Fmr LLC Sells 2,722,068 Shares of Nextracker Inc. (NASDAQ:NXT)

FMR LLC lessened its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 27.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 7,307,260 shares of the company's stock after selling 2,722,068 shares during the quarter. FMR LLC owned about 5.02% of Nextracker worth $266,934,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. IFP Advisors Inc increased its position in Nextracker by 516.4% during the 4th quarter. IFP Advisors Inc now owns 3,304 shares of the company's stock worth $121,000 after buying an additional 2,768 shares during the period. Robeco Schweiz AG bought a new position in Nextracker during the fourth quarter worth about $22,112,000. New York State Common Retirement Fund raised its stake in Nextracker by 65.6% in the 4th quarter. New York State Common Retirement Fund now owns 469,163 shares of the company's stock worth $17,139,000 after purchasing an additional 185,858 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Nextracker by 10.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,753,848 shares of the company's stock valued at $64,068,000 after purchasing an additional 161,873 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in Nextracker by 23.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company's stock valued at $134,724,000 after purchasing an additional 679,272 shares during the period. Institutional investors and hedge funds own 67.41% of the company's stock.

Nextracker Trading Down 0.4 %

NASDAQ NXT traded down $0.16 on Tuesday, reaching $40.57. The company had a trading volume of 1,445,899 shares, compared to its average volume of 3,042,489. The firm has a market cap of $5.91 billion, a price-to-earnings ratio of 10.32 and a beta of 2.02. 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 Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The business has a 50 day moving average of $43.70 and a two-hundred day moving average of $40.35.

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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 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%. Analysts forecast that Nextracker Inc. will post 3.29 EPS for the current year.

Insider Activity at Nextracker

In other news, CAO David P. Bennett sold 9,801 shares of the firm's stock in a transaction dated 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 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 sale was disclosed in a filing with the SEC, which is available at this link. Also, President Howard Wenger sold 6,066 shares of the company's stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total value of $272,970.00. Following the transaction, the president now directly owns 209,365 shares in the company, valued at approximately $9,421,425. This trade represents a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 25,758 shares of company stock worth $1,217,520 in the last 90 days. Corporate insiders own 0.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of Nextracker from $58.00 to $61.00 and gave the company an "overweight" rating in a research report on Wednesday, January 29th. Truist Financial reaffirmed a "buy" rating and issued a $56.00 price objective (up from $54.00) on shares of Nextracker in a report on Wednesday, January 29th. Northland Securities reissued an "outperform" rating and set a $55.00 target price (up from $48.00) on shares of Nextracker in a report on Wednesday, January 29th. Barclays dropped their price target on Nextracker from $60.00 to $58.00 and set an "overweight" rating for the company in a research note on Thursday, April 10th. Finally, Royal Bank of Canada assumed coverage on shares of Nextracker in a research note on Monday, March 17th. They set an "outperform" rating and a $55.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $55.82.

About Nextracker

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.