Fmr LLC Sells 3,114,927 Shares of Nextracker Inc. (NASDAQ:NXT)

Fmr LLC lowered its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 23.7% during the third quarter, HoldingsChannel reports. The fund owned 10,029,328 shares of the company’s stock after selling 3,114,927 shares during the quarter. Fmr LLC owned approximately 0.07% of Nextracker worth $375,899,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of NXT. The Manufacturers Life Insurance Company raised its position in shares of Nextracker by 12.3% during the third quarter. The Manufacturers Life Insurance Company now owns 165,715 shares of the company’s stock valued at $6,211,000 after buying an additional 18,187 shares during the last quarter. Bank of Montreal Can raised its holdings in Nextracker by 7.1% in the 3rd quarter. Bank of Montreal Can now owns 56,147 shares of the company’s stock valued at $2,184,000 after acquiring an additional 3,719 shares in the last quarter. DRW Securities LLC lifted its position in shares of Nextracker by 92.6% in the 3rd quarter. DRW Securities LLC now owns 52,000 shares of the company’s stock worth $1,949,000 after acquiring an additional 25,000 shares during the period. Westfield Capital Management Co. LP grew its holdings in shares of Nextracker by 4.3% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,065,121 shares of the company’s stock worth $39,921,000 after purchasing an additional 44,152 shares in the last quarter. Finally, Algert Global LLC increased its position in shares of Nextracker by 13.2% during the third quarter. Algert Global LLC now owns 117,279 shares of the company’s stock valued at $4,396,000 after purchasing an additional 13,697 shares during the period. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Piper Sandler decreased their price target on shares of Nextracker from $60.00 to $47.00 and set an “overweight” rating on the stock in a research note on Friday, November 22nd. Northland Capmk raised shares of Nextracker to a “strong-buy” rating in a research note on Tuesday, November 19th. Wells Fargo & Company cut their price target on shares of Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a research note on Tuesday, October 29th. Truist Financial upped their price objective on Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Finally, Robert W. Baird cut their target price on Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Four equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $54.30.

Nextracker Stock Performance

NXT stock opened at $38.16 on Friday. The company has a 50 day moving average price of $36.78 and a 200 day moving average price of $42.94. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99. The stock has a market capitalization of $5.55 billion, a PE ratio of 9.52 and a beta of 2.32.

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.