LPL Financial LLC Sells 55,341 Shares of Nextracker Inc. (NASDAQ:NXT)

LPL Financial LLC lowered its position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 51.4% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 52,347 shares of the company's stock after selling 55,341 shares during the period. LPL Financial LLC's holdings in Nextracker were worth $1,912,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the company. Geode Capital Management LLC boosted its position in Nextracker by 23.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company's stock worth $134,724,000 after acquiring an additional 679,272 shares during the period. Handelsbanken Fonder AB lifted its holdings in Nextracker by 36.0% in the fourth quarter. Handelsbanken Fonder AB now owns 2,278,217 shares of the company's stock worth $83,223,000 after purchasing an additional 602,600 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Nextracker by 10.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,753,848 shares of the company's stock valued at $64,068,000 after buying an additional 161,873 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Nextracker by 0.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,331,078 shares of the company's stock valued at $48,624,000 after buying an additional 10,162 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ raised its position in shares of Nextracker by 16.2% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 1,141,901 shares of the company's stock worth $42,193,000 after buying an additional 159,326 shares in the last quarter. Institutional investors own 67.41% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on NXT shares. Northland Securities reiterated an "outperform" rating and issued a $55.00 price objective (up from $48.00) on shares of Nextracker in a report on Wednesday, January 29th. Piper Sandler lifted their price target on Nextracker from $47.00 to $50.00 and gave the company an "overweight" rating in a research report on Wednesday, January 29th. Robert W. Baird dropped their price objective on Nextracker from $59.00 to $48.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. Jefferies Financial Group raised Nextracker from a "hold" rating to a "buy" rating and raised their target price for the company from $46.00 to $56.00 in a research note on Wednesday, January 29th. Finally, Truist Financial dropped their price target on shares of Nextracker from $56.00 to $52.00 and set a "buy" rating on the stock in a research report on Thursday. Three research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $55.48.

Insider Activity at Nextracker

In other Nextracker news, CAO David P. Bennett sold 9,801 shares of the firm's stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total value of $489,069.90. Following the sale, the chief accounting officer now owns 124,577 shares of the company's stock, valued at $6,216,392.30. This trade represents a 7.29 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Bruce Ledesma sold 9,891 shares of the company's stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $46.05, for a total value of $455,480.55. Following the transaction, the insider now owns 132,374 shares of the company's stock, valued at approximately $6,095,822.70. This trade represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.27% of the stock is currently owned by company insiders.

Nextracker Stock Up 1.5 %

Shares of NASDAQ:NXT traded up $0.58 on Friday, reaching $40.30. The company had a trading volume of 1,220,198 shares, compared to its average volume of 3,003,428. The stock has a market capitalization of $5.87 billion, a P/E ratio of 10.25 and a beta of 2.02. The stock has a 50-day moving average price of $43.22 and a 200 day moving average price of $40.44. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $62.31. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10.

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 analysts' consensus estimates of $0.58 by $0.31. Nextracker had a return on equity of 41.22% and a net margin of 20.12%. On average, equities analysts expect that Nextracker Inc. will post 3.29 EPS for the current year.

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.