Decade Renewable Partners LP Sells 87,400 Shares of Nextracker Inc. (NASDAQ:NXT)

Decade Renewable Partners LP cut its holdings in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 38.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 138,814 shares of the company's stock after selling 87,400 shares during the period. Nextracker comprises approximately 2.5% of Decade Renewable Partners LP's holdings, making the stock its 18th largest holding. Decade Renewable Partners LP owned approximately 0.10% of Nextracker worth $5,071,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Allworth Financial LP lifted its holdings in Nextracker by 52.4% during the 4th quarter. Allworth Financial LP now owns 803 shares of the company's stock worth $29,000 after buying an additional 276 shares in the last quarter. Signaturefd LLC boosted its holdings in Nextracker by 14.7% in the fourth quarter. Signaturefd LLC now owns 2,344 shares of the company's stock valued at $86,000 after acquiring an additional 301 shares during the last quarter. Principal Securities Inc. boosted its stake in shares of Nextracker by 41.8% in the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock valued at $51,000 after purchasing an additional 410 shares during the last quarter. Mariner LLC grew its holdings in Nextracker by 4.3% during the 4th quarter. Mariner LLC now owns 11,328 shares of the company's stock worth $414,000 after acquiring an additional 469 shares during the period. Finally, Nisa Investment Advisors LLC lifted its stake in Nextracker by 38.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company's stock valued at $68,000 after buying an additional 516 shares during the period. 67.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on NXT. The Goldman Sachs Group increased their price target on Nextracker from $54.00 to $61.00 and gave the stock a "buy" rating in a report on Wednesday, January 29th. Citigroup cut their target price on shares of Nextracker from $50.00 to $45.00 and set a "neutral" rating for the company in a research note on Wednesday, January 8th. Truist Financial reduced their target price on shares of Nextracker from $56.00 to $52.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Guggenheim upped their price objective on Nextracker from $50.00 to $62.00 and gave the company a "buy" rating in a report on Wednesday, January 29th. Finally, Northland Securities reiterated an "outperform" rating and issued a $55.00 price target (up from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. Three investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Nextracker currently has an average rating of "Moderate Buy" and a consensus price target of $55.43.

Nextracker Stock Performance

Shares of NXT opened at $43.65 on Monday. Nextracker Inc. has a one year low of $30.93 and a one year high of $62.31. The company has a market cap of $6.36 billion, a PE ratio of 11.11 and a beta of 2.02. The stock has a 50-day moving average of $42.66 and a 200-day moving average of $40.65. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96.

Nextracker (NASDAQ:NXT - Get Free Report) last released its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, topping 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%. On average, equities research analysts predict that Nextracker Inc. will post 3.29 EPS for the current fiscal year.

Insider Buying and Selling at Nextracker

In related news, CAO David P. Bennett sold 9,801 shares of the stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total transaction of $489,069.90. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Bruce Ledesma sold 9,891 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $46.05, for a total transaction of $455,480.55. Following the transaction, the insider now directly owns 132,374 shares of the company's stock, valued at $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. Company 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.

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