Captrust Financial Advisors Grows Stake in Nextracker Inc. (NASDAQ:NXT)

Captrust Financial Advisors increased its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 131.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,468 shares of the company's stock after buying an additional 7,650 shares during the quarter. Captrust Financial Advisors' holdings in Nextracker were worth $492,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Nextracker in the fourth quarter worth $106,166,000. Invesco Ltd. grew its stake in shares of Nextracker by 52.2% during the 4th quarter. Invesco Ltd. now owns 3,874,875 shares of the company's stock worth $141,549,000 after purchasing an additional 1,329,456 shares during the period. Balyasny Asset Management L.P. increased its holdings in shares of Nextracker by 8,408.5% in the 4th quarter. Balyasny Asset Management L.P. now owns 837,067 shares of the company's stock valued at $30,578,000 after purchasing an additional 827,229 shares in the last quarter. Robeco Schweiz AG acquired a new stake in shares of Nextracker in the fourth quarter valued at about $22,112,000. Finally, Handelsbanken Fonder AB boosted its holdings in Nextracker by 36.0% during the fourth quarter. Handelsbanken Fonder AB now owns 2,278,217 shares of the company's stock worth $83,223,000 after buying an additional 602,600 shares in the last quarter. Institutional investors and hedge funds own 67.41% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Truist Financial increased their target price on shares of Nextracker from $49.00 to $65.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. UBS Group raised their price objective on Nextracker from $60.00 to $66.00 and gave the company a "buy" rating in a research note on Wednesday, January 29th. Wells Fargo & Company boosted their target price on Nextracker from $69.00 to $71.00 and gave the stock an "overweight" rating in a research report on Monday. Northland Securities reaffirmed an "outperform" rating and set a $55.00 price target (up previously from $48.00) on shares of Nextracker in a research note on Wednesday, January 29th. Finally, Roth Capital reiterated a "buy" rating and issued a $70.00 price objective (up from $55.00) on shares of Nextracker in a research report on Thursday, May 15th. Five 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's stock. According to data from MarketBeat.com, Nextracker presently has an average rating of "Moderate Buy" and a consensus target price of $60.00.

Nextracker Trading Down 3.1%

Shares of NXT stock traded down $1.81 during mid-day trading on Thursday, hitting $56.05. 6,806,493 shares of the company's stock were exchanged, compared to its average volume of 2,943,548. The stock has a market cap of $8.16 billion, a price-to-earnings ratio of 14.26 and a beta of 2.03. The stock has a 50-day simple moving average of $44.27 and a two-hundred day simple moving average of $42.45. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $63.19. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10.

Insider Buying and Selling at Nextracker

In other news, 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 completion of the sale, the president now directly owns 219,389 shares of the company's stock, valued at $12,066,395. The trade was a 2.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO David P. Bennett sold 9,801 shares of the company's 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 now owns 124,615 shares of the company's stock, valued at approximately $6,853,825. The trade was a 7.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,320 shares of company stock worth $2,524,532 in the last 90 days. 0.27% of the stock is owned by company insiders.

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.