Nextracker Inc. (NASDAQ:NXT) Shares Sold by KBC Group NV

KBC Group NV lowered its holdings in Nextracker Inc. (NASDAQ:NXT) by 28.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 6,088 shares of the company’s stock after selling 2,384 shares during the quarter. KBC Group NV’s holdings in Nextracker were worth $222,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Union Bancaire Privee UBP SA purchased a new position in Nextracker in the fourth quarter valued at approximately $177,000. Secure Asset Management LLC raised its stake in Nextracker by 14.8% during the 4th quarter. Secure Asset Management LLC now owns 41,948 shares of the company’s stock worth $1,532,000 after acquiring an additional 5,408 shares in the last quarter. Whalen Wealth Management Inc. purchased a new stake in Nextracker in the fourth quarter valued at $450,000. Viking Fund Management LLC boosted its stake in Nextracker by 60.0% in the fourth quarter. Viking Fund Management LLC now owns 32,000 shares of the company’s stock valued at $1,169,000 after acquiring an additional 12,000 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its holdings in shares of Nextracker by 38.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock worth $68,000 after purchasing an additional 516 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Trading Up 2.4 %

Nextracker stock opened at $49.75 on Wednesday. The stock has a market cap of $7.24 billion, a PE ratio of 12.66 and a beta of 2.13. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. The stock has a 50-day moving average price of $39.85 and a 200 day moving average price of $38.99. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $62.31.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) 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%. Equities research analysts predict that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have commented on NXT. TD Cowen started coverage on Nextracker in a research report on Thursday, December 19th. They set a “hold” rating and a $41.00 price target on the stock. Robert W. Baird lowered their price objective on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. Citigroup decreased their target price 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. Piper Sandler upped their price objective on Nextracker from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Finally, Northland Securities reissued an “outperform” rating and issued a $55.00 target price (up previously from $48.00) on shares of Nextracker in a report on Wednesday, January 29th. Three equities research 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 currently has an average rating of “Moderate Buy” and an average price target of $56.50.

Insider Transactions at Nextracker

In other news, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $45.00, for a total value of $272,970.00. Following the transaction, the president now directly owns 209,365 shares in the company, valued at $9,421,425. This trade represents a 2.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO David P. Bennett sold 9,801 shares of the business’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total value of $489,069.90. Following the sale, the chief accounting officer now owns 124,577 shares of the company’s stock, valued at $6,216,392.30. The trade was a 7.29 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.27% of the company’s stock.

Nextracker Company 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.