Advanced Portfolio Management LLC Has $2.37 Million Stock Position in Nextracker Inc. (NASDAQ:NXT)

Advanced Portfolio Management LLC trimmed its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 50.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 65,000 shares of the company's stock after selling 65,100 shares during the quarter. Nextracker comprises approximately 2.8% of Advanced Portfolio Management LLC's portfolio, making the stock its 14th largest holding. Advanced Portfolio Management LLC's holdings in Nextracker were worth $2,374,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in 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 purchasing an additional 276 shares in the last quarter. Sterling Capital Management LLC grew its position in Nextracker by 448.9% during the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock worth $47,000 after purchasing an additional 1,055 shares during the last quarter. Millstone Evans Group LLC acquired a new position in Nextracker in the 4th quarter valued at about $48,000. Principal Securities Inc. raised its stake in shares of Nextracker by 41.8% during the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock worth $51,000 after purchasing an additional 410 shares during the last quarter. Finally, Quadrant Capital Group LLC lifted its stake 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 worth $66,000 after acquiring an additional 873 shares during the period. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Bruce Ledesma sold 9,891 shares of the business's stock in a transaction on Monday, February 10th. The shares were sold at an average price of $46.05, for a total value of $455,480.55. Following the completion of the transaction, the insider now owns 132,374 shares of the company's stock, valued at $6,095,822.70. The trade was a 6.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.27% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on NXT shares. Robert W. Baird reduced their price target on shares of Nextracker from $59.00 to $48.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. Piper Sandler set a $49.00 target price on shares of Nextracker in a report on Monday, April 21st. BNP Paribas raised shares of Nextracker to a "strong-buy" rating in a research note on Wednesday, January 29th. Guggenheim boosted their price objective on shares of Nextracker from $50.00 to $62.00 and gave the company a "buy" rating in a research report on Wednesday, January 29th. Finally, BMO Capital Markets raised their target price on shares of Nextracker from $48.00 to $50.00 and gave the stock a "market perform" rating in a research report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $55.70.

Nextracker Price Performance

Shares of NXT stock traded down $1.08 during trading hours on Monday, reaching $41.12. 1,542,239 shares of the company were exchanged, compared to its average volume of 2,961,395. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The stock's fifty day moving average is $42.02 and its two-hundred day moving average is $40.96. The company has a market cap of $5.99 billion, a price-to-earnings ratio of 10.46 and a beta of 2.03.

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.