Fort Washington Investment Advisors Inc. OH Boosts Stock Position in Nextracker Inc. (NASDAQ:NXT)

Fort Washington Investment Advisors Inc. OH lifted its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 31.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 368,060 shares of the company's stock after acquiring an additional 88,060 shares during the quarter. Fort Washington Investment Advisors Inc. OH owned about 0.25% of Nextracker worth $15,510,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in NXT. Allworth Financial LP grew its stake in shares of Nextracker by 52.4% in the 4th quarter. Allworth Financial LP now owns 803 shares of the company's stock valued at $29,000 after buying an additional 276 shares in the last quarter. Sterling Capital Management LLC boosted its holdings 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 purchasing an additional 1,055 shares in the last quarter. Virtus Fund Advisers LLC acquired a new position in Nextracker during the fourth quarter worth $47,000. Millstone Evans Group LLC bought a new position in Nextracker during the fourth quarter valued at about $48,000. Finally, Principal Securities Inc. lifted 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 worth $51,000 after buying an additional 410 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on NXT. Fox Advisors lowered shares of Nextracker from an "overweight" rating to an "equal weight" rating in a research report on Thursday, May 15th. Piper Sandler restated an "overweight" rating on shares of Nextracker in a research report on Thursday, May 15th. TD Cowen upped their target price on shares of Nextracker from $47.00 to $55.00 and gave the company a "hold" rating in a research report on Thursday, May 15th. The Goldman Sachs Group upped their target price 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. Finally, Mizuho lifted their price target on Nextracker from $60.00 to $67.00 and gave the company an "outperform" rating in a research note on Monday, June 2nd. Five analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Nextracker presently has an average rating of "Moderate Buy" and a consensus price target of $60.33.

Insiders Place Their Bets

In other news, President Howard Wenger sold 6,066 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total transaction of $333,630.00. Following the completion of the transaction, the president now directly owns 219,389 shares in the company, valued at approximately $12,066,395. This represents a 2.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bruce Ledesma sold 27,453 shares of the company's stock in a transaction on 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 sale, the insider now directly owns 120,972 shares in the company, valued at approximately $7,278,885.24. The trade was a 18.50% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 199,672 shares of company stock worth $11,510,536 in the last 90 days. 0.27% of the stock is currently owned by corporate insiders.

Nextracker Price Performance

NASDAQ NXT traded up $0.02 during trading hours on Monday, reaching $60.73. The company's stock had a trading volume of 1,374,130 shares, compared to its average volume of 2,807,383. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $63.19. The firm's 50-day moving average price is $49.25 and its 200-day moving average price is $44.65. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $8.88 billion, a price-to-earnings ratio of 15.45 and a beta of 2.39.

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.