Nicola Wealth Management LTD. Reduces Holdings in Nextracker Inc. (NASDAQ:NXT)

Nicola Wealth Management LTD. lowered its position in Nextracker Inc. (NASDAQ:NXT) by 5.9% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 48,000 shares of the company’s stock after selling 3,000 shares during the period. Nicola Wealth Management LTD.’s holdings in Nextracker were worth $1,753,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. increased its holdings in Nextracker by 0.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,331,078 shares of the company’s stock worth $48,624,000 after buying an additional 10,162 shares during the period. Jones Financial Companies Lllp increased its holdings in Nextracker by 115.1% in the 4th quarter. Jones Financial Companies Lllp now owns 13,186 shares of the company’s stock worth $482,000 after buying an additional 7,056 shares during the period. Proficio Capital Partners LLC acquired a new position in Nextracker in the 4th quarter worth approximately $961,000. Oppenheimer & Co. Inc. acquired a new position in Nextracker in the 4th quarter worth approximately $286,000. Finally, Oppenheimer Asset Management Inc. increased its holdings in Nextracker by 59.0% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 50,765 shares of the company’s stock worth $1,854,000 after buying an additional 18,833 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.

Insider Buying and Selling at Nextracker

In other Nextracker news, CAO David P. Bennett sold 9,801 shares of the firm’s stock in a transaction 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 completion of the sale, the chief accounting officer now directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 value of $272,970.00. Following the completion of the sale, the president now directly owns 209,365 shares of the company’s stock, valued at $9,421,425. This trade represents a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,758 shares of company stock worth $1,217,520. Corporate insiders own 0.27% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. UBS Group increased their price target on shares of Nextracker from $60.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. Bank of America dropped their price objective on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Piper Sandler raised their price objective on shares of Nextracker from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Barclays raised shares of Nextracker from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $47.00 to $60.00 in a research note on Wednesday, January 29th. Finally, BMO Capital Markets raised their price objective on shares of Nextracker from $48.00 to $50.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 29th. Three investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.50.

Nextracker Trading Down 3.7 %

Shares of NXT stock opened at $42.41 on Tuesday. The stock’s fifty day moving average is $43.65 and its two-hundred day moving average is $39.42. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. The firm has a market capitalization of $6.18 billion, a P/E ratio of 10.79 and a beta of 2.14. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31.

Nextracker (NASDAQ:NXT) last announced 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%. Research analysts expect that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

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.