Nextracker Inc. (NASDAQ:NXT) Stock Position Raised by Ameriprise Financial Inc.

Ameriprise Financial Inc. raised its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 88.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 558,683 shares of the company's stock after buying an additional 261,648 shares during the quarter. Ameriprise Financial Inc. owned about 0.38% of Nextracker worth $20,409,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of NXT. Barclays PLC grew its stake in Nextracker by 259.8% in the 3rd quarter. Barclays PLC now owns 259,800 shares of the company's stock worth $9,737,000 after acquiring an additional 187,598 shares during the period. Trium Capital LLP lifted its position in Nextracker by 18.8% during the fourth quarter. Trium Capital LLP now owns 7,666 shares of the company's stock worth $280,000 after buying an additional 1,213 shares during the period. Clear Harbor Asset Management LLC lifted its position in Nextracker by 0.7% during the fourth quarter. Clear Harbor Asset Management LLC now owns 153,239 shares of the company's stock worth $5,598,000 after buying an additional 1,086 shares during the period. Fort Washington Investment Advisors Inc. OH acquired a new stake in Nextracker in the 4th quarter worth about $10,228,000. Finally, Nisa Investment Advisors LLC grew its holdings in Nextracker by 38.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company's stock valued at $68,000 after buying an additional 516 shares during the period. Hedge funds and other institutional investors own 67.41% of the company's stock.

Nextracker Stock Down 1.6%

Shares of NASDAQ NXT traded down $0.97 during midday trading on Monday, reaching $58.34. 3,646,252 shares of the company's stock were exchanged, compared to its average volume of 2,928,913. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $63.19. The business's fifty day moving average price is $43.44 and its two-hundred day moving average price is $42.10. The stock has a market capitalization of $8.50 billion, a PE ratio of 14.84 and a beta of 2.03.

Insider Buying and Selling at Nextracker

In other Nextracker news, President Howard Wenger sold 6,066 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total transaction of $333,630.00. Following the sale, the president now owns 219,389 shares in the company, valued at $12,066,395. This represents a 2.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Bruce Ledesma sold 27,453 shares of Nextracker stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $60.17, for a total value of $1,651,847.01. Following the completion of the transaction, the insider now owns 120,972 shares of the company's stock, valued at approximately $7,278,885.24. The trade was a 18.50% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 43,320 shares of company stock worth $2,524,532 in the last 90 days. 0.27% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on NXT. Fox Advisors lowered shares of Nextracker from an "overweight" rating to an "equal weight" rating in a report on Thursday. UBS Group lifted their price target on shares of Nextracker from $60.00 to $66.00 and gave the company a "buy" rating in a report on Wednesday, January 29th. TD Cowen boosted their price objective on shares of Nextracker from $47.00 to $55.00 and gave the company a "hold" rating in a research note on Thursday. Jefferies Financial Group upgraded Nextracker from a "hold" rating to a "buy" rating and upped their price objective for the stock from $46.00 to $56.00 in a report on Wednesday, January 29th. Finally, Barclays boosted their price target on Nextracker from $58.00 to $64.00 and gave the company an "overweight" rating in a research report on Friday. Five research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $60.00.

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.