Pictet Asset Management Holding SA Cuts Stock Position in Nextracker Inc. (NASDAQ:NXT)

Pictet Asset Management Holding SA lessened its holdings in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 5.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,222,619 shares of the company's stock after selling 70,240 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.84% of Nextracker worth $44,662,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Allworth Financial LP increased its stake in shares of Nextracker by 52.4% in the fourth quarter. Allworth Financial LP now owns 803 shares of the company's stock worth $29,000 after purchasing an additional 276 shares in the last quarter. Signaturefd LLC lifted its stake in shares of Nextracker by 14.7% during the 4th quarter. Signaturefd LLC now owns 2,344 shares of the company's stock valued at $86,000 after buying an additional 301 shares in the last quarter. Principal Securities Inc. boosted its holdings in Nextracker by 41.8% in the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock worth $51,000 after buying an additional 410 shares during the period. Quarry LP increased its stake in Nextracker by 61.5% in the 3rd quarter. Quarry LP now owns 1,119 shares of the company's stock worth $42,000 after buying an additional 426 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings in Nextracker by 38.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company's stock valued at $68,000 after acquiring an additional 516 shares during the period. Institutional investors own 67.41% of the company's stock.

Nextracker Trading Down 3.4 %

Shares of NXT stock traded down $1.38 on Friday, reaching $39.02. 2,099,948 shares of the company's stock were exchanged, compared to its average volume of 3,067,833. The company's fifty day simple moving average is $45.04 and its 200 day simple moving average is $40.25. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $62.31. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $5.68 billion, a PE ratio of 9.93 and a beta of 2.02.

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%. As a group, analysts forecast that Nextracker Inc. will post 3.29 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. JPMorgan Chase & Co. upped their price objective on Nextracker from $58.00 to $61.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 29th. BNP Paribas upgraded Nextracker to a "strong-buy" rating in a research note on Wednesday, January 29th. BMO Capital Markets lifted their price objective on shares of Nextracker from $48.00 to $50.00 and gave the company a "market perform" rating in a research report on Wednesday, January 29th. Wells Fargo & Company dropped their target price on shares of Nextracker from $70.00 to $69.00 and set an "overweight" rating for the company in a research report on Wednesday, January 8th. Finally, Citigroup reduced their price target 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 equities 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 company. According to data from MarketBeat.com, Nextracker presently has an average rating of "Moderate Buy" and a consensus target price of $56.14.

Insider Buying and Selling

In related news, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction that occurred 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 transaction, the president now directly owns 209,365 shares of the company's stock, valued at $9,421,425. This trade represents a 2.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO David P. Bennett sold 9,801 shares of the stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total value of $489,069.90. Following the sale, the chief accounting officer now directly owns 124,577 shares in the company, valued at $6,216,392.30. This trade represents a 7.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,758 shares of company stock valued at $1,217,520 over the last quarter. 0.27% of the stock is owned by corporate insiders.

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.