Bayesian Capital Management LP Takes $1.86 Million Position in Nextracker Inc. (NASDAQ:NXT)

Bayesian Capital Management LP acquired a new position in Nextracker Inc. (NASDAQ:NXT - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 50,900 shares of the company's stock, valued at approximately $1,859,000.

Several other institutional investors also recently bought and sold shares of the company. Allworth Financial LP lifted its holdings in Nextracker by 52.4% during the fourth quarter. Allworth Financial LP now owns 803 shares of the company's stock worth $29,000 after buying an additional 276 shares during the period. Sterling Capital Management LLC raised its stake in shares of Nextracker by 448.9% during the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock worth $47,000 after acquiring an additional 1,055 shares in the last quarter. Millstone Evans Group LLC purchased a new position in Nextracker in the fourth quarter worth $48,000. Principal Securities Inc. increased its position in shares of Nextracker by 41.8% during the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock worth $51,000 after purchasing an additional 410 shares in the last quarter. Finally, Quadrant Capital Group LLC raised its stake in Nextracker by 92.5% in the fourth quarter. Quadrant Capital Group LLC now owns 1,817 shares of the company's stock valued at $66,000 after buying an additional 873 shares during the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Bruce Ledesma sold 9,891 shares of the stock in a transaction 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 completion of the transaction, the insider now directly owns 132,374 shares in the company, valued at approximately $6,095,822.70. This represents a 6.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.27% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on NXT shares. Royal Bank of Canada began coverage on shares of Nextracker in a report on Monday, March 17th. They set an "outperform" rating and a $55.00 price objective on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Nextracker from $58.00 to $61.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 29th. BMO Capital Markets boosted their price objective on shares of Nextracker from $48.00 to $50.00 and gave the company a "market perform" rating in a report on Wednesday, January 29th. BNP Paribas raised shares of Nextracker to a "strong-buy" rating in a research report on Wednesday, January 29th. Finally, Guggenheim raised their target price on shares of Nextracker from $50.00 to $62.00 and gave the stock a "buy" rating in a report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $55.70.

Nextracker Price Performance

NASDAQ NXT traded up $0.83 during trading hours on Thursday, hitting $44.60. 2,493,879 shares of the company's stock traded hands, compared to its average volume of 2,947,451. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $62.31. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The company has a market capitalization of $6.49 billion, a PE ratio of 11.35 and a beta of 2.03. The firm's 50-day moving average is $41.98 and its 200-day moving average is $40.99.

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.