20,000 Shares in Nextracker Inc. (NASDAQ:NXT) Acquired by K2 Principal Fund L.P.

K2 Principal Fund L.P. bought a new position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 20,000 shares of the company's stock, valued at approximately $731,000.

A number of other institutional investors have also recently bought and sold shares of NXT. Vanguard Group Inc. boosted its position in 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 acquiring an additional 243,635 shares during the last quarter. Invesco Ltd. boosted its holdings in Nextracker by 52.2% during the fourth quarter. Invesco Ltd. now owns 3,874,875 shares of the company's stock worth $141,549,000 after purchasing an additional 1,329,456 shares during the last quarter. Norges Bank bought a new position in Nextracker in the fourth quarter valued at $106,166,000. Handelsbanken Fonder AB increased its stake in Nextracker by 36.0% in the 4th 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 during the last quarter. Finally, Deutsche Bank AG lifted its position in Nextracker by 12.8% during the 4th quarter. Deutsche Bank AG now owns 2,152,084 shares of the company's stock worth $78,616,000 after buying an additional 244,725 shares in the last quarter. Institutional investors own 67.41% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on NXT. Truist Financial lowered their target price on Nextracker from $56.00 to $52.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Piper Sandler set a $49.00 price objective on Nextracker in a research note on Monday, April 21st. Susquehanna raised their target price 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. UBS Group upped their price target on shares of Nextracker from $60.00 to $66.00 and gave the stock a "buy" rating in a research report on Wednesday, January 29th. Finally, Barclays decreased their price objective on shares of Nextracker from $60.00 to $58.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. Three research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Nextracker currently has an average rating of "Moderate Buy" and a consensus price target of $55.70.

Insider Transactions at Nextracker

In related news, insider Bruce Ledesma sold 9,891 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was 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 represents a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.27% of the company's stock.

Nextracker Price Performance

NASDAQ:NXT opened at $46.51 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. The firm has a market cap of $6.77 billion, a price-to-earnings ratio of 11.83 and a beta of 2.03. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $62.31. The firm's 50-day simple moving average is $42.09 and its 200 day simple moving average is $41.24.

Nextracker Company 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.

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