Corebridge Financial Inc. Decreases Stock Position in Nextracker Inc. (NASDAQ:NXT)

Corebridge Financial Inc. reduced its position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 5.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 233,242 shares of the company's stock after selling 12,432 shares during the period. Corebridge Financial Inc. owned 0.16% of Nextracker worth $8,520,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of NXT. Allworth Financial LP lifted its stake in shares of Nextracker by 52.4% in the 4th quarter. Allworth Financial LP now owns 803 shares of the company's stock valued at $29,000 after purchasing an additional 276 shares during the period. Quarry LP raised its holdings in Nextracker by 61.5% in the third quarter. Quarry LP now owns 1,119 shares of the company's stock worth $42,000 after purchasing an additional 426 shares in the last quarter. Millstone Evans Group LLC purchased a new position in Nextracker during the fourth quarter valued at $48,000. Principal Securities Inc. boosted its holdings in shares of Nextracker by 41.8% during the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock valued at $51,000 after buying an additional 410 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its position 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 worth $68,000 after buying an additional 516 shares during the period. 67.41% of the stock is owned by institutional investors.

Nextracker Stock Performance

NASDAQ NXT traded up $0.56 during trading hours on Tuesday, hitting $42.70. 292,378 shares of the company's stock traded hands, compared to its average volume of 3,074,745. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $62.31. The business's fifty day moving average price is $45.05 and its two-hundred day moving average price is $40.18. 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 firm has a market capitalization of $6.22 billion, a P/E ratio of 10.81 and a beta of 2.24.

Remove Ads

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

Insider Activity at Nextracker

In other Nextracker news, 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 value of $489,069.90. Following the completion of the sale, the chief accounting officer now owns 124,577 shares in the company, valued at approximately $6,216,392.30. This represents a 7.29 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, President Howard Wenger sold 6,066 shares of the firm's 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 sale, the president now directly owns 209,365 shares in the company, valued at approximately $9,421,425. This represents a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,758 shares of company stock worth $1,217,520. 0.27% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on NXT shares. Guggenheim upped their price objective on shares of Nextracker from $50.00 to $62.00 and gave the stock a "buy" rating in a report on Wednesday, January 29th. 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 price objective for the company. JPMorgan Chase & Co. increased their target price on Nextracker from $58.00 to $61.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 29th. Northland Securities reaffirmed 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. Finally, Barclays upgraded shares of Nextracker from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $47.00 to $60.00 in a research note on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $56.43.

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.