Bridgewater Associates LP Sells 117,717 Shares of Nextracker Inc. (NASDAQ:NXT)

Bridgewater Associates LP cut its position in Nextracker Inc. (NASDAQ:NXT) by 35.8% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 210,996 shares of the company’s stock after selling 117,717 shares during the quarter. Bridgewater Associates LP owned approximately 0.14% of Nextracker worth $7,708,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Allworth Financial LP grew its stake 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 buying an additional 276 shares during the last quarter. Sterling Capital Management LLC boosted its holdings in Nextracker by 448.9% in the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock worth $47,000 after acquiring an additional 1,055 shares in the last quarter. Millstone Evans Group LLC purchased a new stake in shares of Nextracker during the fourth quarter worth about $48,000. Principal Securities Inc. increased its holdings in shares of Nextracker by 41.8% during the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock valued at $51,000 after acquiring an additional 410 shares in the last quarter. Finally, Quadrant Capital Group LLC raised its position in shares of Nextracker by 92.5% in the 4th quarter. Quadrant Capital Group LLC now owns 1,817 shares of the company’s stock valued at $66,000 after purchasing an additional 873 shares during the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextracker Stock Performance

NASDAQ:NXT opened at $39.72 on Thursday. The company’s 50-day moving average is $43.43 and its two-hundred day moving average is $40.35. The firm has a market capitalization of $5.78 billion, a price-to-earnings ratio of 10.11 and a beta of 2.02. 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 Inc. has a 1-year low of $30.93 and a 1-year high of $62.31.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.31. Nextracker had a return on equity of 41.22% and a net margin of 20.12%. Analysts forecast that Nextracker Inc. will post 3.29 EPS for the current year.

Insider Transactions at Nextracker

In other Nextracker news, insider Bruce Ledesma sold 9,891 shares of the company’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $46.05, for a total transaction of $455,480.55. Following the sale, the insider now owns 132,374 shares in the company, valued at $6,095,822.70. This represents a 6.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO David P. Bennett sold 9,801 shares of Nextracker stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total transaction 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 trade represents a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.27% of the company’s stock.

Analyst Ratings Changes

NXT has been the topic of several research analyst reports. Citigroup dropped their target price on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th. BMO Capital Markets upped their target price on Nextracker from $48.00 to $50.00 and gave the company a “market perform” rating in a research report on Wednesday, January 29th. Barclays reduced their target price on Nextracker from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. Robert W. Baird dropped their price target on Nextracker from $59.00 to $48.00 and set an “outperform” rating on the stock in a research note on Tuesday. Finally, Northland Securities restated an “outperform” rating and issued a $55.00 price objective (up from $48.00) on shares of Nextracker in a research note on Wednesday, January 29th. Three 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 MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $55.82.

About Nextracker

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.