Primecap Management Co. CA Cuts Holdings in Nextracker Inc. (NASDAQ:NXT)

Primecap Management Co. CA trimmed its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 1.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,701,847 shares of the company’s stock after selling 142,560 shares during the quarter. Primecap Management Co. CA owned approximately 5.29% of Nextracker worth $281,348,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Allworth Financial LP boosted its stake in Nextracker by 52.4% in the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after acquiring an additional 276 shares in the last quarter. Quarry LP boosted its stake in Nextracker by 61.5% in the third quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after acquiring an additional 426 shares in the last quarter. Principal Securities Inc. lifted its stake in shares of Nextracker by 41.8% during the fourth 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 period. Nisa Investment Advisors LLC lifted its stake in shares of Nextracker by 38.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock worth $68,000 after buying an additional 516 shares during the period. Finally, Neo Ivy Capital Management acquired a new stake in shares of Nextracker during the third quarter worth $74,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Bruce Ledesma sold 9,891 shares of the firm’s stock in a transaction 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 sale, the insider now owns 132,374 shares in the company, valued at approximately $6,095,822.70. This trade represents a 6.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total transaction of $272,970.00. Following the completion of the sale, the president now owns 209,365 shares of the company’s stock, valued at $9,421,425. This trade represents a 2.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 25,758 shares of company stock worth $1,217,520 in the last 90 days. Company insiders own 0.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on NXT shares. Susquehanna lifted their price objective on shares of Nextracker from $50.00 to $54.00 and gave the company a “positive” rating in a report on Wednesday, January 29th. Jefferies Financial Group raised shares of Nextracker from a “hold” rating to a “buy” rating and boosted their target price for the stock from $46.00 to $56.00 in a research note on Wednesday, January 29th. UBS Group boosted their price target on shares of Nextracker from $60.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. Barclays upgraded shares of Nextracker from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $47.00 to $60.00 in a report on Wednesday, January 29th. Finally, Truist Financial reiterated a “buy” rating and issued a $56.00 target price (up from $54.00) on shares of Nextracker in a report on Wednesday, January 29th. Three investment analysts have rated the stock with a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $56.43.

Nextracker Trading Up 3.6 %

Shares of Nextracker stock opened at $45.90 on Tuesday. The company has a fifty day simple moving average of $44.82 and a 200-day simple moving average of $39.64. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $62.31. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. The stock has a market cap of $6.68 billion, a price-to-earnings ratio of 11.68 and a beta of 2.24.

Nextracker (NASDAQ:NXT) last issued 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 analysts forecast that Nextracker Inc. will post 3.29 EPS for the current fiscal 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.