Rhumbline Advisers Decreases Position in Nextracker Inc. (NASDAQ:NXT)

Rhumbline Advisers decreased its position in Nextracker Inc. (NASDAQ:NXT) by 0.8% during the 4th quarter, Holdings Channel.com reports. The firm owned 470,379 shares of the company’s stock after selling 3,855 shares during the period. Rhumbline Advisers’ holdings in Nextracker were worth $17,183,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Geode Capital Management LLC increased its stake in shares of Nextracker by 23.3% in the third quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock worth $134,724,000 after purchasing an additional 679,272 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in Nextracker by 33.5% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,226,862 shares of the company’s stock worth $45,983,000 after buying an additional 307,956 shares during the period. Van ECK Associates Corp grew its stake in Nextracker by 30.7% in the 3rd quarter. Van ECK Associates Corp now owns 60,613 shares of the company’s stock valued at $2,272,000 after buying an additional 14,249 shares in the last quarter. Nordea Investment Management AB purchased a new position in Nextracker in the 4th quarter valued at approximately $5,734,000. Finally, Proactive Wealth Strategies LLC bought a new stake in Nextracker during the 3rd quarter valued at $1,324,000. 67.41% of the stock is owned by institutional investors.

Insiders Place Their Bets

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 value of $272,970.00. Following the completion of the sale, the president now directly owns 209,365 shares of the company’s stock, 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 SEC, which is available at the SEC website. Also, 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 transaction, the insider now directly owns 132,374 shares in the company, valued at $6,095,822.70. This trade represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 25,758 shares of company stock valued at $1,217,520. 0.27% of the stock is currently owned by corporate insiders.

Nextracker Trading Down 4.8 %

NASDAQ NXT opened at $46.12 on Friday. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. The stock’s 50-day simple moving average is $42.23 and its two-hundred day simple moving average is $39.13. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $62.31. The company has a market capitalization of $6.72 billion, a price-to-earnings ratio of 11.74 and a beta of 2.14.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings data 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 return on equity of 41.22% and a net margin of 20.12%. Research analysts forecast that Nextracker Inc. will post 3.29 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on NXT. Susquehanna raised their price target on Nextracker from $50.00 to $54.00 and gave the stock a “positive” rating in a report on Wednesday, January 29th. Wells Fargo & Company reduced their target price on Nextracker from $70.00 to $69.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. BMO Capital Markets upped their price target on Nextracker from $48.00 to $50.00 and gave the company a “market perform” rating in a research report on Wednesday, January 29th. Truist Financial restated a “buy” rating and issued a $56.00 price objective (up from $54.00) on shares of Nextracker in a research report on Wednesday, January 29th. Finally, Jefferies Financial Group raised shares of Nextracker from a “hold” rating to a “buy” rating and upped their target price for the stock from $46.00 to $56.00 in a report on Wednesday, January 29th. Three investment 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, the company has a consensus rating of “Moderate Buy” and a consensus price target of $56.50.

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.