Nextracker Inc. (NASDAQ:NXT) Stock Holdings Decreased by Cinctive Capital Management LP

Cinctive Capital Management LP lowered its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 87.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 56,859 shares of the company's stock after selling 386,628 shares during the period. Cinctive Capital Management LP's holdings in Nextracker were worth $2,077,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Allworth Financial LP boosted its stake in shares of Nextracker by 52.4% during the 4th quarter. Allworth Financial LP now owns 803 shares of the company's stock valued at $29,000 after buying an additional 276 shares during the last quarter. Quarry LP boosted its stake in Nextracker by 61.5% during the 3rd quarter. Quarry LP now owns 1,119 shares of the company's stock valued at $42,000 after acquiring an additional 426 shares during the last quarter. Millstone Evans Group LLC acquired a new position in Nextracker during the 4th quarter worth $48,000. Principal Securities Inc. increased its position in shares of 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 last quarter. Finally, Nisa Investment Advisors LLC raised its stake in shares of Nextracker by 38.4% in the 4th 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 in the last quarter. Institutional investors and hedge funds own 67.41% of the company's stock.

Nextracker Price Performance

NXT traded up $1.05 on Tuesday, reaching $38.95. The company had a trading volume of 534,624 shares, compared to its average volume of 3,058,596. Nextracker Inc. has a one year low of $30.93 and a one year high of $62.31. The company has a market capitalization of $5.67 billion, a P/E ratio of 9.93 and a beta of 2.02. The company has a fifty day moving average of $45.00 and a 200-day moving average of $40.31. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10.

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Nextracker (NASDAQ:NXT - Get Free Report) last posted its quarterly earnings data 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 anticipate that Nextracker Inc. will post 3.29 earnings per share for the current year.

Insider Transactions at Nextracker

In related news, insider Bruce Ledesma sold 9,891 shares of the business's stock in a transaction that occurred 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 sale, the insider now directly owns 132,374 shares in the company, valued at $6,095,822.70. The trade was a 6.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO David P. Bennett sold 9,801 shares of the firm's stock in a transaction that occurred 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 $6,216,392.30. The trade was a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,758 shares of company stock valued at $1,217,520. Corporate insiders own 0.27% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on NXT shares. Northland Securities reiterated an "outperform" rating and issued a $55.00 price target (up from $48.00) on shares of Nextracker in a research note on Wednesday, January 29th. Citigroup decreased their target price on Nextracker from $50.00 to $45.00 and set a "neutral" rating for the company in a research report on Wednesday, January 8th. Guggenheim upped their price target on Nextracker from $50.00 to $62.00 and gave the company a "buy" rating in a research report on Wednesday, January 29th. Truist Financial reaffirmed a "buy" rating and issued a $56.00 price objective (up previously from $54.00) on shares of Nextracker in a report on Wednesday, January 29th. Finally, Barclays upgraded shares of Nextracker from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $47.00 to $60.00 in a research note on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $56.14.

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.