Federated Hermes Inc. Sells 754 Shares of Nextracker Inc. (NASDAQ:NXT)

Federated Hermes Inc. reduced its position in shares of Nextracker Inc. (NASDAQ:NXT) by 0.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 374,011 shares of the company’s stock after selling 754 shares during the quarter. Federated Hermes Inc.’s holdings in Nextracker were worth $13,663,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Norges Bank bought a new stake in shares of Nextracker during the 4th quarter worth approximately $106,166,000. State Street Corp grew its holdings in shares of Nextracker by 15.8% during the 3rd quarter. State Street Corp now owns 5,070,473 shares of the company’s stock worth $190,041,000 after purchasing an additional 690,343 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Nextracker by 23.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock worth $134,724,000 after purchasing an additional 679,272 shares in the last quarter. Robeco Schweiz AG acquired a new stake in Nextracker in the fourth quarter valued at about $22,112,000. Finally, Handelsbanken Fonder AB boosted its stake in Nextracker by 36.0% in the fourth quarter. Handelsbanken Fonder AB now owns 2,278,217 shares of the company’s stock valued at $83,223,000 after buying an additional 602,600 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Nextracker

In related news, CAO David P. Bennett sold 9,801 shares of the business’s stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total value of $489,069.90. Following the completion of the sale, the chief accounting officer now directly owns 124,577 shares of the company’s stock, valued at $6,216,392.30. The trade was a 7.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Bruce Ledesma sold 9,891 shares of the business’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $46.05, for a total transaction of $455,480.55. Following the completion of the sale, the insider now directly owns 132,374 shares of the company’s stock, valued at approximately $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 worth $1,217,520. Insiders own 0.27% of the company’s stock.

Nextracker Price Performance

NASDAQ:NXT opened at $39.23 on Thursday. The stock has a market capitalization of $5.71 billion, a PE ratio of 9.98 and a beta of 2.02. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $62.31. The stock’s 50-day moving average price is $44.25 and its 200-day moving average price is $40.30. 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 released its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. As a group, equities analysts expect that Nextracker Inc. will post 3.29 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. BMO Capital Markets increased their target price on Nextracker from $48.00 to $50.00 and gave the company a “market perform” rating in a research report on Wednesday, January 29th. Northland Securities reiterated an “outperform” rating and issued a $55.00 target price (up from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. Barclays upgraded Nextracker from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $47.00 to $60.00 in a research report on Wednesday, January 29th. Truist Financial restated a “buy” rating and set a $56.00 price objective (up from $54.00) on shares of Nextracker in a research report on Wednesday, January 29th. Finally, Guggenheim lifted their target price on Nextracker from $50.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Nextracker presently has an average rating of “Moderate Buy” and a consensus price target of $56.14.

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.