abrdn plc Has $3.53 Million Stock Position in Nextracker Inc. (NASDAQ:NXT)

abrdn plc trimmed its position in Nextracker Inc. (NASDAQ:NXT - Free Report) by 83.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 96,631 shares of the company's stock after selling 487,527 shares during the period. abrdn plc owned approximately 0.07% of Nextracker worth $3,530,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Truist Financial Corp lifted its stake in Nextracker by 67.1% during the second quarter. Truist Financial Corp now owns 11,225 shares of the company's stock valued at $526,000 after purchasing an additional 4,507 shares during the last quarter. Cetera Investment Advisers lifted its position in shares of Nextracker by 48.5% during the 2nd quarter. Cetera Investment Advisers now owns 24,235 shares of the company's stock valued at $1,136,000 after acquiring an additional 7,910 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of Nextracker during the 2nd quarter valued at $384,000. GAMMA Investing LLC grew its holdings in shares of Nextracker by 83.2% in the 3rd quarter. GAMMA Investing LLC now owns 1,209 shares of the company's stock worth $45,000 after acquiring an additional 549 shares during the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt grew its holdings in shares of Nextracker by 23.7% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 33,434 shares of the company's stock worth $1,252,000 after acquiring an additional 6,400 shares during the last quarter. 67.41% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Nextracker news, CAO David P. Bennett sold 9,801 shares of the firm'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 sale, the chief accounting officer now directly owns 124,577 shares in the company, valued at $6,216,392.30. This trade represents a 7.29 % 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 company's stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $45.00, for a total transaction of $272,970.00. Following the transaction, the president now directly owns 209,365 shares of the company's stock, valued at $9,421,425. This 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.

Nextracker Stock Down 1.0 %

Shares of NASDAQ:NXT traded down $0.45 on Tuesday, reaching $45.49. The company had a trading volume of 790,801 shares, compared to its average volume of 3,307,359. 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 has a market capitalization of $6.62 billion, a P/E ratio of 11.58 and a beta of 2.14. The stock has a 50-day moving average price of $40.65 and a 200 day moving average price of $39.00. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $62.31.

Nextracker (NASDAQ:NXT - Get Free Report) last announced 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, equities analysts expect that Nextracker Inc. will post 3.29 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Northland Securities reiterated an "outperform" rating and issued a $55.00 price target (up previously from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. Piper Sandler lifted their target price on shares of Nextracker from $47.00 to $50.00 and gave the stock an "overweight" rating 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. BNP Paribas upgraded shares of Nextracker to a "strong-buy" rating in a research report on Wednesday, January 29th. Finally, JPMorgan Chase & Co. increased their target price on Nextracker from $58.00 to $61.00 and gave the company an "overweight" rating in a report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently 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.