Nextracker Inc. (NASDAQ:NXT) Shares Sold by Securian Asset Management Inc.

Securian Asset Management Inc. lessened its position in shares of Nextracker Inc. (NASDAQ:NXT) by 2.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,858 shares of the company’s stock after selling 295 shares during the period. Securian Asset Management Inc.’s holdings in Nextracker were worth $397,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in NXT. Allworth Financial LP grew its holdings in Nextracker by 52.4% during the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after acquiring an additional 276 shares in the last quarter. Quarry LP grew its holdings in Nextracker by 61.5% during the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after acquiring an additional 426 shares in the last quarter. Principal Securities Inc. grew its holdings in Nextracker by 41.8% during the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock worth $51,000 after acquiring an additional 410 shares in the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of Nextracker by 38.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after buying an additional 516 shares in the last quarter. Finally, Neo Ivy Capital Management acquired a new position in shares of Nextracker in the 3rd quarter valued at $74,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

Analysts Set New Price Targets

NXT has been the subject of several research analyst reports. Northland Securities restated 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. Barclays upgraded shares of Nextracker from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $47.00 to $60.00 in a report on Wednesday, January 29th. Northland Capmk upgraded shares of Nextracker to a “strong-buy” rating in a report on Tuesday, November 19th. Piper Sandler upped their target price on shares of Nextracker from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Finally, Jefferies Financial Group upgraded shares of Nextracker from a “hold” rating to a “buy” rating and upped their target price for the company from $46.00 to $56.00 in a report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $56.43.

Insider Activity

In related news, CAO David P. Bennett sold 9,801 shares of the stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total value of $489,069.90. Following the sale, the chief accounting officer now directly owns 124,577 shares of the company’s stock, valued at approximately $6,216,392.30. This represents a 7.29 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Howard Wenger sold 6,066 shares of the stock in a transaction dated 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 sale, the president now directly owns 209,365 shares in the company, valued at approximately $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,758 shares of company stock worth $1,217,520 in the last 90 days. 0.27% of the stock is currently owned by corporate insiders.

Nextracker Stock Down 3.1 %

Shares of Nextracker stock opened at $44.48 on Wednesday. The firm has a fifty day moving average of $44.83 and a two-hundred day moving average of $39.67. 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 company has a market cap of $6.48 billion, a P/E ratio of 11.32 and a beta of 2.24. Nextracker Inc. has a one year low of $30.93 and a one year high of $62.31.

Nextracker (NASDAQ:NXT) last announced its quarterly 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 net margin of 20.12% and a return on equity of 41.22%. On average, analysts forecast 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.