Nextracker Inc. (NASDAQ:NXT) Stock Holdings Trimmed by Primecap Management Co. CA

Primecap Management Co. CA decreased its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 1.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,701,847 shares of the company's stock after selling 142,560 shares during the period. Primecap Management Co. CA owned 5.29% of Nextracker worth $281,348,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of NXT. Allworth Financial LP lifted its stake in shares of 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 period. Quarry LP lifted its stake in shares of Nextracker by 61.5% during the 3rd quarter. Quarry LP now owns 1,119 shares of the company's stock worth $42,000 after purchasing an additional 426 shares during the period. Principal Securities Inc. boosted its holdings in shares of Nextracker by 41.8% during the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock worth $51,000 after purchasing an additional 410 shares during the last quarter. Nisa Investment Advisors LLC grew 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 valued at $68,000 after purchasing an additional 516 shares during the period. Finally, Neo Ivy Capital Management acquired a new position in Nextracker in the third quarter valued at $74,000. Hedge funds and other institutional investors own 67.41% of the company's stock.

Nextracker Stock Down 1.6 %

Shares of NXT stock traded down $0.70 during mid-day trading on Friday, reaching $44.27. 3,499,002 shares of the company were exchanged, compared to its average volume of 3,040,235. 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 business's 50 day simple moving average is $44.93 and its 200 day simple moving average is $39.74. The company has a market capitalization of $6.45 billion, a P/E ratio of 11.26 and a beta of 2.24. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31.

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Nextracker (NASDAQ:NXT - Get Free Report) last announced 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%. Research analysts predict that Nextracker Inc. will post 3.29 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. BMO Capital Markets raised their target price on shares of Nextracker from $48.00 to $50.00 and gave the stock a "market perform" rating in a research report on Wednesday, January 29th. Jefferies Financial Group raised shares of Nextracker from a "hold" rating to a "buy" rating and boosted their price objective for the company from $46.00 to $56.00 in a research note on Wednesday, January 29th. The Goldman Sachs Group upped their price objective on Nextracker from $54.00 to $61.00 and gave the stock a "buy" rating in a report on Wednesday, January 29th. Guggenheim lifted their target price on Nextracker from $50.00 to $62.00 and gave the company a "buy" rating in a report on Wednesday, January 29th. Finally, Wells Fargo & Company dropped their price target on Nextracker from $70.00 to $69.00 and set an "overweight" rating for the company in a research note on Wednesday, January 8th. Three investment analysts have rated the stock with a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Nextracker currently has an average rating of "Moderate Buy" and an average target price of $56.43.

Insiders Place Their Bets

In other Nextracker news, 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 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 approximately $6,216,392.30. This represents a 7.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bruce Ledesma sold 9,891 shares of Nextracker stock in a transaction dated 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 $6,095,822.70. This trade represents a 6.95 % decrease in their ownership of the stock. 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 in the last quarter. Insiders own 0.27% of the company's stock.

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.