Cambridge Investment Research Advisors Inc. Takes $210,000 Position in Nextracker Inc. (NASDAQ:NXT)

Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 4,994 shares of the company's stock, valued at approximately $210,000.

A number of other institutional investors have also recently made changes to their positions in the business. Sterling Capital Management LLC increased its position in shares of Nextracker by 448.9% in the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock valued at $47,000 after buying an additional 1,055 shares in the last quarter. Virtus Fund Advisers LLC purchased a new position in Nextracker in the fourth quarter worth approximately $47,000. Millstone Evans Group LLC acquired a new stake in shares of Nextracker during the 4th quarter worth about $48,000. Fifth Third Bancorp raised its stake in shares of Nextracker by 27.5% in the 1st quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock valued at $51,000 after acquiring an additional 260 shares during the period. Finally, UMB Bank n.a. lifted its stake in Nextracker by 127.2% during the first quarter. UMB Bank n.a. now owns 1,504 shares of the company's stock worth $63,000 after purchasing an additional 842 shares in the last quarter. Institutional investors and hedge funds own 67.41% of the company's stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Bank of America lifted their target price on shares of Nextracker from $55.00 to $65.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Susquehanna upped their target price on shares of Nextracker from $54.00 to $66.00 and gave the company a "positive" rating in a report on Thursday, May 15th. Roth Capital reaffirmed a "buy" rating and set a $70.00 price target (up previously from $55.00) on shares of Nextracker in a research note on Thursday, May 15th. TD Cowen raised their target price on shares of Nextracker from $47.00 to $55.00 and gave the company a "hold" rating in a research note on Thursday, May 15th. Finally, The Goldman Sachs Group lifted their price objective on shares of Nextracker from $61.00 to $68.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. Six analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $61.57.

Insiders Place Their Bets

In other news, 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 owned 219,389 shares in the company, valued at approximately $12,066,395. The trade was a 2.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Bruce Ledesma sold 83,561 shares of the company's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $55.71, for a total value of $4,655,183.31. Following the completion of the transaction, the insider directly owned 195,790 shares of the company's stock, valued at approximately $10,907,460.90. This trade represents a 29.91% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 210,476 shares of company stock valued at $12,169,880 in the last three months. 0.56% of the stock is owned by corporate insiders.

Nextracker Stock Performance

Shares of Nextracker stock traded up $3.06 on Tuesday, reaching $62.93. The stock had a trading volume of 2,480,039 shares, compared to its average volume of 2,670,376. The business's 50-day moving average price is $57.57 and its two-hundred day moving average price is $48.14. The stock has a market cap of $9.20 billion, a P/E ratio of 18.14, a price-to-earnings-growth ratio of 1.53 and a beta of 2.25. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $67.87.

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.