Bank of New York Mellon Corp Has $40.34 Million Stock Holdings in Nextracker Inc. (NASDAQ:NXT)

Bank of New York Mellon Corp reduced its position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 0.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,104,170 shares of the company's stock after selling 10,540 shares during the period. Bank of New York Mellon Corp owned about 0.76% of Nextracker worth $40,335,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in NXT. Allworth Financial LP grew its position in shares of Nextracker by 52.4% during the 4th quarter. Allworth Financial LP now owns 803 shares of the company's stock worth $29,000 after buying an additional 276 shares during the period. Quarry LP lifted its stake in Nextracker by 61.5% in the third quarter. Quarry LP now owns 1,119 shares of the company's stock valued at $42,000 after buying an additional 426 shares in the last quarter. Principal Securities Inc. lifted its stake in Nextracker by 41.8% in the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock valued at $51,000 after buying an additional 410 shares in the last quarter. Nisa Investment Advisors LLC lifted its position 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 worth $68,000 after purchasing an additional 516 shares in the last quarter. Finally, Neo Ivy Capital Management bought a new stake in shares of Nextracker in the third quarter worth $74,000. 67.41% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on NXT shares. Northland Securities reissued an "outperform" rating and issued a $55.00 price objective (up previously from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. Wells Fargo & Company dropped their price target on shares of Nextracker from $70.00 to $69.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 8th. Truist Financial reaffirmed a "buy" rating and set a $56.00 price target (up from $54.00) on shares of Nextracker in a research report on Wednesday, January 29th. Barclays raised shares of Nextracker from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $47.00 to $60.00 in a research report on Wednesday, January 29th. Finally, Citigroup decreased their price objective on shares of Nextracker from $50.00 to $45.00 and set a "neutral" rating on the stock in a report on Wednesday, January 8th. 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 stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $56.50.

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Nextracker Stock Performance

Shares of NXT stock traded down $0.53 on Friday, hitting $41.56. The company's stock had a trading volume of 2,365,442 shares, compared to its average volume of 3,116,567. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. The stock's 50 day moving average is $44.09 and its 200-day moving average is $39.50. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The company has a market capitalization of $6.05 billion, a PE ratio of 10.58 and a beta of 2.24.

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

Insider Buying and Selling

In other 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 completion of the transaction, the chief accounting officer now owns 124,577 shares of the company's stock, valued at approximately $6,216,392.30. This represents a 7.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bruce Ledesma sold 9,891 shares of the stock in a transaction dated Monday, February 10th. The stock was 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 $6,095,822.70. This trade represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 25,758 shares of company stock valued at $1,217,520 over the last quarter. 0.27% of the stock is owned by company insiders.

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.