Pacer Advisors Inc. Sells 11,866 Shares of Nextracker Inc. (NASDAQ:NXT)

Pacer Advisors Inc. reduced its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 35.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,413 shares of the company's stock after selling 11,866 shares during the quarter. Pacer Advisors Inc.'s holdings in Nextracker were worth $782,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Holocene Advisors LP acquired a new stake in Nextracker in the third quarter valued at approximately $45,416,000. Erste Asset Management GmbH acquired a new stake in shares of Nextracker in the 3rd quarter valued at $33,545,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Nextracker by 88.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,591,975 shares of the company's stock worth $59,667,000 after purchasing an additional 745,665 shares in the last quarter. State Street Corp increased its position in 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 buying an additional 690,343 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in Nextracker by 25.5% during the third 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. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextracker Price Performance

Shares of NASDAQ:NXT traded up $0.72 on Thursday, hitting $47.61. The stock had a trading volume of 3,415,779 shares, compared to its average volume of 3,409,768. The company has a market capitalization of $6.93 billion, a price-to-earnings ratio of 12.11 and a beta of 2.13. 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 firm's 50 day moving average price is $40.21 and its 200-day moving average price is $39.06. Nextracker Inc. has a twelve month low of $30.93 and a twelve 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 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%. On average, equities research analysts predict that Nextracker Inc. will post 3.29 earnings per share for the current year.

Insider Activity 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 shares were sold at an average price of $49.90, for a total transaction 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Howard Wenger sold 6,066 shares of the business's stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total transaction of $272,970.00. Following the completion of 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 own 0.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on NXT shares. Truist Financial reissued a "buy" rating and set a $56.00 price objective (up previously from $54.00) on shares of Nextracker in a report on Wednesday, January 29th. Guggenheim increased their price target on Nextracker from $50.00 to $62.00 and gave the company a "buy" rating in a report on Wednesday, January 29th. Jefferies Financial Group upgraded shares of Nextracker from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $46.00 to $56.00 in a research note on Wednesday, January 29th. UBS Group raised their target price on shares of Nextracker from $60.00 to $66.00 and gave the company a "buy" rating in a research note on Wednesday, January 29th. Finally, Northland Securities reissued an "outperform" rating and set a $55.00 target price (up previously from $48.00) on shares of Nextracker 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 issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Nextracker presently has an average rating of "Moderate Buy" and a consensus 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.