Nextracker Inc. (NASDAQ:NXT) Shares Sold by Jennison Associates LLC

Jennison Associates LLC cut its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 14.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 27,671 shares of the company’s stock after selling 4,754 shares during the period. Jennison Associates LLC’s holdings in Nextracker were worth $1,011,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC lifted its position in 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 during the period. Secure Asset Management LLC acquired a new stake in Nextracker in the third quarter worth approximately $1,370,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in Nextracker by 33.5% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,226,862 shares of the company’s stock worth $45,983,000 after purchasing an additional 307,956 shares during the period. Van ECK Associates Corp lifted its position in Nextracker by 30.7% in the third quarter. Van ECK Associates Corp now owns 60,613 shares of the company’s stock worth $2,272,000 after purchasing an additional 14,249 shares during the period. Finally, Nordea Investment Management AB acquired a new stake in Nextracker in the fourth quarter worth approximately $5,734,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Northland Capmk upgraded Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. Bank of America cut their target price on Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Citigroup dropped their price target on Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. Piper Sandler upped their price target on Nextracker from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Finally, TD Cowen initiated coverage on Nextracker in a report on Thursday, December 19th. They issued a “hold” rating and a $41.00 price target on the stock. Three investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $56.50.

Insider Transactions at Nextracker

In related news, CAO David P. Bennett sold 9,801 shares of the company’s stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total value of $489,069.90. Following the completion of the sale, the chief accounting officer now directly owns 124,577 shares in the company, valued at approximately $6,216,392.30. This represents a 7.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction on Thursday, January 16th. The stock was 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 of the company’s stock, valued at $9,421,425. This represents a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.27% of the stock is currently owned by company insiders.

Nextracker Trading Up 1.5 %

NASDAQ NXT opened at $47.61 on Friday. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $62.31. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $6.93 billion, a PE ratio of 12.11 and a beta of 2.14. The firm’s fifty day simple moving average is $40.21 and its 200-day simple moving average is $39.06.

Nextracker (NASDAQ:NXT) last posted 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 net margin of 20.12% and a return on equity of 41.22%. As a group, sell-side analysts anticipate that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

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.