Bridgewater Associates LP Reduces Stake in Nextracker Inc. (NASDAQ:NXT)

Bridgewater Associates LP cut its position in Nextracker Inc. (NASDAQ:NXT - Free Report) by 35.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 210,996 shares of the company's stock after selling 117,717 shares during the quarter. Bridgewater Associates LP owned 0.14% of Nextracker worth $7,708,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allworth Financial LP boosted its position in Nextracker by 52.4% in the fourth quarter. Allworth Financial LP now owns 803 shares of the company's stock valued at $29,000 after buying an additional 276 shares in the last quarter. Sterling Capital Management LLC lifted its holdings in shares of Nextracker by 448.9% in 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 in the last quarter. Millstone Evans Group LLC bought a new stake in shares of Nextracker during the fourth quarter worth about $48,000. Principal Securities Inc. lifted its holdings in shares of Nextracker by 41.8% in 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. Finally, Quadrant Capital Group LLC raised its holdings in shares of Nextracker by 92.5% in the fourth 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 currently owned by institutional investors.

Wall Street Analysts Forecast Growth

NXT has been the subject of several research reports. Jefferies Financial Group upgraded shares of Nextracker from a "hold" rating to a "buy" rating and increased their price target for the company from $46.00 to $56.00 in a research report on Wednesday, January 29th. The Goldman Sachs Group upped their price objective on Nextracker from $54.00 to $61.00 and gave the company a "buy" rating in a research note on Wednesday, January 29th. Royal Bank of Canada began coverage on Nextracker in a research report on Monday, March 17th. They issued an "outperform" rating and a $55.00 target price for the company. BMO Capital Markets lifted their price objective on Nextracker from $48.00 to $50.00 and gave the stock a "market perform" rating in a report on Wednesday, January 29th. Finally, BNP Paribas upgraded shares of Nextracker to a "strong-buy" rating in a research report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $55.48.

Nextracker Stock Up 4.2 %

NASDAQ:NXT traded up $1.63 during trading hours on Tuesday, reaching $40.91. 337,558 shares of the company traded hands, compared to its average volume of 2,984,840. The business's 50-day moving average price is $43.10 and its two-hundred day moving average price is $40.46. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $62.31. 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 $5.96 billion, a P/E ratio of 10.39 and a beta of 2.02.

Nextracker (NASDAQ:NXT - Get Free Report) last announced its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) 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 predict that Nextracker Inc. will post 3.29 earnings per share for the current year.

Insiders Place Their Bets

In other Nextracker news, insider Bruce Ledesma sold 9,891 shares of the firm'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 directly owns 132,374 shares of the company's stock, valued at $6,095,822.70. This trade represents a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO David P. Bennett sold 9,801 shares of the business's stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total value of $489,069.90. Following the completion of the sale, the chief accounting officer now owns 124,577 shares in the company, valued at $6,216,392.30. This represents a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.27% of the company's stock.

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.