Unified Investment Management Purchases New Position in Nextracker Inc. (NASDAQ:NXT)

Unified Investment Management bought a new position in Nextracker Inc. (NASDAQ:NXT - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 13,828 shares of the company's stock, valued at approximately $583,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. IFP Advisors Inc boosted its stake in shares of Nextracker by 516.4% in the 4th quarter. IFP Advisors Inc now owns 3,304 shares of the company's stock worth $121,000 after buying an additional 2,768 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Nextracker by 10.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,753,848 shares of the company's stock valued at $64,068,000 after acquiring an additional 161,873 shares during the period. Jones Financial Companies Lllp boosted its position in Nextracker by 115.1% in the fourth quarter. Jones Financial Companies Lllp now owns 13,186 shares of the company's stock worth $482,000 after purchasing an additional 7,056 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of Nextracker by 204.3% during the 1st quarter. SG Americas Securities LLC now owns 33,845 shares of the company's stock valued at $1,426,000 after purchasing an additional 22,721 shares during the period. Finally, Ruffer LLP purchased a new stake in shares of Nextracker during the 4th quarter valued at about $3,954,000. Institutional investors own 67.41% of the company's stock.

Wall Street Analysts Forecast Growth

NXT has been the topic of a number of research reports. Roth Capital reissued a "buy" rating and issued a $70.00 price objective (up previously from $55.00) on shares of Nextracker in a report on Thursday, May 15th. Wells Fargo & Company raised their price objective on shares of Nextracker from $69.00 to $71.00 and gave the company an "overweight" rating in a research report on Monday, May 19th. Wall Street Zen raised shares of Nextracker from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Truist Financial raised their price target on Nextracker from $49.00 to $65.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Finally, The Goldman Sachs Group boosted their target price on shares of Nextracker from $61.00 to $68.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Five equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Nextracker presently has a consensus rating of "Moderate Buy" and a consensus target price of $60.33.

Insiders Place Their Bets

In other Nextracker news, CAO David P. Bennett sold 9,801 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $539,055.00. Following the sale, the chief accounting officer owned 124,615 shares in the company, valued at $6,853,825. This trade represents a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Howard Wenger sold 6,066 shares of the business's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total transaction of $333,630.00. Following the sale, the president directly owned 219,389 shares of the company's stock, valued at $12,066,395. This represents a 2.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 205,260 shares of company stock worth $11,830,840. Corporate insiders own 0.27% of the company's stock.

Nextracker Stock Up 9.1%

NASDAQ:NXT traded up $5.54 during mid-day trading on Thursday, hitting $66.58. 2,918,761 shares of the stock traded hands, compared to its average volume of 2,681,725. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $67.10. The stock has a market capitalization of $9.74 billion, a price-to-earnings ratio of 19.19, a PEG ratio of 1.48 and a beta of 2.25. The firm's 50 day moving average is $54.11 and its two-hundred day moving average is $46.43.

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.