LPL Financial LLC Reduces Position in Nextracker Inc. (NASDAQ:NXT)

LPL Financial LLC lowered its position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 51.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 52,347 shares of the company's stock after selling 55,341 shares during the quarter. LPL Financial LLC's holdings in Nextracker were worth $1,912,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in NXT. Geode Capital Management LLC boosted its stake in shares of Nextracker by 23.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company's stock worth $134,724,000 after purchasing an additional 679,272 shares during the period. Robeco Schweiz AG bought a new position in shares of Nextracker in the fourth quarter worth about $22,112,000. Handelsbanken Fonder AB grew its holdings in shares of Nextracker by 36.0% in the fourth quarter. Handelsbanken Fonder AB now owns 2,278,217 shares of the company's stock worth $83,223,000 after purchasing an additional 602,600 shares during the last quarter. Fort Washington Investment Advisors Inc. OH bought a new stake in Nextracker during the 4th quarter valued at about $10,228,000. Finally, Erste Asset Management GmbH boosted its position in Nextracker by 23.6% in the 4th quarter. Erste Asset Management GmbH now owns 1,066,560 shares of the company's stock valued at $39,704,000 after buying an additional 203,594 shares during the period. Hedge funds and other institutional investors own 67.41% of the company's stock.

Nextracker Stock Up 1.5 %

Shares of Nextracker stock traded up $0.58 during trading hours on Friday, hitting $40.30. The company had a trading volume of 1,220,198 shares, compared to its average volume of 3,013,169. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The company's 50-day moving average is $43.32 and its two-hundred day moving average is $40.37. The company has a market cap of $5.87 billion, a P/E ratio of 10.25 and a beta of 2.02. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $62.31.

Nextracker (NASDAQ:NXT - Get Free Report) last issued its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, beating 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%. Analysts anticipate that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Wells Fargo & Company dropped their price target on Nextracker from $70.00 to $69.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 8th. Guggenheim raised their target price on shares of Nextracker from $50.00 to $62.00 and gave the company a "buy" rating in a research report on Wednesday, January 29th. Truist Financial lowered their price target on shares of Nextracker from $56.00 to $52.00 and set a "buy" rating for the company in a research report on Thursday. TD Cowen began coverage on shares of Nextracker in a report on Thursday, December 19th. They set a "hold" rating and a $41.00 price objective on the stock. Finally, JPMorgan Chase & Co. upped their target price on Nextracker from $58.00 to $61.00 and gave the stock an "overweight" rating in a report on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Nextracker presently has a consensus rating of "Moderate Buy" and a consensus target price of $55.64.

Insider Buying and Selling

In other Nextracker news, CAO David P. Bennett sold 9,801 shares of the business's 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 directly owns 124,577 shares in the company, valued at approximately $6,216,392.30. The trade was a 7.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 directly owns 132,374 shares in the company, valued at $6,095,822.70. This trade represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. 0.27% of the stock is owned by company insiders.

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.