Pacer Advisors Inc. Reduces Position in Nextracker Inc. (NASDAQ:NXT)

Pacer Advisors Inc. decreased its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 35.7% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 21,413 shares of the company’s stock after selling 11,866 shares during the period. Pacer Advisors Inc.’s holdings in Nextracker were worth $782,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of NXT. Union Bancaire Privee UBP SA acquired a new stake in shares of Nextracker during the fourth quarter worth $177,000. Secure Asset Management LLC boosted its holdings in Nextracker by 14.8% in the fourth quarter. Secure Asset Management LLC now owns 41,948 shares of the company’s stock valued at $1,532,000 after acquiring an additional 5,408 shares during the last quarter. Whalen Wealth Management Inc. acquired a new position in Nextracker in the fourth quarter valued at $450,000. Viking Fund Management LLC boosted its holdings 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 during the last quarter. Finally, Nisa Investment Advisors LLC boosted its holdings in Nextracker by 38.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after acquiring an additional 516 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Insiders Place Their Bets

In other 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 value of $272,970.00. Following the transaction, the president now directly owns 209,365 shares of the company’s stock, valued at approximately $9,421,425. This represents a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO David P. Bennett sold 9,801 shares of the company’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 owns 124,577 shares of the company’s stock, valued at $6,216,392.30. This represents a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.27% of the stock is currently owned by insiders.

Nextracker Stock Performance

Shares of NXT stock opened at $48.60 on Tuesday. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. The business has a 50 day moving average of $39.69 and a two-hundred day moving average of $38.98. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $62.31. The company has a market cap of $7.07 billion, a P/E ratio of 12.37 and a beta of 2.13.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate 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 anticipate that Nextracker Inc. will post 3.29 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on NXT. Northland Securities reiterated 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. Robert W. Baird reduced their target price on Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a report on Thursday, October 31st. Barclays raised Nextracker from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $47.00 to $60.00 in a research report on Wednesday, January 29th. The Goldman Sachs Group raised their price objective on Nextracker from $54.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. Finally, Citigroup cut their price objective on Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th. Three investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Nextracker presently has a consensus rating of “Moderate Buy” and an average price target of $56.50.

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.