Nextracker Inc. (NASDAQ:NXT) Shares Acquired by GAMMA Investing LLC

GAMMA Investing LLC raised its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 12,113.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 115,295 shares of the company's stock after acquiring an additional 114,351 shares during the quarter. GAMMA Investing LLC owned 0.08% of Nextracker worth $4,859,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Norges Bank acquired a new position in shares of Nextracker during the 4th quarter worth $106,166,000. Encompass Capital Advisors LLC acquired a new position in Nextracker during the fourth quarter worth about $55,690,000. Invesco Ltd. raised its position in Nextracker by 52.2% during the fourth quarter. Invesco Ltd. now owns 3,874,875 shares of the company's stock worth $141,549,000 after acquiring an additional 1,329,456 shares during the last quarter. Balyasny Asset Management L.P. lifted its holdings in shares of Nextracker by 8,408.5% in the fourth 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. Finally, Robeco Schweiz AG purchased a new stake in shares of Nextracker in the fourth quarter valued at about $22,112,000. Institutional investors and hedge funds own 67.41% of the company's stock.

Nextracker Stock Up 2.2%

Nextracker stock traded up $1.29 during trading on Friday, reaching $60.71. 1,621,763 shares of the company's stock were exchanged, compared to its average volume of 2,810,153. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $63.19. The company's 50-day moving average is $48.78 and its two-hundred day moving average is $44.44. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. The firm has a market cap of $8.88 billion, a price-to-earnings ratio of 15.45 and a beta of 2.39.

Insider Buying and Selling

In other news, President Howard Wenger sold 6,066 shares of the company'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 completion of the transaction, the president now owns 219,389 shares in the company, valued at approximately $12,066,395. This represents a 2.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bruce Ledesma sold 83,561 shares of the firm's stock in a transaction 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 transaction, the insider now directly owns 195,790 shares in the company, valued at $10,907,460.90. This trade represents a 29.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 129,898 shares of company stock valued at $7,348,516. Corporate insiders own 0.27% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. BMO Capital Markets lifted their price objective on Nextracker from $51.00 to $59.00 and gave the stock a "market perform" rating in a research report on Thursday, May 15th. Truist Financial raised their price target on Nextracker from $49.00 to $65.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. Royal Bank of Canada started coverage on Nextracker in a report on Monday, March 17th. They issued an "outperform" rating and a $55.00 price target for the company. Susquehanna upped 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. Finally, Wells Fargo & Company lifted their price objective on Nextracker from $69.00 to $71.00 and gave the stock an "overweight" rating in a research report on Monday, May 19th. Five 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 data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $60.33.

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.