Van ECK Associates Corp Sells 1,425 Shares of Nextracker Inc. (NASDAQ:NXT)

Van ECK Associates Corp decreased its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 2.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 59,188 shares of the company’s stock after selling 1,425 shares during the quarter. Van ECK Associates Corp’s holdings in Nextracker were worth $2,162,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in NXT. Quarry LP raised its holdings in Nextracker by 61.5% in the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after acquiring an additional 426 shares in the last quarter. Nisa Investment Advisors LLC grew its position in Nextracker by 38.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock worth $68,000 after acquiring an additional 516 shares during the last quarter. HighTower Advisors LLC boosted its position in Nextracker by 1.8% in the 3rd quarter. HighTower Advisors LLC now owns 29,777 shares of the company’s stock valued at $1,115,000 after buying an additional 519 shares during the last quarter. Signaturefd LLC boosted its position in Nextracker by 37.8% in the 3rd quarter. Signaturefd LLC now owns 2,043 shares of the company’s stock valued at $77,000 after buying an additional 560 shares during the last quarter. Finally, Clear Harbor Asset Management LLC boosted its position in Nextracker by 0.4% in the 3rd quarter. Clear Harbor Asset Management LLC now owns 152,153 shares of the company’s stock valued at $5,703,000 after buying an additional 584 shares during the last quarter. Institutional investors own 67.41% of the company’s stock.

Insider Activity at Nextracker

In related news, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction dated Thursday, January 16th. The stock was 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 in the company, valued at approximately $9,421,425. This trade represents a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Bruce Ledesma sold 9,891 shares of Nextracker stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $46.05, for a total value of $455,480.55. Following the transaction, the insider now owns 132,374 shares of the company’s stock, valued at $6,095,822.70. The trade was a 6.95 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 25,758 shares of company stock valued at $1,217,520. 0.27% of the stock is owned by insiders.

Nextracker Price Performance

NASDAQ:NXT opened at $48.42 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. The stock’s 50-day simple moving average is $41.97 and its 200 day simple moving average is $39.06. The company has a market cap of $7.05 billion, a P/E ratio of 12.32 and a beta of 2.14. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $62.31.

Nextracker (NASDAQ:NXT) last released its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, beating 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, sell-side analysts forecast that Nextracker Inc. will post 3.29 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently issued reports on NXT. The Goldman Sachs Group raised their price target on Nextracker from $54.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. Robert W. Baird reduced their price target on Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. Barclays upgraded Nextracker from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $47.00 to $60.00 in a research report on Wednesday, January 29th. UBS Group raised their price target on Nextracker from $60.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. Finally, Piper Sandler raised 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. Three research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Nextracker has an average rating of “Moderate Buy” and a consensus 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.