Figure 8 Investment Strategies LLC Purchases 16,375 Shares of Nextracker Inc. (NASDAQ:NXT)

Figure 8 Investment Strategies LLC raised its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 152.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 27,135 shares of the company's stock after acquiring an additional 16,375 shares during the period. Figure 8 Investment Strategies LLC's holdings in Nextracker were worth $1,143,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the business. Principal Securities Inc. increased its position in shares of Nextracker by 41.8% in the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock valued at $51,000 after acquiring an additional 410 shares during the last quarter. Allworth Financial LP increased its position in shares of Nextracker by 52.4% during the 4th quarter. Allworth Financial LP now owns 803 shares of the company's stock worth $29,000 after purchasing an additional 276 shares during the last quarter. State of New Jersey Common Pension Fund D raised its stake in shares of Nextracker by 11.6% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 57,669 shares of the company's stock worth $2,107,000 after purchasing an additional 5,999 shares in the last quarter. Venturi Wealth Management LLC raised its stake in shares of Nextracker by 3,781.7% during the 4th quarter. Venturi Wealth Management LLC now owns 3,183 shares of the company's stock worth $116,000 after purchasing an additional 3,101 shares in the last quarter. Finally, New York State Common Retirement Fund boosted its holdings in shares of Nextracker by 65.6% in the 4th quarter. New York State Common Retirement Fund now owns 469,163 shares of the company's stock valued at $17,139,000 after buying an additional 185,858 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors.

Insider Activity at Nextracker

In other news, COO Nicholas Marco Miller sold 69,774 shares of the stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $59.65, for a total value of $4,162,019.10. Following the completion of the sale, the chief operating officer now owns 175,216 shares of the company's stock, valued at approximately $10,451,634.40. This represents a 28.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO David P. Bennett sold 9,801 shares of the firm's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $539,055.00. Following the transaction, the chief accounting officer now owns 124,615 shares of the company's stock, valued at $6,853,825. This trade represents a 7.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 199,672 shares of company stock worth $11,510,536 in the last quarter. 0.27% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on NXT shares. Roth Capital reaffirmed a "buy" rating and issued a $70.00 target price (up from $55.00) on shares of Nextracker in a report on Thursday, May 15th. BMO Capital Markets boosted their price target on Nextracker from $51.00 to $59.00 and gave the stock a "market perform" rating in a research report on Thursday, May 15th. Susquehanna raised their price objective on Nextracker from $54.00 to $66.00 and gave the company a "positive" rating in a research report on Thursday, May 15th. Fox Advisors downgraded Nextracker from an "overweight" rating to an "equal weight" rating in a research note on Thursday, May 15th. Finally, Piper Sandler reissued an "overweight" rating on shares of Nextracker in a report on Thursday, May 15th. Five equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Nextracker currently has an average rating of "Moderate Buy" and a consensus price target of $60.33.

Nextracker Stock Down 2.2%

Shares of NXT opened at $57.62 on Monday. The stock has a market cap of $8.43 billion, a PE ratio of 16.61, a PEG ratio of 1.49 and a beta of 2.39. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $63.19. The business has a 50-day simple moving average of $51.32 and a two-hundred day simple moving average of $45.38.

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.

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