Blueshift Asset Management LLC Sells 4,697 Shares of Nextracker Inc. (NASDAQ:NXT)

Blueshift Asset Management LLC reduced its stake in Nextracker Inc. (NASDAQ:NXT) by 45.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,688 shares of the company’s stock after selling 4,697 shares during the period. Blueshift Asset Management LLC’s holdings in Nextracker were worth $208,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in NXT. Allworth Financial LP raised its position in Nextracker by 52.4% during the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after purchasing an additional 276 shares in the last quarter. Quarry LP raised its position 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 in the last quarter. Principal Securities Inc. raised its position in 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 purchasing an additional 410 shares in the last quarter. Nisa Investment Advisors LLC raised its position in Nextracker by 38.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after purchasing an additional 516 shares in the last quarter. Finally, Neo Ivy Capital Management acquired a new position in Nextracker during the third quarter valued at approximately $74,000. 67.41% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on NXT. BNP Paribas upgraded shares of Nextracker to a “strong-buy” rating in a report on Wednesday, January 29th. Royal Bank of Canada began coverage on shares of Nextracker in a report on Monday, March 17th. They set an “outperform” rating and a $55.00 price target for the company. Barclays upgraded shares of Nextracker from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $47.00 to $60.00 in a report on Wednesday, January 29th. TD Cowen began coverage on shares of Nextracker in a report on Thursday, December 19th. They set a “hold” rating and a $41.00 price target for the company. Finally, Citigroup lowered their price target on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. Three analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $56.43.

Nextracker Stock Performance

Shares of NXT opened at $44.27 on Friday. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $6.45 billion, a P/E ratio of 11.26 and a beta of 2.24. The firm’s fifty day simple moving average is $45.00 and its two-hundred day simple moving average is $39.79. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $62.31.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 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%. As a group, analysts predict that Nextracker Inc. will post 3.29 EPS for the current year.

Insider Transactions at Nextracker

In other 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 transaction of $489,069.90. Following the transaction, the chief accounting officer now owns 124,577 shares of the company’s stock, valued at $6,216,392.30. This represents a 7.29 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Howard Wenger sold 6,066 shares of the stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $45.00, for a total transaction of $272,970.00. Following the transaction, the president now directly owns 209,365 shares in the company, valued at $9,421,425. This trade represents a 2.82 % 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 in the last 90 days. 0.27% of the stock is currently owned by corporate 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.