, the president now owns 209,365 shares in the company, valued at $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Bruce Ledesma sold 9,891 shares of the business’s stock in a transaction 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 sale, the insider now owns 132,374 shares of the company’s stock, valued at approximately $6,095,822.70. The trade was a 6.95 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 25,758 shares of company stock worth $1,217,520. Insiders own 0.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on NXT shares. Royal Bank of Canada started coverage on shares of Nextracker in a research note on Monday. They set an “outperform” rating and a $55.00 price target on the stock. TD Cowen started coverage on shares of Nextracker in a research note on Thursday, December 19th. They set a “hold” rating and a $41.00 price target on the stock. The Goldman Sachs Group raised their price target on shares of Nextracker from $54.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. BMO Capital Markets raised their price target on shares of Nextracker from $48.00 to $50.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 29th. Finally, Jefferies Financial Group raised shares of Nextracker from a “hold” rating to a “buy” rating and raised their target price for the stock from $46.00 to $56.00 in a research report on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, twenty have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $56.43.

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.