Wellington Management Group LLP Sells 45,604 Shares of Nextracker Inc. (NASDAQ:NXT)

Wellington Management Group LLP reduced its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 1.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,347,388 shares of the company's stock after selling 45,604 shares during the quarter. Wellington Management Group LLP owned 2.30% of Nextracker worth $122,280,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of NXT. Duff & Phelps Investment Management Co. lifted its position in shares of Nextracker by 44.6% in the 4th quarter. Duff & Phelps Investment Management Co. now owns 25,146 shares of the company's stock worth $919,000 after acquiring an additional 7,752 shares during the period. New Age Alpha Advisors LLC bought a new position in shares of Nextracker in the fourth quarter valued at about $1,165,000. Norges Bank acquired a new position in shares of Nextracker during the fourth quarter worth approximately $106,166,000. JPMorgan Chase & Co. lifted its holdings in Nextracker by 23.9% during the 4th quarter. JPMorgan Chase & Co. now owns 1,866,028 shares of the company's stock worth $68,166,000 after buying an additional 360,214 shares in the last quarter. Finally, Murphy & Mullick Capital Management Corp bought a new position in Nextracker in the fourth quarter valued at about $69,000. 67.41% of the stock is owned by institutional investors.

Insider Activity at Nextracker

In other Nextracker news, insider Bruce Ledesma sold 9,891 shares of the business's stock in a transaction 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 owns 132,374 shares of the company's stock, valued at $6,095,822.70. The trade was a 6.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, President Howard Wenger sold 6,066 shares of the firm's stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total value of $272,970.00. Following the completion of the transaction, the president now directly owns 209,365 shares of the company's stock, valued at $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. 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. Insiders own 0.27% of the company's stock.

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Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on NXT. Guggenheim boosted their target price on Nextracker from $50.00 to $62.00 and gave the stock a "buy" rating in a research report on Wednesday, January 29th. Royal Bank of Canada initiated coverage on Nextracker in a research note on Monday, March 17th. They issued an "outperform" rating and a $55.00 price target on the stock. The Goldman Sachs Group increased their target price on shares of Nextracker from $54.00 to $61.00 and gave the stock a "buy" rating in a report on Wednesday, January 29th. Wells Fargo & Company decreased 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. Finally, Piper Sandler lifted their price target on Nextracker from $47.00 to $50.00 and gave the stock an "overweight" rating in a report on Wednesday, January 29th. Three 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 company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $56.14.

Nextracker Stock Performance

NASDAQ:NXT traded up $1.03 during trading on Tuesday, reaching $38.93. The company's stock had a trading volume of 481,525 shares, compared to its average volume of 3,058,294. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $62.31. The firm has a market cap of $5.67 billion, a price-to-earnings ratio of 9.90 and a beta of 2.02. The firm has a 50 day moving average of $45.00 and a 200-day moving average of $40.31. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20.

Nextracker (NASDAQ:NXT - Get Free Report) last posted its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) 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%. Research analysts expect that Nextracker Inc. will post 3.29 EPS for the current fiscal 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.