Corebridge Financial Inc. Cuts Stock Holdings in Nextracker Inc. (NASDAQ:NXT)

Corebridge Financial Inc. lessened its holdings in Nextracker Inc. (NASDAQ:NXT) by 5.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 233,242 shares of the company’s stock after selling 12,432 shares during the quarter. Corebridge Financial Inc.’s holdings in Nextracker were worth $8,520,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Nextracker by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 13,843,997 shares of the company’s stock worth $505,721,000 after purchasing an additional 243,635 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Nextracker during the fourth quarter worth about $1,037,000. Sei Investments Co. grew its position in Nextracker by 10.5% during the fourth quarter. Sei Investments Co. now owns 223,580 shares of the company’s stock worth $8,167,000 after buying an additional 21,188 shares during the period. American Century Companies Inc. increased its holdings in Nextracker by 52.2% in the fourth quarter. American Century Companies Inc. now owns 76,414 shares of the company’s stock valued at $2,791,000 after buying an additional 26,196 shares in the last quarter. Finally, Millstone Evans Group LLC acquired a new stake in shares of Nextracker during the 4th quarter valued at approximately $48,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on NXT. UBS Group upped their price target on Nextracker from $60.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. Jefferies Financial Group raised Nextracker from a “hold” rating to a “buy” rating and upped their target price for the company from $46.00 to $56.00 in a report on Wednesday, January 29th. Royal Bank of Canada began coverage on Nextracker in a research note on Monday, March 17th. They set an “outperform” rating and a $55.00 price target for the company. Susquehanna increased their price objective on shares of Nextracker from $50.00 to $54.00 and gave the company a “positive” rating in a research note on Wednesday, January 29th. Finally, BMO Capital Markets lifted their target price on shares of Nextracker from $48.00 to $50.00 and gave the stock a “market perform” rating in a research report on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Nextracker currently has a consensus rating of “Moderate Buy” and an average target price of $56.43.

Insider Buying and Selling

In related news, CAO David P. Bennett sold 9,801 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total transaction of $489,069.90. Following the sale, the chief accounting officer now directly owns 124,577 shares in the company, valued at approximately $6,216,392.30. This trade represents a 7.29 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Bruce Ledesma sold 9,891 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $46.05, for a total value of $455,480.55. Following the transaction, the insider now directly owns 132,374 shares in the company, valued at $6,095,822.70. This trade represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 25,758 shares of company stock valued at $1,217,520. 0.27% of the stock is currently owned by corporate insiders.

Nextracker Stock Performance

NASDAQ:NXT opened at $42.75 on Friday. The company has a market cap of $6.23 billion, a P/E ratio of 10.88 and a beta of 2.24. The firm’s 50 day moving average is $45.11 and its two-hundred day moving average is $39.99. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10.

Nextracker (NASDAQ:NXT) last issued its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, topping 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%. Analysts expect that Nextracker Inc. will post 3.29 EPS for the current year.

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.