Balyasny Asset Management L.P. Purchases 827,229 Shares of Nextracker Inc. (NASDAQ:NXT)

Balyasny Asset Management L.P. grew its position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 8,408.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 837,067 shares of the company's stock after acquiring an additional 827,229 shares during the quarter. Balyasny Asset Management L.P. owned about 0.57% of Nextracker worth $30,578,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in NXT. Bayesian Capital Management LP bought a new position in Nextracker during the 4th quarter valued at $1,859,000. Bank of America Corp DE boosted its stake in Nextracker by 56.0% during the fourth quarter. Bank of America Corp DE now owns 715,835 shares of the company's stock valued at $26,149,000 after buying an additional 257,064 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in Nextracker during the fourth quarter worth about $3,035,000. Ameriprise Financial Inc. raised its position in Nextracker by 88.1% in the fourth quarter. Ameriprise Financial Inc. now owns 558,683 shares of the company's stock worth $20,409,000 after acquiring an additional 261,648 shares in the last quarter. Finally, Algert Global LLC lifted its holdings in Nextracker by 25.3% in the 4th quarter. Algert Global LLC now owns 146,986 shares of the company's stock valued at $5,369,000 after acquiring an additional 29,707 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company's stock.

Insider Activity at Nextracker

In other news, insider Bruce Ledesma sold 9,891 shares of the company'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 completion of the transaction, the insider now owns 132,374 shares of the company's stock, valued at approximately $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 Securities & Exchange Commission, which is accessible through the SEC website. 0.27% of the stock is owned by corporate insiders.

Nextracker Stock Performance

Nextracker stock traded up $1.91 on Friday, reaching $46.51. 2,072,412 shares of the stock were exchanged, compared to its average volume of 2,942,165. The stock has a market cap of $6.77 billion, a PE ratio of 11.83 and a beta of 2.03. The firm has a fifty day moving average price of $42.09 and a two-hundred day moving average price of $41.18. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $62.31. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10.

Analysts Set New Price Targets

NXT has been the topic of a number of recent research reports. BMO Capital Markets lifted their target price on Nextracker from $48.00 to $50.00 and gave the stock a "market perform" rating in a report on Wednesday, January 29th. The Goldman Sachs Group raised their target price on Nextracker from $54.00 to $61.00 and gave the stock a "buy" rating in a research report on Wednesday, January 29th. Susquehanna upped their price target on Nextracker from $50.00 to $54.00 and gave the company a "positive" rating in a research report on Wednesday, January 29th. BNP Paribas upgraded Nextracker to a "strong-buy" rating in a research report on Wednesday, January 29th. Finally, Barclays dropped their target price on Nextracker from $60.00 to $58.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Three investment 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 company. According to MarketBeat, Nextracker currently has an average rating of "Moderate Buy" and an average 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.