Sei Investments Co. Acquires 21,188 Shares of Nextracker Inc. (NASDAQ:NXT)

Sei Investments Co. increased its position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 10.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 223,580 shares of the company's stock after purchasing an additional 21,188 shares during the quarter. Sei Investments Co. owned 0.15% of Nextracker worth $8,167,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Allworth Financial LP grew its position in shares of Nextracker by 52.4% in the fourth quarter. Allworth Financial LP now owns 803 shares of the company's stock valued at $29,000 after purchasing an additional 276 shares in the last quarter. Quarry LP raised its stake 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 acquiring an additional 426 shares in the last quarter. Millstone Evans Group LLC acquired a new position in shares of Nextracker during the fourth quarter worth about $48,000. Principal Securities Inc. increased its holdings 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 during the last quarter. Finally, Nisa Investment Advisors LLC boosted its holdings in 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 in the last quarter. Institutional investors and hedge funds own 67.41% of the company's stock.

Analyst Ratings Changes

Several brokerages recently weighed in on NXT. JPMorgan Chase & Co. increased their price target on Nextracker from $58.00 to $61.00 and gave the stock an "overweight" rating in a report on Wednesday, January 29th. Northland Securities reaffirmed an "outperform" rating and set a $55.00 price target (up previously from $48.00) on shares of Nextracker in a research note on Wednesday, January 29th. Barclays raised Nextracker from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $47.00 to $60.00 in a research note on Wednesday, January 29th. The Goldman Sachs Group raised their price target on shares of Nextracker from $54.00 to $61.00 and gave the stock a "buy" rating in a research note on Wednesday, January 29th. Finally, Wells Fargo & Company lowered their price target on Nextracker from $70.00 to $69.00 and set an "overweight" rating for the company in a report on Wednesday, January 8th. Three investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $56.14.

Insider Buying and Selling

In other news, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction 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 owns 209,365 shares in the company, valued at approximately $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bruce Ledesma sold 9,891 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $46.05, for a total transaction of $455,480.55. Following the sale, the insider now directly owns 132,374 shares of the company's stock, valued at $6,095,822.70. This represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,758 shares of company stock worth $1,217,520. Corporate insiders own 0.27% of the company's stock.

Nextracker Stock Down 7.2 %

Shares of NASDAQ NXT traded down $3.14 during trading hours on Thursday, hitting $40.40. The company had a trading volume of 2,305,379 shares, compared to its average volume of 3,070,042. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. The firm's 50 day moving average is $45.08 and its 200-day moving average is $40.24. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $62.31. The stock has a market capitalization of $5.88 billion, a P/E ratio of 10.28 and a beta of 2.02.

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, 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%. On average, analysts expect that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

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.