Teacher Retirement System of Texas Sells 41,961 Shares of Nextracker Inc. (NASDAQ:NXT)

Teacher Retirement System of Texas reduced its stake in Nextracker Inc. (NASDAQ:NXT - Free Report) by 61.8% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 25,950 shares of the company's stock after selling 41,961 shares during the quarter. Teacher Retirement System of Texas' holdings in Nextracker were worth $948,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Thrivent Financial for Lutherans boosted its stake in Nextracker by 13.5% in the third quarter. Thrivent Financial for Lutherans now owns 33,698 shares of the company's stock valued at $1,263,000 after acquiring an additional 4,006 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Nextracker by 24.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,320,916 shares of the company's stock worth $49,508,000 after purchasing an additional 261,523 shares during the period. Bank of Montreal Can lifted its stake in Nextracker by 7.1% in the third quarter. Bank of Montreal Can now owns 56,147 shares of the company's stock valued at $2,184,000 after purchasing an additional 3,719 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in Nextracker by 12.3% during the third quarter. The Manufacturers Life Insurance Company now owns 165,715 shares of the company's stock valued at $6,211,000 after purchasing an additional 18,187 shares during the period. Finally, MetLife Investment Management LLC increased its position in Nextracker by 18.3% in the third quarter. MetLife Investment Management LLC now owns 153,683 shares of the company's stock worth $5,760,000 after buying an additional 23,825 shares during the last quarter. Institutional investors own 67.41% of the company's stock.

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Analysts Set New Price Targets

NXT has been the subject of several research reports. BNP Paribas upgraded Nextracker to a "strong-buy" rating in a research note on Wednesday, January 29th. Wells Fargo & Company dropped their price objective on shares of Nextracker from $70.00 to $69.00 and set an "overweight" rating on the stock in a report on Wednesday, January 8th. UBS Group lifted their target price on shares of Nextracker from $60.00 to $66.00 and gave the stock a "buy" rating in a research note on Wednesday, January 29th. TD Cowen began coverage on shares of Nextracker in a research note on Thursday, December 19th. They set a "hold" rating and a $41.00 price target on the stock. Finally, Citigroup reduced their price objective on shares of Nextracker from $50.00 to $45.00 and set a "neutral" 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 stock. According to data from MarketBeat.com, Nextracker has an average rating of "Moderate Buy" and a consensus price target of $56.43.

Insider Transactions at Nextracker

In related news, President Howard Wenger sold 6,066 shares of the company's 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 completion of the sale, the president now directly owns 209,365 shares in the company, valued at $9,421,425. This represents a 2.82 % decrease in their position. The transaction 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 firm's stock in a transaction 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 sale, the chief accounting officer now directly owns 124,577 shares in the company, valued at approximately $6,216,392.30. This trade represents a 7.29 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 25,758 shares of company stock worth $1,217,520. Company insiders own 0.27% of the company's stock.

Nextracker Price Performance

Shares of NASDAQ NXT traded up $0.63 during trading hours on Tuesday, reaching $42.77. 672,603 shares of the stock traded hands, compared to its average volume of 2,591,063. The company has a market capitalization of $6.23 billion, a P/E ratio of 10.89 and a beta of 2.24. The company's 50-day simple moving average is $45.05 and its two-hundred day simple moving average is $40.18. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $62.31.

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 analysts' consensus estimates of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. Equities research analysts forecast that Nextracker Inc. will post 3.29 EPS for the current year.

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.