Yousif Capital Management LLC Sells 4,048 Shares of Nextracker Inc. (NASDAQ:NXT)

Yousif Capital Management LLC trimmed its position in Nextracker Inc. (NASDAQ:NXT) by 7.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 50,703 shares of the company’s stock after selling 4,048 shares during the quarter. Yousif Capital Management LLC’s holdings in Nextracker were worth $1,852,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the company. Holocene Advisors LP acquired a new position in Nextracker in the 3rd quarter valued at about $45,416,000. Erste Asset Management GmbH acquired a new position in shares of Nextracker in the third quarter valued at approximately $33,545,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Nextracker by 88.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,591,975 shares of the company’s stock worth $59,667,000 after purchasing an additional 745,665 shares during the period. State Street Corp lifted its holdings in Nextracker by 15.8% during the 3rd quarter. State Street Corp now owns 5,070,473 shares of the company’s stock worth $190,041,000 after purchasing an additional 690,343 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in Nextracker by 25.5% in the 3rd quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock valued at $127,169,000 after purchasing an additional 688,810 shares during the period. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on NXT. TD Cowen assumed coverage on Nextracker in a research note on Thursday, December 19th. They issued a “hold” rating and a $41.00 price target for the company. Jefferies Financial Group raised Nextracker from a “hold” rating to a “buy” rating and boosted their price target for the company from $46.00 to $56.00 in a research note on Wednesday, January 29th. UBS Group increased their price objective on shares of Nextracker from $60.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. Piper Sandler boosted their target price on shares of Nextracker from $47.00 to $50.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Finally, Northland Securities reiterated an “outperform” rating and set a $55.00 price target (up previously from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. Three 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 company. According to data from MarketBeat.com, Nextracker has a consensus rating of “Moderate Buy” and a consensus target price of $56.50.

Insider Buying and Selling

In related news, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total transaction of $272,970.00. Following the completion of the transaction, the president now owns 209,365 shares of the company’s stock, valued at $9,421,425. This trade represents a 2.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO David P. Bennett sold 9,801 shares of the business’s stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total transaction of $489,069.90. Following the completion of the transaction, the chief accounting officer now owns 124,577 shares in the company, valued at approximately $6,216,392.30. The trade was a 7.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 25,758 shares of company stock valued at $1,217,520 in the last three months. Insiders own 0.27% of the company’s stock.

Nextracker Stock Performance

NASDAQ:NXT opened at $45.12 on Wednesday. The stock’s 50-day moving average is $40.65 and its 200-day moving average is $39.00. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $62.31. 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 market cap of $6.57 billion, a P/E ratio of 11.48 and a beta of 2.14.

Nextracker (NASDAQ:NXT) last posted its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share 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%. Equities research analysts anticipate 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.