Pictet Asset Management Holding SA Sells 70,240 Shares of Nextracker Inc. (NASDAQ:NXT)

Pictet Asset Management Holding SA reduced its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 5.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,222,619 shares of the company's stock after selling 70,240 shares during the period. Pictet Asset Management Holding SA owned about 0.84% of Nextracker worth $44,662,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of NXT. Allworth Financial LP raised its stake in Nextracker by 52.4% in the 4th quarter. Allworth Financial LP now owns 803 shares of the company's stock valued at $29,000 after acquiring an additional 276 shares during the period. Quarry LP raised its position in shares of 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 purchasing an additional 426 shares during the period. Millstone Evans Group LLC purchased a new stake in shares of Nextracker during the 4th quarter valued at approximately $48,000. Principal Securities Inc. lifted its stake 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 buying an additional 410 shares in the last quarter. Finally, Nisa Investment Advisors LLC boosted its holdings in Nextracker by 38.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company's stock worth $68,000 after buying an additional 516 shares during the period. Hedge funds and other institutional investors own 67.41% of the company's stock.

Nextracker Price Performance

Shares of NXT stock traded up $0.49 during trading hours on Wednesday, hitting $43.54. 1,393,560 shares of the company's stock were exchanged, compared to its average volume of 3,076,720. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $62.31. The company has a market capitalization of $6.34 billion, a PE ratio of 11.08 and a beta of 2.02. The business's 50 day simple moving average is $45.06 and its 200-day simple moving average is $40.21. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10.

Remove Ads

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, 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 anticipate that Nextracker Inc. will post 3.29 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have issued reports on NXT. BMO Capital Markets increased their target price on Nextracker from $48.00 to $50.00 and gave the stock a "market perform" rating in a research report on Wednesday, January 29th. TD Cowen started coverage on Nextracker in a report on Thursday, December 19th. They set a "hold" rating and a $41.00 price objective on the stock. Wells Fargo & Company reduced their target price on Nextracker from $70.00 to $69.00 and set an "overweight" rating for the company in a report on Wednesday, January 8th. UBS Group increased their price target on shares of Nextracker from $60.00 to $66.00 and gave the stock a "buy" rating in a report on Wednesday, January 29th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Nextracker from $58.00 to $61.00 and gave the company an "overweight" rating in a research note on Wednesday, January 29th. Three investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $56.14.

Insider Activity at Nextracker

In other news, President Howard Wenger sold 6,066 shares of the 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 sale, the president now owns 209,365 shares of the company's stock, valued at approximately $9,421,425. This represents a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO David P. Bennett sold 9,801 shares of the firm's stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total transaction of $489,069.90. Following the completion of the transaction, the chief accounting officer now owns 124,577 shares in the company, valued at $6,216,392.30. This represents a 7.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 25,758 shares of company stock worth $1,217,520 in the last ninety days. 0.27% of the stock is owned by company insiders.

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.