Dimensional Fund Advisors LP raised its stake in Nextracker Inc. (NASDAQ:NXT - Free Report) by 33.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,916,233 shares of the company's stock after buying an additional 483,483 shares during the quarter. Dimensional Fund Advisors LP owned about 1.32% of Nextracker worth $70,005,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Allworth Financial LP lifted its position in shares of Nextracker by 52.4% in the fourth quarter. Allworth Financial LP now owns 803 shares of the company's stock worth $29,000 after purchasing an additional 276 shares in the last quarter. Sterling Capital Management LLC lifted its position in 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 buying an additional 1,055 shares in the last quarter. Millstone Evans Group LLC acquired a new position in shares of Nextracker during the 4th quarter worth about $48,000. Principal Securities Inc. grew its holdings in shares of Nextracker by 41.8% in the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock valued at $51,000 after acquiring an additional 410 shares in the last quarter. Finally, Quadrant Capital Group LLC increased its position in shares of 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 acquiring an additional 873 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company's stock.
Analysts Set New Price Targets
Several brokerages recently commented on NXT. JPMorgan Chase & Co. raised their price target on Nextracker from $58.00 to $61.00 and gave the company an "overweight" rating in a research note on Wednesday, January 29th. Barclays dropped their price target on shares of Nextracker from $60.00 to $58.00 and set an "overweight" rating on the stock in a research report on Thursday, April 10th. Northland Securities reissued an "outperform" rating and issued a $55.00 price objective (up previously from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. UBS Group boosted their price objective on shares of Nextracker from $60.00 to $66.00 and gave the stock a "buy" rating in a research note on Wednesday, January 29th. Finally, Susquehanna boosted their price target on Nextracker from $50.00 to $54.00 and gave the stock a "positive" rating in a research report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Nextracker presently has an average rating of "Moderate Buy" and a consensus target price of $55.70.
Get Our Latest Research Report on Nextracker
Nextracker Price Performance
NXT stock traded up $0.33 during midday trading on Friday, reaching $42.20. The company had a trading volume of 1,115,389 shares, compared to its average volume of 2,967,093. The company has a market capitalization of $6.15 billion, a price-to-earnings ratio of 10.74 and a beta of 2.03. 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 50 day moving average price of $42.15 and a 200-day moving average price of $40.86.
Insider Activity at Nextracker
In other news, insider Bruce Ledesma sold 9,891 shares of the stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $46.05, for a total value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.27% of the stock is currently owned by insiders.
Nextracker Company Profile
(
Free Report)
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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