Nextracker Inc. (NASDAQ:NXT) Shares Sold by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. decreased its position in Nextracker Inc. (NASDAQ:NXT - Free Report) by 8.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 115,816 shares of the company's stock after selling 10,636 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.08% of Nextracker worth $4,590,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of NXT. Vanguard Group Inc. increased its holdings in Nextracker by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 13,843,997 shares of the company's stock worth $505,721,000 after acquiring an additional 243,635 shares in the last quarter. State Street Corp increased its stake in shares of Nextracker by 15.8% during the third quarter. State Street Corp now owns 5,070,473 shares of the company's stock worth $190,041,000 after purchasing an additional 690,343 shares in the last quarter. Geode Capital Management LLC raised its position 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 last quarter. Wellington Management Group LLP lifted its stake in Nextracker by 25.5% in the 3rd quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company's stock valued at $127,169,000 after buying an additional 688,810 shares in the last quarter. Finally, Handelsbanken Fonder AB boosted its holdings in Nextracker by 36.0% in the 4th quarter. Handelsbanken Fonder AB now owns 2,278,217 shares of the company's stock worth $83,223,000 after buying an additional 602,600 shares during the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

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Nextracker Stock Down 7.2 %

Shares of NASDAQ:NXT traded down $3.14 during trading on Thursday, hitting $40.40. 2,305,379 shares of the company were exchanged, compared to its average volume of 3,070,042. 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 firm's 50 day moving average price is $45.11 and its 200-day moving average price is $40.24. The stock has a market capitalization of $5.88 billion, a P/E ratio of 10.28 and a beta of 2.02. 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 released its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, beating 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, research analysts predict that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

Insider Transactions at Nextracker

In other news, CAO David P. Bennett sold 9,801 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now directly owns 124,577 shares of the company's stock, 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 this hyperlink. Also, President Howard Wenger sold 6,066 shares of the company's stock in a transaction 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 $9,421,425. This represents a 2.82 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 25,758 shares of company stock worth $1,217,520. Insiders own 0.27% of the company's stock.

Wall Street Analysts Forecast Growth

NXT has been the topic of several research reports. JPMorgan Chase & Co. raised their target price on Nextracker from $58.00 to $61.00 and gave the company an "overweight" rating in a research report on Wednesday, January 29th. Citigroup decreased their price objective on Nextracker from $50.00 to $45.00 and set a "neutral" rating on the stock in a report on Wednesday, January 8th. BMO Capital Markets upped their target price on shares of Nextracker from $48.00 to $50.00 and gave the stock a "market perform" rating in a report on Wednesday, January 29th. TD Cowen initiated coverage on shares of Nextracker in a research report on Thursday, December 19th. They issued a "hold" rating and a $41.00 target price for the company. Finally, Jefferies Financial Group upgraded shares of Nextracker from a "hold" rating to a "buy" rating and boosted their price target for the stock from $46.00 to $56.00 in a research report on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Nextracker currently has a consensus rating of "Moderate Buy" and an average price target of $56.14.

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.