Van ECK Associates Corp Sells 1,425 Shares of Nextracker Inc. (NASDAQ:NXT)

Van ECK Associates Corp lessened its position in shares of Nextracker Inc. (NASDAQ:NXT) by 2.4% in the fourth quarter, HoldingsChannel reports. The fund owned 59,188 shares of the company’s stock after selling 1,425 shares during the period. Van ECK Associates Corp’s holdings in Nextracker were worth $2,162,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently made changes to their positions in NXT. Holocene Advisors LP bought a new stake in shares of Nextracker during the third quarter worth approximately $45,416,000. Erste Asset Management GmbH acquired a new stake in shares of Nextracker in the third quarter valued at approximately $33,545,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Nextracker by 88.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,591,975 shares of the company’s stock valued at $59,667,000 after buying an additional 745,665 shares in the last quarter. State Street Corp raised its position in shares of Nextracker by 15.8% in the third quarter. State Street Corp now owns 5,070,473 shares of the company’s stock valued at $190,041,000 after buying an additional 690,343 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Nextracker by 25.5% in the third quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock valued at $127,169,000 after buying an additional 688,810 shares in the last quarter. Institutional investors own 67.41% of the company’s stock.

Insider Activity at Nextracker

In related news, 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 value of $455,480.55. Following the completion of the transaction, 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 position. The transaction 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 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,758 shares of company stock worth $1,217,520 in the last 90 days. 0.27% of the stock is owned by corporate insiders.

Analyst Ratings Changes

NXT has been the subject of a number of analyst reports. TD Cowen initiated coverage on shares of Nextracker in a research report on Thursday, December 19th. They issued a “hold” rating and a $41.00 price target for the company. Bank of America dropped their price target on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Northland Securities reiterated an “outperform” rating and issued a $55.00 price target (up from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. Northland Capmk upgraded shares of Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. Finally, Wells Fargo & Company lowered their price objective on shares of Nextracker from $70.00 to $69.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Three research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Nextracker presently has an average rating of “Moderate Buy” and an average target price of $56.50.

Nextracker Stock Down 0.4 %

Shares of NXT stock opened at $48.42 on Friday. The company has a market capitalization of $7.05 billion, a price-to-earnings ratio of 12.32 and a beta of 2.14. Nextracker Inc. has a one year low of $30.93 and a one year high of $62.31. The company’s fifty day moving average price is $41.97 and its 200-day moving average price is $39.06. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, topping 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 expect that Nextracker Inc. will post 3.29 EPS for the current fiscal year.

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.