Cetera Investment Advisers Takes $783,000 Position in Nextracker Inc. (NASDAQ:NXT)

Cetera Investment Advisers acquired a new stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 18,576 shares of the company's stock, valued at approximately $783,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Sterling Capital Management LLC grew its position in Nextracker by 448.9% in the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock worth $47,000 after acquiring an additional 1,055 shares in the last quarter. Virtus Fund Advisers LLC bought a new stake in Nextracker in the fourth quarter worth approximately $47,000. Fifth Third Bancorp grew its position in Nextracker by 27.5% in the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock worth $51,000 after acquiring an additional 260 shares in the last quarter. UMB Bank n.a. grew its position in Nextracker by 127.2% in the first quarter. UMB Bank n.a. now owns 1,504 shares of the company's stock worth $63,000 after acquiring an additional 842 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its position in Nextracker by 819.5% in the first quarter. Farther Finance Advisors LLC now owns 1,554 shares of the company's stock worth $67,000 after acquiring an additional 1,385 shares in the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Nextracker

In other Nextracker news, insider Bruce Ledesma sold 83,561 shares of the stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $55.71, for a total transaction of $4,655,183.31. Following the sale, the insider owned 195,790 shares of the company's stock, valued at $10,907,460.90. This represents a 29.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Howard Wenger sold 5,216 shares of the stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $65.00, for a total transaction of $339,040.00. Following the sale, the president directly owned 419,959 shares in the company, valued at approximately $27,297,335. This represents a 1.23% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 184,136 shares of company stock worth $10,605,803. Corporate insiders own 0.56% of the company's stock.

Nextracker Stock Performance

Shares of NXT stock traded up $6.59 during mid-day trading on Friday, reaching $60.58. The company's stock had a trading volume of 6,047,404 shares, compared to its average volume of 2,315,999. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $67.87. The company has a market cap of $8.96 billion, a P/E ratio of 16.51, a PEG ratio of 1.41 and a beta of 2.25. The firm's 50-day moving average is $59.75 and its two-hundred day moving average is $51.04.

Wall Street Analysts Forecast Growth

Several analysts have commented on NXT shares. Truist Financial boosted their target price on shares of Nextracker from $49.00 to $65.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. Northland Securities restated a "market perform" rating on shares of Nextracker in a research note on Wednesday, July 30th. The Goldman Sachs Group boosted their price objective on shares of Nextracker from $61.00 to $68.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Bank of America boosted their price objective on shares of Nextracker from $66.00 to $69.00 and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Finally, TD Cowen boosted their price objective on shares of Nextracker from $55.00 to $65.00 and gave the stock a "hold" rating in a research note on Wednesday, July 30th. Ten analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $64.37.

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.