Comerica Bank Lowers Stock Position in Nextracker Inc. (NASDAQ:NXT)

Comerica Bank lowered its position in shares of Nextracker Inc. (NASDAQ:NXT) by 2.6% in the 4th quarter, HoldingsChannel reports. The firm owned 141,544 shares of the company’s stock after selling 3,788 shares during the quarter. Comerica Bank’s holdings in Nextracker were worth $5,171,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake 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 valued at $505,721,000 after purchasing an additional 243,635 shares during the period. Invesco Ltd. increased its position in Nextracker by 52.2% during the 4th quarter. Invesco Ltd. now owns 3,874,875 shares of the company’s stock valued at $141,549,000 after purchasing an additional 1,329,456 shares during the period. Norges Bank bought a new position in Nextracker in the 4th quarter worth $106,166,000. Handelsbanken Fonder AB lifted its position in shares of Nextracker by 36.0% in the 4th quarter. Handelsbanken Fonder AB now owns 2,278,217 shares of the company’s stock worth $83,223,000 after purchasing an additional 602,600 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of Nextracker by 10.5% during the 4th quarter. Northern Trust Corp now owns 1,917,024 shares of the company’s stock valued at $70,029,000 after purchasing an additional 181,741 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, insider Bruce Ledesma sold 9,891 shares of the firm’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $46.05, for a total transaction of $455,480.55. Following the sale, the insider now owns 132,374 shares of the company’s stock, valued at $6,095,822.70. This trade represents a 6.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.27% of the stock is owned by corporate insiders.

Nextracker Stock Down 2.6 %

NXT stock opened at $41.12 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $62.31. The stock has a market capitalization of $5.99 billion, a P/E ratio of 10.46 and a beta of 2.03. The business has a fifty day moving average price of $42.02 and a 200-day moving average price of $40.96.

Analyst Ratings Changes

A number of equities analysts recently issued reports on NXT shares. Jefferies Financial Group raised shares of Nextracker from a “hold” rating to a “buy” rating and increased their price target for the stock from $46.00 to $56.00 in a research note on Wednesday, January 29th. BNP Paribas raised Nextracker to a “strong-buy” rating in a research report on Wednesday, January 29th. Royal Bank of Canada assumed coverage on Nextracker in a research report on Monday, March 17th. They set an “outperform” rating and a $55.00 price target on the stock. Robert W. Baird decreased their price objective on Nextracker from $59.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, April 15th. Finally, Truist Financial lowered their price objective on Nextracker from $56.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. Three equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.70.

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.