Nextracker Inc. (NASDAQ:NXT) Shares Sold by Alliancebernstein L.P.

Alliancebernstein L.P. trimmed its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 2.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 305,229 shares of the company's stock after selling 8,334 shares during the period. Alliancebernstein L.P. owned 0.21% of Nextracker worth $11,150,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of NXT. Duff & Phelps Investment Management Co. boosted its stake in Nextracker by 44.6% during the fourth quarter. Duff & Phelps Investment Management Co. now owns 25,146 shares of the company's stock worth $919,000 after buying an additional 7,752 shares during the last quarter. New Age Alpha Advisors LLC acquired a new position in shares of Nextracker during the 4th quarter valued at about $1,165,000. Norges Bank purchased a new stake in shares of Nextracker in the fourth quarter valued at about $106,166,000. JPMorgan Chase & Co. increased its position in Nextracker by 23.9% during the fourth quarter. JPMorgan Chase & Co. now owns 1,866,028 shares of the company's stock worth $68,166,000 after purchasing an additional 360,214 shares during the last quarter. Finally, Murphy & Mullick Capital Management Corp purchased a new position in Nextracker during the fourth quarter worth about $69,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Nextracker

In related news, insider Bruce Ledesma sold 9,891 shares of the company's stock in a transaction on Monday, February 10th. The shares were 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 in the company, valued at $6,095,822.70. This represents a 6.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO David P. Bennett sold 9,801 shares of the stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total transaction of $489,069.90. Following the sale, the chief accounting officer now 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 25,758 shares of company stock worth $1,217,520. Corporate insiders own 0.27% of the company's stock.

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Analyst Upgrades and Downgrades

NXT has been the subject of several recent analyst reports. Royal Bank of Canada assumed coverage on Nextracker in a research note on Monday, March 17th. They set an "outperform" rating and a $55.00 target price for the company. Wells Fargo & Company reduced their price objective on shares of Nextracker from $70.00 to $69.00 and set an "overweight" rating on the stock in a report on Wednesday, January 8th. UBS Group increased their target price on shares of Nextracker from $60.00 to $66.00 and gave the stock a "buy" rating in a research note on Wednesday, January 29th. JPMorgan Chase & Co. boosted their price target on shares of Nextracker from $58.00 to $61.00 and gave the company an "overweight" rating in a research note on Wednesday, January 29th. Finally, 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 report on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $55.82.

Nextracker Stock Down 0.6 %

NXT stock traded down $0.24 during trading on Tuesday, hitting $40.50. 215,425 shares of the company's stock were exchanged, compared to its average volume of 3,037,704. The stock has a market capitalization of $5.90 billion, a price-to-earnings ratio of 10.33 and a beta of 2.02. Nextracker Inc. has a 52-week low of $30.93 and a 52-week 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 business has a 50-day moving average price of $43.70 and a two-hundred day moving average price of $40.35.

Nextracker (NASDAQ:NXT - Get Free Report) last posted its earnings results on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, beating 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, equities research analysts expect that Nextracker Inc. will post 3.29 EPS for the current year.

Nextracker Company 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.