Nextracker Inc. (NASDAQ:NXT) Stake Cut by Granahan Investment Management LLC

Granahan Investment Management LLC trimmed its position in Nextracker Inc. (NASDAQ:NXT - Free Report) by 83.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,340 shares of the company's stock after selling 57,808 shares during the period. Granahan Investment Management LLC's holdings in Nextracker were worth $414,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Allworth Financial LP boosted its position in shares of 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 raised its stake in shares of 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 buying an additional 1,055 shares during the last quarter. Millstone Evans Group LLC acquired a new position in shares of Nextracker during the 4th quarter worth $48,000. Principal Securities Inc. raised its stake in shares of Nextracker by 41.8% during the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock worth $51,000 after buying an additional 410 shares during the last quarter. Finally, Quadrant Capital Group LLC raised its stake in shares of Nextracker by 92.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,817 shares of the company's stock worth $66,000 after buying an additional 873 shares during the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Nextracker Stock Up 1.8%

NASDAQ:NXT traded up $0.95 during trading hours on Wednesday, hitting $55.04. The stock had a trading volume of 5,155,361 shares, compared to its average volume of 2,953,800. 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 1-year low of $30.93 and a 1-year high of $62.31. The business has a 50 day simple moving average of $42.48 and a two-hundred day simple moving average of $41.53. The company has a market cap of $8.01 billion, a PE ratio of 14.01 and a beta of 2.03.

Nextracker (NASDAQ:NXT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 14th. The company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.08. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. Analysts predict that Nextracker Inc. will post 3.29 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on NXT. Robert W. Baird cut their price target on Nextracker from $59.00 to $48.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. The Goldman Sachs Group lifted their price target on Nextracker from $54.00 to $61.00 and gave the stock a "buy" rating in a research note on Wednesday, January 29th. Piper Sandler set a $49.00 price target on Nextracker in a research note on Monday, April 21st. Guggenheim downgraded shares of Nextracker from a "buy" rating to a "neutral" rating in a research note on Wednesday. Finally, UBS Group boosted their target price on shares of Nextracker from $60.00 to $66.00 and gave the company a "buy" rating in a research note on Wednesday, January 29th. Four investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus 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.