Cinctive Capital Management LP Reduces Stock Position in Nextracker Inc. (NASDAQ:NXT)

Cinctive Capital Management LP decreased its position in Nextracker Inc. (NASDAQ:NXT) by 87.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 56,859 shares of the company’s stock after selling 386,628 shares during the quarter. Cinctive Capital Management LP’s holdings in Nextracker were worth $2,077,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of NXT. Allworth Financial LP grew its stake in shares of Nextracker by 52.4% in the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after purchasing an additional 276 shares during the last quarter. Signaturefd LLC grew its position in shares of Nextracker by 14.7% in the 4th quarter. Signaturefd LLC now owns 2,344 shares of the company’s stock worth $86,000 after buying an additional 301 shares during the last quarter. Principal Securities Inc. increased its stake 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 buying an additional 410 shares during the period. Quarry LP raised its holdings in shares of Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after acquiring an additional 426 shares in the last quarter. Finally, Nisa Investment Advisors LLC lifted its stake in Nextracker by 38.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock worth $68,000 after acquiring an additional 516 shares during the period. 67.41% of the stock is owned by institutional investors.

Nextracker Trading Up 1.1 %

Shares of NASDAQ NXT opened at $43.54 on Thursday. The firm’s 50 day moving average price is $45.11 and its 200-day moving average price is $40.24. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $62.31. 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 company has a market cap of $6.34 billion, a PE ratio of 11.08 and a beta of 2.02.

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 return on equity of 41.22% and a net margin of 20.12%. On average, equities research analysts expect that Nextracker Inc. will post 3.29 EPS for the current fiscal year.

Insider Activity

In other news, President Howard Wenger sold 6,066 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The shares were 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO David P. Bennett sold 9,801 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total transaction of $489,069.90. Following the completion of the sale, the chief accounting officer now owns 124,577 shares in the company, valued at $6,216,392.30. This represents a 7.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,758 shares of company stock valued at $1,217,520 over the last ninety days. 0.27% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on NXT. JPMorgan Chase & Co. boosted their price objective on shares of Nextracker from $58.00 to $61.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Jefferies Financial Group raised shares of Nextracker from a “hold” rating to a “buy” rating and increased their price target for the stock from $46.00 to $56.00 in a research note on Wednesday, January 29th. Susquehanna lifted their price objective on Nextracker from $50.00 to $54.00 and gave the company a “positive” rating in a research report on Wednesday, January 29th. Northland Securities reissued an “outperform” rating and issued a $55.00 target price (up previously from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. Finally, BMO Capital Markets lifted their price target on Nextracker from $48.00 to $50.00 and gave the company a “market perform” rating in a research report on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $56.14.

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.