Blueshift Asset Management LLC Sells 4,697 Shares of Nextracker Inc. (NASDAQ:NXT)

Blueshift Asset Management LLC reduced its stake in Nextracker Inc. (NASDAQ:NXT) by 45.2% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,688 shares of the company’s stock after selling 4,697 shares during the period. Blueshift Asset Management LLC’s holdings in Nextracker were worth $208,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in NXT. Allworth Financial LP lifted its holdings in Nextracker by 52.4% during the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after acquiring an additional 276 shares in the last quarter. Quarry LP lifted its holdings in Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after acquiring an additional 426 shares in the last quarter. Principal Securities Inc. lifted its holdings 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 Nextracker by 38.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock worth $68,000 after acquiring an additional 516 shares in the last quarter. Finally, Neo Ivy Capital Management bought a new position in Nextracker during the third quarter worth about $74,000. 67.41% of the stock is currently owned by institutional investors.

Nextracker Price Performance

Shares of NASDAQ NXT opened at $44.27 on Friday. The business’s 50 day moving average price is $45.00 and its two-hundred day moving average price is $39.79. The company has a market cap of $6.45 billion, a PE ratio of 11.26 and a beta of 2.24. 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 Inc. has a twelve month low of $30.93 and a twelve month high of $62.31.

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

Wall Street Analyst Weigh In

Several research firms have weighed in on NXT. Susquehanna lifted their target price on Nextracker from $50.00 to $54.00 and gave the stock a “positive” rating in a report on Wednesday, January 29th. Northland Securities reissued an “outperform” rating and issued a $55.00 price target (up previously from $48.00) on shares of Nextracker in a research note on Wednesday, January 29th. Truist Financial reissued a “buy” rating and issued a $56.00 price target (up previously from $54.00) on shares of Nextracker in a research note on Wednesday, January 29th. Barclays raised Nextracker from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $47.00 to $60.00 in a research note on Wednesday, January 29th. Finally, UBS Group lifted their price target on Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Three investment 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $56.43.

Insider Transactions at Nextracker

In other news, CAO David P. Bennett sold 9,801 shares of the business’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total transaction of $489,069.90. Following the completion of the sale, the chief accounting officer now owns 124,577 shares in the company, valued at $6,216,392.30. The trade was a 7.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, President Howard Wenger sold 6,066 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total value of $272,970.00. Following the sale, the president now owns 209,365 shares of the company’s stock, valued at approximately $9,421,425. This represents a 2.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 25,758 shares of company stock worth $1,217,520 over the last quarter. Company 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.