Pictet Asset Management Holding SA Sells 70,240 Shares of Nextracker Inc. (NASDAQ:NXT)

Pictet Asset Management Holding SA trimmed its position in shares of Nextracker Inc. (NASDAQ:NXT) by 5.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,222,619 shares of the company’s stock after selling 70,240 shares during the period. Pictet Asset Management Holding SA’s holdings in Nextracker were worth $44,662,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Nextracker by 1.8% during the fourth 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 during the last quarter. State Street Corp lifted its holdings in Nextracker by 15.8% during the 3rd quarter. State Street Corp now owns 5,070,473 shares of the company’s stock valued at $190,041,000 after buying an additional 690,343 shares in the last quarter. Geode Capital Management LLC boosted its position in Nextracker by 23.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock valued at $134,724,000 after buying an additional 679,272 shares during the period. Wellington Management Group LLP grew its stake in Nextracker by 25.5% in the 3rd quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock worth $127,169,000 after acquiring an additional 688,810 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Nextracker during the fourth quarter worth approximately $106,166,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextracker Trading Up 0.9 %

NASDAQ NXT opened at $43.15 on Monday. The stock has a market cap of $6.28 billion, a P/E ratio of 10.98 and a beta of 2.24. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $62.31. The company has a fifty day simple moving average of $45.09 and a two-hundred day simple moving average of $40.13.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.31. Nextracker had a return on equity of 41.22% and a net margin of 20.12%. On average, analysts forecast that Nextracker Inc. will post 3.29 earnings per share for the current year.

Insider Buying and Selling

In other Nextracker news, CAO David P. Bennett sold 9,801 shares of the 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 of the company’s stock, valued at approximately $6,216,392.30. This trade represents a 7.29 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Howard Wenger sold 6,066 shares of the company’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 owns 209,365 shares in the company, valued at $9,421,425. The trade was a 2.82 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,758 shares of company stock worth $1,217,520. 0.27% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on NXT. UBS Group boosted their price target on Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. TD Cowen assumed coverage on Nextracker in a report on Thursday, December 19th. They issued a “hold” rating and a $41.00 target price for the company. Citigroup cut their price target on Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 8th. BNP Paribas raised shares of Nextracker to a “strong-buy” rating in a research note on Wednesday, January 29th. Finally, Royal Bank of Canada initiated coverage on shares of Nextracker in a research report on Monday, March 17th. They set an “outperform” rating and a $55.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $56.43.

Nextracker Profile

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.