Pictet Asset Management Holding SA Cuts Stock Position in Nextracker Inc. (NASDAQ:NXT)

Pictet Asset Management Holding SA lessened its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 5.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,222,619 shares of the company’s stock after selling 70,240 shares during the period. Pictet Asset Management Holding SA owned approximately 0.84% of Nextracker worth $44,662,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in NXT. Allworth Financial LP increased its position in shares of Nextracker by 52.4% during 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 increased its holdings in shares of Nextracker by 61.5% in the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after purchasing an additional 426 shares in the last quarter. Millstone Evans Group LLC purchased a new position in shares of Nextracker in the fourth quarter worth $48,000. Principal Securities Inc. lifted its holdings in shares of Nextracker by 41.8% during 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 in the last quarter. Finally, Nisa Investment Advisors LLC boosted its position 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 valued at $68,000 after buying an additional 516 shares during the last quarter. 67.41% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

NXT has been the subject of a number of recent analyst reports. Jefferies Financial Group raised 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 report on Wednesday, January 29th. BMO Capital Markets boosted their price objective on shares of Nextracker from $48.00 to $50.00 and gave the company a “market perform” rating in a report on Wednesday, January 29th. BNP Paribas upgraded shares of Nextracker to a “strong-buy” rating in a 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 research note on Wednesday, January 29th. Finally, Wells Fargo & Company dropped their price target on Nextracker from $70.00 to $69.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Nextracker currently has an average rating of “Moderate Buy” and an average price target of $56.43.

Insider Buying and Selling at Nextracker

In related news, CAO David P. Bennett sold 9,801 shares of the company’s stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total transaction 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 represents a 7.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Howard Wenger sold 6,066 shares of Nextracker 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 transaction, the president now directly owns 209,365 shares of the company’s stock, valued at $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,758 shares of company stock valued at $1,217,520 in the last 90 days. Insiders own 0.27% of the company’s stock.

Nextracker Stock Up 0.9 %

Shares of NXT opened at $43.15 on Monday. The business’s 50 day moving average is $45.09 and its 200 day moving average is $40.13. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $62.31. The company has a market capitalization of $6.28 billion, a PE ratio of 10.98 and a beta of 2.24.

Nextracker (NASDAQ:NXT) last released its quarterly earnings data 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%. Research analysts expect that Nextracker Inc. will post 3.29 earnings per share 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.