Bank of America Corp DE raised its position in Nextracker Inc. (NASDAQ:NXT - Free Report) by 56.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 715,835 shares of the company's stock after purchasing an additional 257,064 shares during the period. Bank of America Corp DE owned 0.49% of Nextracker worth $26,149,000 at the end of the most recent reporting period.
Several other large investors have also recently bought and sold shares of NXT. BNP Paribas Financial Markets bought a new stake in shares of Nextracker during the 4th quarter worth $3,035,000. Ameriprise Financial Inc. lifted its holdings in shares of Nextracker by 88.1% during the 4th 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 during the last quarter. Algert Global LLC lifted its holdings in shares of Nextracker by 25.3% during the 4th quarter. Algert Global LLC now owns 146,986 shares of the company's stock worth $5,369,000 after acquiring an additional 29,707 shares during the last quarter. Mercer Global Advisors Inc. ADV bought a new stake in shares of Nextracker during the 4th quarter worth $490,000. Finally, Freestone Grove Partners LP bought a new stake in shares of Nextracker during the 4th quarter worth $1,781,000. 67.41% of the stock is owned by institutional investors.
Analysts Set New Price Targets
NXT has been the subject of a number of research analyst reports. Piper Sandler set a $49.00 price objective on shares of Nextracker in a report on Monday, April 21st. The Goldman Sachs Group boosted their price target on shares of Nextracker from $61.00 to $68.00 and gave the stock a "buy" rating in a research note on Thursday. Truist Financial boosted their price target on shares of Nextracker from $49.00 to $65.00 and gave the stock an "overweight" rating in a research note on Thursday. Guggenheim downgraded shares of Nextracker from a "buy" rating to a "neutral" rating in a research note on Wednesday. Finally, Bank of America boosted their price target on shares of Nextracker from $55.00 to $65.00 and gave the stock a "buy" rating in a research note on Thursday. Five equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $59.90.
Check Out Our Latest Research Report on NXT
Nextracker Price Performance
Shares of NASDAQ NXT opened at $59.31 on Friday. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $63.19. 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's 50-day moving average is $43.44 and its 200 day moving average is $42.08. The stock has a market capitalization of $8.64 billion, a P/E ratio of 15.09 and a beta of 2.03.
Insider Activity at Nextracker
In related news, insider Bruce Ledesma sold 27,453 shares of the business's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $60.17, for a total transaction of $1,651,847.01. Following the transaction, the insider now owns 120,972 shares in the company, valued at $7,278,885.24. The trade was a 18.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Howard Wenger sold 6,066 shares of the business's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total transaction of $333,630.00. Following the transaction, the president now owns 219,389 shares in the company, valued at $12,066,395. This represents a 2.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,320 shares of company stock worth $2,524,532 over the last 90 days. 0.27% of the stock is owned by company insiders.
About Nextracker
(
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.
Further Reading
Want to see what other hedge funds are holding NXT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Nextracker Inc. (NASDAQ:NXT - Free Report).
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