Mirae Asset Global Investments Co. Ltd. Sells 40,000 Shares of Nextracker Inc. (NASDAQ:NXT)

Mirae Asset Global Investments Co. Ltd. trimmed its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 47.1% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 45,000 shares of the company's stock after selling 40,000 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Nextracker were worth $1,664,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of NXT. Quarry LP increased its position in shares of 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 purchasing an additional 426 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in Nextracker by 38.4% during 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 last quarter. HighTower Advisors LLC raised its position in Nextracker by 1.8% in the third quarter. HighTower Advisors LLC now owns 29,777 shares of the company's stock worth $1,115,000 after acquiring an additional 519 shares during the period. GAMMA Investing LLC boosted its stake in shares of Nextracker by 83.2% during the 3rd quarter. GAMMA Investing LLC now owns 1,209 shares of the company's stock worth $45,000 after acquiring an additional 549 shares during the last quarter. Finally, Signaturefd LLC boosted its stake in shares of Nextracker by 37.8% during the 3rd quarter. Signaturefd LLC now owns 2,043 shares of the company's stock worth $77,000 after acquiring an additional 560 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Insiders Place Their Bets

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 value of $489,069.90. Following the sale, the chief accounting officer now directly owns 124,577 shares of the company's stock, valued at $6,216,392.30. This represents a 7.29 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Howard Wenger sold 6,066 shares of the business's stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total value of $272,970.00. Following the transaction, the president now owns 209,365 shares of the company's stock, valued at $9,421,425. This trade represents a 2.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 25,758 shares of company stock valued at $1,217,520 over the last ninety days. 0.27% of the stock is owned by insiders.

Nextracker Price Performance

NXT traded down $0.82 during trading hours on Tuesday, hitting $45.12. The company's stock had a trading volume of 2,179,048 shares, compared to its average volume of 3,361,546. The stock has a market cap of $6.57 billion, a price-to-earnings ratio of 11.48 and a beta of 2.14. The business's 50-day moving average price is $40.65 and its 200-day moving average price is $39.00. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. Nextracker Inc. has a 12 month low of $30.93 and a 12 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 EPS for the quarter, topping 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%. Sell-side analysts expect that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

Analyst Ratings Changes

NXT has been the subject of several recent research reports. The Goldman Sachs Group boosted their price target on Nextracker from $54.00 to $61.00 and gave the company a "buy" rating in a report on Wednesday, January 29th. Northland Capmk upgraded Nextracker to a "strong-buy" rating in a research note on Tuesday, November 19th. TD Cowen assumed coverage on shares of Nextracker in a research note on Thursday, December 19th. They set a "hold" rating and a $41.00 target price on the stock. Truist Financial reiterated a "buy" rating and issued a $56.00 price target (up from $54.00) on shares of Nextracker in a research report on Wednesday, January 29th. Finally, Jefferies Financial Group upgraded shares of Nextracker from a "hold" rating to a "buy" rating and raised their price objective for the company from $46.00 to $56.00 in a research report on Wednesday, January 29th. Three investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $56.50.

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.