Nextracker Inc. (NASDAQ:NXT) Shares Sold by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. lowered its stake in Nextracker Inc. (NASDAQ:NXT) by 8.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 115,816 shares of the company’s stock after selling 10,636 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.08% of Nextracker worth $4,590,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Allworth Financial LP grew its holdings in shares of 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 purchasing an additional 276 shares in the last quarter. Signaturefd LLC raised its stake in shares of Nextracker by 14.7% in the fourth quarter. Signaturefd LLC now owns 2,344 shares of the company’s stock valued at $86,000 after acquiring an additional 301 shares in the last quarter. Principal Securities Inc. boosted its holdings in Nextracker by 41.8% in the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock valued at $51,000 after purchasing an additional 410 shares during the period. Quarry LP increased its holdings in Nextracker by 61.5% during the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after purchasing an additional 426 shares during the period. Finally, Nisa Investment Advisors LLC raised its position in Nextracker by 38.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after purchasing an additional 516 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextracker Trading Up 2.2 %

NASDAQ:NXT opened at $43.05 on Wednesday. The firm has a market capitalization of $6.27 billion, a P/E ratio of 10.95 and a beta of 2.24. The business has a 50 day simple moving average of $45.06 and a 200 day simple moving average of $40.21. 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 Inc. has a 12-month low of $30.93 and a 12-month high of $62.31.

Nextracker (NASDAQ:NXT) last released its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, topping 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%. Equities research analysts predict that Nextracker Inc. will post 3.29 EPS for the current year.

Analyst Ratings Changes

A number of analysts recently weighed in on NXT shares. Northland Securities restated an “outperform” rating and set a $55.00 target price (up from $48.00) on shares of Nextracker in a research note on Wednesday, January 29th. The Goldman Sachs Group lifted their price objective on shares of Nextracker from $54.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. JPMorgan Chase & Co. raised their price target on Nextracker from $58.00 to $61.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Barclays raised Nextracker from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $47.00 to $60.00 in a research report on Wednesday, January 29th. Finally, TD Cowen started coverage on Nextracker in a report on Thursday, December 19th. They issued a “hold” rating and a $41.00 price target for the company. Three investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $56.14.

Insider Buying and Selling at Nextracker

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

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.