Nextracker Inc. (NASDAQ:NXT) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System cut its position in shares of Nextracker Inc. (NASDAQ:NXT) by 2.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 105,758 shares of the company’s stock after selling 2,718 shares during the quarter. New York State Teachers Retirement System owned about 0.07% of Nextracker worth $3,863,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Creative Planning boosted its position in shares of Nextracker by 19.4% in the third quarter. Creative Planning now owns 36,186 shares of the company’s stock worth $1,356,000 after buying an additional 5,869 shares during the period. Raymond James & Associates boosted its position in shares of Nextracker by 25.4% in the third quarter. Raymond James & Associates now owns 123,905 shares of the company’s stock worth $4,644,000 after buying an additional 25,080 shares during the period. Signaturefd LLC boosted its position in shares of Nextracker by 37.8% in the third quarter. Signaturefd LLC now owns 2,043 shares of the company’s stock worth $77,000 after buying an additional 560 shares during the period. Greystone Financial Group LLC purchased a new stake in shares of Nextracker in the third quarter worth about $649,000. Finally, Assenagon Asset Management S.A. boosted its position in shares of Nextracker by 158.9% in the third quarter. Assenagon Asset Management S.A. now owns 963,698 shares of the company’s stock worth $36,119,000 after buying an additional 591,488 shares during the period. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Nextracker Price Performance

Shares of NASDAQ NXT opened at $48.42 on Friday. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The stock has a market capitalization of $7.05 billion, a price-to-earnings ratio of 12.32 and a beta of 2.14. The business has a 50-day moving average of $41.97 and a 200-day moving average of $39.06. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96.

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 net margin of 20.12% and a return on equity of 41.22%. As a group, sell-side analysts predict that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Wells Fargo & Company reduced their price target on Nextracker from $70.00 to $69.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. UBS Group increased their price target on Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. Susquehanna increased their price target on Nextracker from $50.00 to $54.00 and gave the company a “positive” rating in a report on Wednesday, January 29th. JPMorgan Chase & Co. increased their price target on Nextracker from $58.00 to $61.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Finally, Guggenheim increased their price target on Nextracker from $50.00 to $62.00 and gave the company a “buy” rating in a report 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 data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $56.50.

Insider Activity at Nextracker

In related news, insider Bruce Ledesma sold 9,891 shares of the business’s stock in a transaction on Monday, February 10th. The shares were 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 in the company, valued at $6,095,822.70. The trade was a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 have sold 25,758 shares of company stock valued at $1,217,520 over the last three months. 0.27% of the stock is owned by insiders.

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.