Cinctive Capital Management LP Sells 386,628 Shares of Nextracker Inc. (NASDAQ:NXT)

Cinctive Capital Management LP decreased its holdings in Nextracker Inc. (NASDAQ:NXT) by 87.2% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 56,859 shares of the company’s stock after selling 386,628 shares during the quarter. Cinctive Capital Management LP’s holdings in Nextracker were worth $2,077,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Allworth Financial LP raised its position in Nextracker by 52.4% in the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after acquiring an additional 276 shares during the period. Signaturefd LLC increased its stake in shares of Nextracker by 14.7% in the 4th quarter. Signaturefd LLC now owns 2,344 shares of the company’s stock worth $86,000 after purchasing an additional 301 shares in the last quarter. Principal Securities Inc. raised its holdings in Nextracker by 41.8% in the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock worth $51,000 after purchasing an additional 410 shares during the period. Quarry LP lifted its position in Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after purchasing an additional 426 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew 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 valued at $68,000 after purchasing an additional 516 shares during the period. 67.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on NXT. Guggenheim raised their price objective on Nextracker from $50.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. Royal Bank of Canada began coverage on shares of Nextracker in a research note on Monday, March 17th. They set an “outperform” rating and a $55.00 target price on the stock. Susquehanna upped their price target on shares of Nextracker from $50.00 to $54.00 and gave the stock a “positive” rating in a research report on Wednesday, January 29th. Jefferies Financial Group raised shares of Nextracker from a “hold” rating to a “buy” rating and increased their price objective for the stock from $46.00 to $56.00 in a research note on Wednesday, January 29th. Finally, BMO Capital Markets lifted their target price on shares of Nextracker from $48.00 to $50.00 and gave the company a “market perform” rating in a research note on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $56.14.

Nextracker Stock Up 1.1 %

NASDAQ NXT opened at $43.54 on Thursday. The stock has a 50 day moving average price of $45.11 and a 200-day moving average price of $40.24. Nextracker Inc. has a one year low of $30.93 and a one year high of $62.31. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. The company has a market capitalization of $6.34 billion, a P/E ratio of 11.08 and a beta of 2.02.

Nextracker (NASDAQ:NXT) last released its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, beating the consensus estimate 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, equities analysts predict that Nextracker Inc. will post 3.29 EPS for the current fiscal year.

Insider Buying and Selling

In related news, President Howard Wenger sold 6,066 shares of the 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 sale, the president now owns 209,365 shares in the company, valued at approximately $9,421,425. This represents a 2.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Bruce Ledesma sold 9,891 shares of the firm’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $46.05, for a total value of $455,480.55. Following the completion of the sale, the insider now owns 132,374 shares of the company’s stock, valued at approximately $6,095,822.70. This represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 25,758 shares of company stock worth $1,217,520. Corporate 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.