State of Alaska Department of Revenue Has $598,000 Stock Holdings in Nextracker Inc. (NASDAQ:NXT)

State of Alaska Department of Revenue lowered its position in shares of Nextracker Inc. (NASDAQ:NXT) by 1.6% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 16,390 shares of the company’s stock after selling 270 shares during the quarter. State of Alaska Department of Revenue’s holdings in Nextracker were worth $598,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of NXT. Geode Capital Management LLC raised its stake in Nextracker by 23.3% during the third quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock worth $134,724,000 after acquiring an additional 679,272 shares in the last quarter. Secure Asset Management LLC acquired a new position in Nextracker during the third quarter worth about $1,370,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in Nextracker by 33.5% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,226,862 shares of the company’s stock worth $45,983,000 after acquiring an additional 307,956 shares in the last quarter. Van ECK Associates Corp raised its stake in Nextracker by 30.7% during the third quarter. Van ECK Associates Corp now owns 60,613 shares of the company’s stock worth $2,272,000 after acquiring an additional 14,249 shares in the last quarter. Finally, Nordea Investment Management AB acquired a new position in Nextracker during the fourth quarter worth about $5,734,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

Insider Buying and Selling

In other Nextracker news, 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 transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total value of $272,970.00. Following the transaction, the president now owns 209,365 shares in the company, valued at approximately $9,421,425. This trade represents a 2.82 % 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 worth $1,217,520 in the last ninety days. Corporate insiders own 0.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on NXT shares. Susquehanna upped their price objective on Nextracker from $50.00 to $54.00 and gave the company a “positive” rating in a research note on Wednesday, January 29th. Northland Securities reaffirmed an “outperform” rating and issued a $55.00 price objective (up previously from $48.00) on shares of Nextracker in a research note on Wednesday, January 29th. Robert W. Baird lowered their price objective on Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. Truist Financial reaffirmed a “buy” rating and issued a $56.00 price objective (up previously from $54.00) on shares of Nextracker in a research note on Wednesday, January 29th. Finally, BNP Paribas raised Nextracker to a “strong-buy” rating in a research note 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 given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.50.

Nextracker Price Performance

Nextracker stock opened at $47.30 on Friday. The stock has a market capitalization of $6.89 billion, a price-to-earnings ratio of 12.04 and a beta of 2.14. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $62.31. The stock’s 50 day moving average price is $41.10 and its two-hundred day moving average price is $39.07. 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) last posted its quarterly earnings results 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 return on equity of 41.22% and a net margin of 20.12%. On average, equities analysts predict that Nextracker Inc. will post 3.29 earnings per share for the current year.

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.