Victory Capital Management Inc. Decreases Holdings in Nextracker Inc. (NASDAQ:NXT)

Victory Capital Management Inc. trimmed its position in Nextracker Inc. (NASDAQ:NXT - Free Report) by 23.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,800,869 shares of the company's stock after selling 566,767 shares during the period. Victory Capital Management Inc. owned about 1.24% of Nextracker worth $65,786,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Allworth Financial LP boosted its stake in Nextracker by 52.4% during the fourth quarter. Allworth Financial LP now owns 803 shares of the company's stock valued at $29,000 after buying an additional 276 shares during the last quarter. Quarry LP boosted 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 acquiring an additional 426 shares during the last quarter. Principal Securities Inc. boosted its position in shares of Nextracker by 41.8% during the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock valued at $51,000 after acquiring an additional 410 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of Nextracker by 38.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company's stock valued at $68,000 after purchasing an additional 516 shares in the last quarter. Finally, Neo Ivy Capital Management bought a new stake in Nextracker in the third quarter worth $74,000. Hedge funds and other institutional investors own 67.41% of the company's stock.

Insider Activity

In other Nextracker news, insider Bruce Ledesma sold 9,891 shares of the firm's stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $46.05, for a total transaction of $455,480.55. Following the completion of the transaction, the insider now directly owns 132,374 shares of the company's stock, valued at approximately $6,095,822.70. This trade represents a 6.95 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, President Howard Wenger sold 6,066 shares of the company's stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total transaction of $272,970.00. Following the completion of the sale, the president now directly owns 209,365 shares in the company, valued at $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 25,758 shares of company stock valued at $1,217,520 over the last ninety days. 0.27% of the stock is currently owned by insiders.

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Nextracker Stock Up 7.7 %

NASDAQ:NXT traded up $3.23 during mid-day trading on Tuesday, hitting $44.94. 3,117,158 shares of the company's stock traded hands, compared to its average volume of 3,114,589. The company has a fifty day moving average of $44.19 and a 200 day moving average of $39.51. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $62.31. The company has a market capitalization of $6.54 billion, a P/E ratio of 11.44 and a beta of 2.24.

Nextracker (NASDAQ:NXT - Get Free Report) last released its earnings results 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%. On average, analysts forecast that Nextracker Inc. will post 3.29 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on NXT. BNP Paribas raised shares of Nextracker to a "strong-buy" rating in a research note on Wednesday, January 29th. Truist Financial reissued a "buy" rating and set a $56.00 price objective (up from $54.00) on shares of Nextracker in a research note on Wednesday, January 29th. Susquehanna raised their price objective on Nextracker from $50.00 to $54.00 and gave the company a "positive" rating in a research note on Wednesday, January 29th. Citigroup cut their target price on Nextracker from $50.00 to $45.00 and set a "neutral" rating on the stock in a research report on Wednesday, January 8th. Finally, BMO Capital Markets increased their price target on Nextracker from $48.00 to $50.00 and gave the company a "market perform" 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 issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $56.50.

Nextracker 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.