Nextracker Inc. (NASDAQ:NXT) Shares Sold by KBC Group NV

KBC Group NV cut its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 28.1% during the 4th quarter, HoldingsChannel.com reports. The fund owned 6,088 shares of the company’s stock after selling 2,384 shares during the period. KBC Group NV’s holdings in Nextracker were worth $222,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of NXT. Holocene Advisors LP acquired a new position in Nextracker during the 3rd quarter worth $45,416,000. Erste Asset Management GmbH acquired a new stake in Nextracker during the third quarter valued at approximately $33,545,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Nextracker by 88.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,591,975 shares of the company’s stock worth $59,667,000 after acquiring an additional 745,665 shares in the last quarter. 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 acquiring an additional 690,343 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in shares of 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. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextracker Trading Up 2.4 %

Nextracker stock opened at $49.75 on Wednesday. The firm has a market cap of $7.24 billion, a price-to-earnings ratio of 12.66 and a beta of 2.13. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $62.31. The firm’s 50 day moving average price is $39.85 and its two-hundred day moving average price is $38.99. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20.

Nextracker (NASDAQ:NXT) last issued its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) 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, research analysts predict that Nextracker Inc. will post 3.29 EPS for the current fiscal year.

Insider Buying and Selling at Nextracker

In related news, CAO David P. Bennett sold 9,801 shares of the stock in a transaction dated Wednesday, January 29th. The stock was 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 of the company’s stock, valued at approximately $6,216,392.30. This represents a 7.29 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $45.00, for a total value of $272,970.00. Following the transaction, the president now directly owns 209,365 shares in the company, valued at approximately $9,421,425. This trade represents a 2.82 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on NXT. The Goldman Sachs Group boosted their target price on shares of Nextracker from $54.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Susquehanna increased their price objective on shares of Nextracker from $50.00 to $54.00 and gave the stock a “positive” rating in a research note on Wednesday, January 29th. Robert W. Baird decreased their target price on Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. Wells Fargo & Company dropped their price target on Nextracker from $70.00 to $69.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Finally, Piper Sandler boosted their price objective on Nextracker from $47.00 to $50.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price 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.