Nextracker Inc. (NASDAQ:NXT) Stock Holdings Lowered by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lessened its position in Nextracker Inc. (NASDAQ:NXT) by 9.7% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 13,042 shares of the company’s stock after selling 1,394 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Nextracker were worth $515,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the company. Quarry LP lifted its position in Nextracker by 61.5% in the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after buying an additional 426 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in Nextracker by 38.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock worth $68,000 after buying an additional 516 shares in the last quarter. Neo Ivy Capital Management acquired a new position in shares of Nextracker during the 3rd quarter worth $74,000. Arcadia Investment Management Corp MI acquired a new position in shares of Nextracker during the 3rd quarter worth $75,000. Finally, Hilltop National Bank increased its stake in shares of Nextracker by 75.1% during the 4th quarter. Hilltop National Bank now owns 2,078 shares of the company’s stock worth $76,000 after purchasing an additional 891 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextracker Trading Up 1.3 %

Shares of NXT stock opened at $46.70 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 company has a market capitalization of $6.80 billion, a P/E ratio of 11.88 and a beta of 2.13. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $62.31. The firm has a 50-day moving average price of $42.67 and a 200 day moving average price of $39.21.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 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%. Research analysts forecast that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

Insider Activity at Nextracker

In other news, insider Bruce Ledesma sold 9,891 shares of the 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 transaction, the insider now directly owns 132,374 shares of the company’s stock, valued at $6,095,822.70. This represents a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO David P. Bennett sold 9,801 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total transaction of $489,069.90. Following the transaction, the chief accounting officer now directly owns 124,577 shares in the company, valued at approximately $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. Over the last 90 days, insiders sold 25,758 shares of company stock worth $1,217,520. 0.27% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have recently commented on NXT. Northland Capmk upgraded shares of Nextracker to a “strong-buy” rating in a research note on Tuesday, November 19th. The Goldman Sachs Group increased their price target on shares of Nextracker from $54.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. Bank of America dropped their price target on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Wells Fargo & Company dropped their price target on shares of Nextracker from $70.00 to $69.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. Finally, BMO Capital Markets increased their price target on shares of Nextracker from $48.00 to $50.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock 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.