Voya Investment Management LLC Sells 884,908 Shares of Nextracker Inc. (NASDAQ:NXT)

Voya Investment Management LLC reduced its stake in Nextracker Inc. (NASDAQ:NXT - Free Report) by 28.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,272,410 shares of the company's stock after selling 884,908 shares during the quarter. Voya Investment Management LLC owned approximately 1.56% of Nextracker worth $83,011,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Allworth Financial LP boosted its stake in shares of Nextracker by 52.4% in the 4th quarter. Allworth Financial LP now owns 803 shares of the company's stock worth $29,000 after buying an additional 276 shares during the last quarter. Sterling Capital Management LLC increased its position 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 valued at $47,000 after purchasing an additional 1,055 shares during the last quarter. Millstone Evans Group LLC bought a new stake in shares of Nextracker during the 4th quarter worth $48,000. Principal Securities Inc. lifted its position in shares of Nextracker by 41.8% during the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock valued at $51,000 after buying an additional 410 shares during the last quarter. Finally, Quadrant Capital Group LLC increased its stake 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 worth $66,000 after purchasing an additional 873 shares in the last quarter. 67.41% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

NXT has been the subject of a number of recent research reports. Guggenheim lifted their price objective on shares of Nextracker from $50.00 to $62.00 and gave the company a "buy" rating in a research note on Wednesday, January 29th. BMO Capital Markets lifted their target price on Nextracker from $48.00 to $50.00 and gave the company a "market perform" rating in a report on Wednesday, January 29th. Piper Sandler set a $49.00 price target on shares of Nextracker in a research report on Monday, April 21st. Jefferies Financial Group raised shares of Nextracker from a "hold" rating to a "buy" rating and increased their price target for the stock from $46.00 to $56.00 in a report on Wednesday, January 29th. Finally, Northland Securities reaffirmed an "outperform" rating and set a $55.00 price objective (up from $48.00) on shares of Nextracker in a report on Wednesday, January 29th. Three investment 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 company. Based on data from MarketBeat.com, Nextracker currently has an average rating of "Moderate Buy" and an average price target of $55.70.

Nextracker Stock Down 6.8 %

NASDAQ:NXT traded down $2.94 during mid-day trading on Wednesday, hitting $40.13. 1,654,707 shares of the company's stock were exchanged, compared to its average volume of 2,968,775. Nextracker Inc. has a one year low of $30.93 and a one year high of $62.31. The business has a fifty day moving average price of $42.44 and a 200 day moving average price of $40.72. The company has a market cap of $5.84 billion, a PE ratio of 10.21 and a beta of 2.02. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96.

Nextracker (NASDAQ:NXT - Get Free Report) last posted its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, beating 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%. Equities analysts predict that Nextracker Inc. will post 3.29 EPS for the current year.

Insider Activity

In related news, insider Bruce Ledesma sold 9,891 shares of the business'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 value of $455,480.55. Following the completion of the transaction, the insider now directly owns 132,374 shares in the company, valued at $6,095,822.70. The trade was a 6.95 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.27% of the company's stock.

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.