Nikko Asset Management Americas Inc. Trims Stake in Nextracker Inc. (NASDAQ:NXT)

Nikko Asset Management Americas Inc. reduced its position in Nextracker Inc. (NASDAQ:NXT) by 5.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,314 shares of the company’s stock after selling 607 shares during the quarter. Nikko Asset Management Americas Inc.’s holdings in Nextracker were worth $636,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Farmers & Merchants Trust Co of Chambersburg PA purchased a new position in shares of Nextracker during the first quarter worth approximately $25,000. Lindbrook Capital LLC purchased a new position in shares of Nextracker during the first quarter worth approximately $34,000. Bruce G. Allen Investments LLC purchased a new position in shares of Nextracker during the first quarter worth approximately $37,000. Toth Financial Advisory Corp purchased a new position in shares of Nextracker during the first quarter worth approximately $38,000. Finally, Capital Advisors Ltd. LLC purchased a new position in shares of Nextracker during the first quarter worth approximately $46,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Bruce Ledesma sold 12,135 shares of the firm’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $43.91, for a total transaction of $532,847.85. Following the completion of the transaction, the insider now owns 17,387 shares of the company’s stock, valued at $763,463.17. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.27% of the stock is currently owned by corporate insiders.

Nextracker Stock Performance

Shares of NASDAQ:NXT traded up $0.34 on Tuesday, hitting $48.32. 2,714,841 shares of the company were exchanged, compared to its average volume of 4,217,770. Nextracker Inc. has a 1-year low of $32.14 and a 1-year high of $62.31. The stock’s 50 day moving average price is $50.67 and its 200 day moving average price is $51.19. The company has a current ratio of 1.98, a quick ratio of 1.76 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $7.01 billion, a P/E ratio of 14.28 and a beta of 2.51.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings data on Tuesday, May 14th. The company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.47 by $0.38. Nextracker had a net margin of 12.25% and a negative return on equity of 13.70%. The business had revenue of $736.52 million during the quarter, compared to the consensus estimate of $681.03 million. Sell-side analysts predict that Nextracker Inc. will post 2.23 EPS for the current year.

Analysts Set New Price Targets

NXT has been the topic of a number of research reports. Northland Securities lowered shares of Nextracker from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $60.00 to $44.00 in a research report on Friday, April 26th. Daiwa Capital Markets began coverage on shares of Nextracker in a research note on Monday, April 1st. They set an “outperform” rating and a $63.00 price objective on the stock. Susquehanna began coverage on shares of Nextracker in a research note on Friday, June 28th. They set a “positive” rating and a $59.00 price objective on the stock. Scotiabank dropped their price objective on shares of Nextracker from $55.00 to $50.00 and set a “sector outperform” rating on the stock in a research note on Monday, April 29th. Finally, Mizuho dropped their price objective on shares of Nextracker from $64.00 to $59.00 and set a “buy” rating on the stock in a research note on Friday, April 19th. Four equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Nextracker presently has an average rating of “Moderate Buy” and a consensus target price of $58.54.

Nextracker Company Profile

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.