Perpetual Ltd Has $388,000 Stock Holdings in Nextracker Inc. (NASDAQ:NXT)

Perpetual Ltd reduced its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 20.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 10,612 shares of the company’s stock after selling 2,647 shares during the quarter. Perpetual Ltd’s holdings in Nextracker were worth $388,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of NXT. Geode Capital Management LLC grew its stake in Nextracker by 23.3% during the third quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock worth $134,724,000 after buying an additional 679,272 shares in the last quarter. Secure Asset Management LLC bought a new position in Nextracker in the third quarter valued at approximately $1,370,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in Nextracker by 33.5% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,226,862 shares of the company’s stock valued at $45,983,000 after purchasing an additional 307,956 shares in the last quarter. Van ECK Associates Corp lifted its stake in Nextracker by 30.7% during the third quarter. Van ECK Associates Corp now owns 60,613 shares of the company’s stock worth $2,272,000 after purchasing an additional 14,249 shares during the last quarter. Finally, Proactive Wealth Strategies LLC acquired a new stake in shares of Nextracker in the 3rd quarter valued at $1,324,000. Institutional investors own 67.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Citigroup dropped their price objective on Nextracker from $50.00 to $45.00 and set a “neutral” rating for the company in a research report on Wednesday, January 8th. JPMorgan Chase & Co. reduced their price target on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. BMO Capital Markets lowered their price objective on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a research report on Monday, October 14th. Bank of America cut their target price on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Finally, Truist Financial upped their price target on shares of Nextracker from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Five analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.10.

Insider Activity

In other news, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction dated 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 in the company, valued at $9,421,425. This trade represents a 2.82 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.27% of the stock is currently owned by company insiders.

Nextracker Trading Down 3.0 %

Shares of NXT stock opened at $41.20 on Thursday. The company has a market cap of $6.00 billion, a P/E ratio of 10.27 and a beta of 2.04. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The stock has a 50 day simple moving average of $38.65 and a two-hundred day simple moving average of $39.24. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21.

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.