First Trust Advisors LP Reduces Stock Holdings in Nextracker Inc. (NASDAQ:NXT)

First Trust Advisors LP decreased its holdings in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 10.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 478,713 shares of the company's stock after selling 57,169 shares during the quarter. First Trust Advisors LP owned approximately 0.33% of Nextracker worth $17,487,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. IFP Advisors Inc lifted its stake in shares of Nextracker by 516.4% in the 4th quarter. IFP Advisors Inc now owns 3,304 shares of the company's stock valued at $121,000 after purchasing an additional 2,768 shares during the period. Robeco Schweiz AG bought a new position in Nextracker during the 4th quarter worth about $22,112,000. New York State Common Retirement Fund increased its holdings in Nextracker by 65.6% during the 4th quarter. New York State Common Retirement Fund now owns 469,163 shares of the company's stock worth $17,139,000 after purchasing an additional 185,858 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Nextracker by 10.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,753,848 shares of the company's stock worth $64,068,000 after purchasing an additional 161,873 shares in the last quarter. Finally, Nordea Investment Management AB bought a new position in Nextracker during the 4th quarter worth about $5,734,000. Institutional investors and hedge funds own 67.41% of the company's stock.

Nextracker Price Performance

Shares of NXT stock traded down $2.46 during trading hours on Wednesday, reaching $40.61. The stock had a trading volume of 3,641,523 shares, compared to its average volume of 2,976,511. The stock's fifty day simple moving average is $42.44 and its 200 day simple moving average is $40.72. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $62.31. The firm has a market capitalization of $5.91 billion, a PE ratio of 10.33 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, beating the consensus estimate of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. On average, equities research analysts predict that Nextracker Inc. will post 3.29 EPS for the current year.

Insider Transactions at Nextracker

In related news, insider Bruce Ledesma sold 9,891 shares of the firm's stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $46.05, for a total transaction of $455,480.55. Following the completion of the sale, the insider now 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.27% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. UBS Group increased their target price on Nextracker from $60.00 to $66.00 and gave the stock a "buy" rating in a report on Wednesday, January 29th. JPMorgan Chase & Co. raised their price objective on Nextracker from $58.00 to $61.00 and gave the company an "overweight" rating in a report on Wednesday, January 29th. BNP Paribas upgraded Nextracker to a "strong-buy" rating in a report on Wednesday, January 29th. Barclays decreased their price objective on Nextracker from $60.00 to $58.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Finally, Wells Fargo & Company decreased their price objective on Nextracker from $70.00 to $69.00 and set an "overweight" rating for the company in a report on Wednesday, January 8th. Three equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $55.70.

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.