Pinnacle Wealth Management Group Inc. Sells 650 Shares of Nextracker Inc. (NASDAQ:NXT)

Pinnacle Wealth Management Group Inc. decreased its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 9.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,168 shares of the company’s stock after selling 650 shares during the period. Pinnacle Wealth Management Group Inc.’s holdings in Nextracker were worth $225,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of NXT. Quarry LP grew its holdings in Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after purchasing an additional 426 shares during the period. HighTower Advisors LLC boosted its position in shares of Nextracker by 1.8% in the third quarter. HighTower Advisors LLC now owns 29,777 shares of the company’s stock worth $1,115,000 after purchasing an additional 519 shares during the period. GAMMA Investing LLC boosted its position in shares of Nextracker by 83.2% in the third quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock worth $45,000 after purchasing an additional 549 shares during the period. Signaturefd LLC increased its stake 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 purchasing an additional 560 shares in the last quarter. Finally, Point72 Hong Kong Ltd raised its position in shares of Nextracker by 5.2% during the 2nd quarter. Point72 Hong Kong Ltd now owns 11,750 shares of the company’s stock valued at $551,000 after purchasing an additional 581 shares during the period. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on NXT shares. TD Cowen initiated coverage on Nextracker in a research note on Thursday, December 19th. They issued a “hold” rating and a $41.00 price target for the company. Bank of America cut their target price on Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. The Goldman Sachs Group lowered their price target on Nextracker from $63.00 to $54.00 and set a “buy” rating on the stock in a report on Tuesday, December 17th. Truist Financial increased their price objective on shares of Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a report on Friday, November 1st. Finally, Susquehanna lowered their target price on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a report on Wednesday, October 16th. Five equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Nextracker presently has an average rating of “Moderate Buy” and a consensus target price of $53.10.

Nextracker Price Performance

Nextracker stock opened at $40.85 on Tuesday. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $62.31. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11. The firm has a 50-day moving average price of $38.33 and a 200-day moving average price of $39.37. The firm has a market capitalization of $5.95 billion, a PE ratio of 10.19 and a beta of 2.04.

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.