Quantbot Technologies LP Trims Position in Nextracker Inc. (NASDAQ:NXT)

Quantbot Technologies LP decreased its position in shares of Nextracker Inc. (NASDAQ:NXT) by 26.6% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 31,178 shares of the company’s stock after selling 11,274 shares during the quarter. Quantbot Technologies LP’s holdings in Nextracker were worth $1,754,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the company. Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in Nextracker during the first quarter worth approximately $25,000. Lindbrook Capital LLC acquired a new stake in shares of Nextracker in the first quarter worth $34,000. Bruce G. Allen Investments LLC acquired a new stake in shares of Nextracker in the first quarter worth $37,000. Toth Financial Advisory Corp acquired a new stake in shares of Nextracker in the first quarter worth $38,000. Finally, Capital Advisors Ltd. LLC acquired a new stake in shares of Nextracker in the first quarter worth $46,000. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextracker Price Performance

Shares of NXT traded up $0.54 during mid-day trading on Friday, hitting $51.76. The company’s stock had a trading volume of 3,402,242 shares, compared to its average volume of 4,258,963. The firm has a 50-day moving average price of $51.16 and a 200 day moving average price of $51.19. The stock has a market capitalization of $7.51 billion, a price-to-earnings ratio of 15.40 and a beta of 2.51. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.98 and a quick ratio of 1.76. Nextracker Inc. has a fifty-two week low of $32.14 and a fifty-two week high of $62.31.

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

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on NXT. Piper Sandler dropped their price objective on shares of Nextracker from $66.00 to $64.00 and set an “overweight” rating for the company in a research report on Thursday, April 11th. Wells Fargo & Company decreased their target price on shares of Nextracker from $68.00 to $64.00 and set an “overweight” rating for the company in a research note on Wednesday, May 15th. Bank of America upped their target price on shares of Nextracker from $53.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. Roth Mkm restated a “buy” rating and issued a $70.00 target price on shares of Nextracker in a research note on Wednesday, May 15th. Finally, Northland Securities downgraded shares of Nextracker from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $60.00 to $44.00 in a research note on Friday, April 26th. Four equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $58.54.

Insider Transactions at Nextracker

In related news, insider Bruce Ledesma sold 12,135 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now directly owns 17,387 shares of the company’s stock, valued at $763,463.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.27% of the stock is currently owned by insiders.

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.