Nuveen Asset Management LLC Lowers Position in Nextracker Inc. (NASDAQ:NXT)

Nuveen Asset Management LLC lowered its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 2.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,128,152 shares of the company's stock after selling 27,251 shares during the period. Nuveen Asset Management LLC owned 0.77% of Nextracker worth $41,211,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Lloyd Harbor Capital Management LLC purchased a new stake in shares of Nextracker in the fourth quarter worth $2,922,000. Janus Henderson Group PLC raised its position in shares of Nextracker by 1.0% in the fourth quarter. Janus Henderson Group PLC now owns 1,545,143 shares of the company's stock worth $56,488,000 after buying an additional 15,942 shares in the last quarter. K2 Principal Fund L.P. purchased a new stake in shares of Nextracker in the fourth quarter worth $731,000. Goodlander Investment Management LLC purchased a new stake in shares of Nextracker in the fourth quarter worth $18,996,000. Finally, Gotham Asset Management LLC purchased a new stake in shares of Nextracker in the fourth quarter worth $3,082,000. Hedge funds and other institutional investors own 67.41% of the company's stock.

Nextracker Stock Performance

Shares of NASDAQ:NXT remained flat at $56.05 on Friday. The stock had a trading volume of 1,882,388 shares, compared to its average volume of 2,912,475. The business has a 50 day simple moving average of $44.47 and a 200-day simple moving average of $42.55. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $63.19. The stock has a market capitalization of $8.16 billion, a PE ratio of 14.26 and a beta of 2.03. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96.

Wall Street Analyst Weigh In

NXT has been the topic of a number of recent analyst reports. Guggenheim downgraded Nextracker from a "buy" rating to a "neutral" rating in a research report on Wednesday, May 14th. Truist Financial increased their target price on Nextracker from $49.00 to $65.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. Susquehanna increased their target price on Nextracker from $54.00 to $66.00 and gave the company a "positive" rating in a research note on Thursday, May 15th. Wall Street Zen raised Nextracker from a "hold" rating to a "buy" rating in a research note on Thursday. Finally, BMO Capital Markets increased their target price on Nextracker from $51.00 to $59.00 and gave the company a "market perform" rating in a research note on Thursday, May 15th. Five investment 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 stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $60.00.

Insider Activity

In related news, President Howard Wenger sold 6,066 shares of the firm's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $333,630.00. Following the sale, the president now directly owns 219,389 shares of the company's stock, valued at $12,066,395. This trade represents a 2.69% decrease in their ownership of the stock. The transaction 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 the firm's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $539,055.00. Following the completion of the sale, the chief accounting officer now directly owns 124,615 shares in the company, valued at $6,853,825. The trade was a 7.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 46,337 shares of company stock valued at $2,693,333. 0.27% of the stock is currently owned by insiders.

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.