SG Americas Securities LLC Sells 15,000 Shares of Nextracker Inc. (NASDAQ:NXT)

SG Americas Securities LLC reduced its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 57.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,124 shares of the company's stock after selling 15,000 shares during the quarter. SG Americas Securities LLC's holdings in Nextracker were worth $406,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Geode Capital Management LLC grew its stake in Nextracker by 23.3% during the third quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company's stock valued at $134,724,000 after acquiring an additional 679,272 shares in the last quarter. Secure Asset Management LLC bought a new position in shares of Nextracker during the 3rd quarter valued at about $1,370,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in shares of Nextracker by 33.5% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,226,862 shares of the company's stock valued at $45,983,000 after purchasing an additional 307,956 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Nextracker by 30.7% in the third quarter. Van ECK Associates Corp now owns 60,613 shares of the company's stock worth $2,272,000 after purchasing an additional 14,249 shares during the last quarter. Finally, Nordea Investment Management AB purchased a new stake in shares of Nextracker in the fourth quarter worth about $5,734,000. Institutional investors own 67.41% of the company's stock.

Insider Buying and Selling at Nextracker

In other news, CAO David P. Bennett sold 9,801 shares of Nextracker stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total value of $489,069.90. Following the transaction, the chief accounting officer now directly owns 124,577 shares in the company, valued at approximately $6,216,392.30. This trade represents a 7.29 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, President Howard Wenger sold 6,066 shares of the business'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 completion of the transaction, the president now directly owns 209,365 shares of the company's stock, valued at approximately $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.27% of the stock is currently owned by corporate insiders.

Nextracker Trading Up 1.5 %

NXT stock traded up $0.71 during trading on Thursday, hitting $47.60. The company had a trading volume of 1,046,536 shares, compared to its average volume of 3,336,612. The firm has a market capitalization of $6.93 billion, a P/E ratio of 12.10 and a beta of 2.13. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $62.31. The company has a 50 day simple moving average of $40.21 and a 200-day simple moving average of $39.06.

Nextracker (NASDAQ:NXT - Get Free Report) last posted its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share 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%. As a group, research analysts forecast that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Truist Financial restated a "buy" rating and set a $56.00 price target (up previously from $54.00) on shares of Nextracker in a report on Wednesday, January 29th. Barclays upgraded shares of Nextracker from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $47.00 to $60.00 in a research report on Wednesday, January 29th. Jefferies Financial Group upgraded shares of Nextracker from a "hold" rating to a "buy" rating and increased their price objective for the company from $46.00 to $56.00 in a research report on Wednesday, January 29th. JPMorgan Chase & Co. boosted their target price on shares of Nextracker from $58.00 to $61.00 and gave the stock an "overweight" rating in a report on Wednesday, January 29th. Finally, BNP Paribas raised shares of Nextracker to a "strong-buy" rating in a report on Wednesday, January 29th. Three 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. According to data from MarketBeat.com, Nextracker presently has an average rating of "Moderate Buy" and a consensus target price 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.