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

Teacher Retirement System of Texas trimmed its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 61.8% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 25,950 shares of the company’s stock after selling 41,961 shares during the period. Teacher Retirement System of Texas’ holdings in Nextracker were worth $948,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in the business. Holocene Advisors LP acquired a new position in Nextracker in the third quarter worth about $45,416,000. Erste Asset Management GmbH bought a new stake in shares of Nextracker in the 3rd quarter valued at approximately $33,545,000. State Street Corp raised its holdings in shares of Nextracker by 15.8% in the 3rd quarter. State Street Corp now owns 5,070,473 shares of the company’s stock worth $190,041,000 after buying an additional 690,343 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Nextracker by 25.5% during the 3rd quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock worth $127,169,000 after buying an additional 688,810 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Nextracker by 23.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock valued at $134,724,000 after buying an additional 679,272 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Nextracker Price Performance

Shares of NXT stock opened at $43.15 on Friday. The firm’s 50 day moving average price is $45.09 and its two-hundred day moving average price is $40.10. The stock has a market cap of $6.28 billion, a PE ratio of 10.98 and a beta of 2.24. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $62.31. 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) last announced its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 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%. As a group, analysts forecast that Nextracker Inc. will post 3.29 EPS for the current year.

Analyst Ratings Changes

NXT has been the subject of several recent analyst reports. Piper Sandler increased their price objective on Nextracker from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Truist Financial reiterated a “buy” rating and set a $56.00 target price (up previously from $54.00) on shares of Nextracker in a research report on Wednesday, January 29th. Northland Securities restated an “outperform” rating and issued a $55.00 price target (up from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. Royal Bank of Canada started coverage on shares of Nextracker in a report on Monday, March 17th. They set an “outperform” rating and a $55.00 price objective for the company. Finally, Wells Fargo & Company cut their target price on shares of Nextracker from $70.00 to $69.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Nextracker has a consensus rating of “Moderate Buy” and a consensus price target of $56.43.

Insider Transactions at Nextracker

In related 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 sale, the chief accounting officer now owns 124,577 shares of the company’s stock, valued at approximately $6,216,392.30. This trade represents a 7.29 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Bruce Ledesma sold 9,891 shares of the business’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $46.05, for a total value of $455,480.55. Following the completion of the transaction, the insider now directly owns 132,374 shares of the company’s stock, valued at approximately $6,095,822.70. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,758 shares of company stock worth $1,217,520. 0.27% of the stock is currently owned by company insiders.

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.