New Mexico Educational Retirement Board Grows Stock Position in Nextracker Inc. (NASDAQ:NXT)

New Mexico Educational Retirement Board increased its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 20.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,000 shares of the company's stock after buying an additional 5,100 shares during the period. New Mexico Educational Retirement Board's holdings in Nextracker were worth $1,264,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Trium Capital LLP increased its stake in shares of Nextracker by 4.0% during the 1st quarter. Trium Capital LLP now owns 7,969 shares of the company's stock valued at $336,000 after acquiring an additional 303 shares during the last quarter. DekaBank Deutsche Girozentrale increased its stake in shares of Nextracker by 17.2% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 375,263 shares of the company's stock valued at $15,814,000 after acquiring an additional 55,000 shares during the last quarter. Stratos Wealth Advisors LLC acquired a new position in shares of Nextracker during the 1st quarter valued at about $1,752,000. Envestnet Asset Management Inc. increased its stake in shares of Nextracker by 4.5% during the 1st quarter. Envestnet Asset Management Inc. now owns 101,095 shares of the company's stock valued at $4,260,000 after acquiring an additional 4,352 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in shares of Nextracker by 5.2% during the 1st quarter. Principal Financial Group Inc. now owns 918,856 shares of the company's stock valued at $38,721,000 after acquiring an additional 45,115 shares during the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on NXT shares. BMO Capital Markets increased their target price on shares of Nextracker from $51.00 to $59.00 and gave the stock a "market perform" rating in a research report on Thursday, May 15th. TD Cowen increased their target price on shares of Nextracker from $47.00 to $55.00 and gave the stock a "hold" rating in a research report on Thursday, May 15th. Royal Bank Of Canada began coverage on shares of Nextracker in a research report on Monday, March 17th. They set an "outperform" rating and a $55.00 target price for the company. Roth Capital reaffirmed a "buy" rating and issued a $70.00 price objective (up previously from $55.00) on shares of Nextracker in a research report on Thursday, May 15th. Finally, Fox Advisors downgraded shares of Nextracker from an "overweight" rating to an "equal weight" rating in a research report on Thursday, May 15th. 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 company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $61.67.

Nextracker Stock Performance

NXT stock opened at $61.70 on Friday. The stock has a market capitalization of $9.02 billion, a price-to-earnings ratio of 17.78, a PEG ratio of 1.60 and a beta of 2.25. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $67.87. The stock's fifty day moving average is $57.20 and its two-hundred day moving average is $47.82.

Insider Buying and Selling

In other Nextracker news, President Howard Wenger sold 5,216 shares of the firm's stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $65.00, for a total value of $339,040.00. Following the sale, the president directly owned 419,959 shares in the company, valued at approximately $27,297,335. This trade represents a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Nicholas Marco Miller sold 5,588 shares of the firm's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $57.32, for a total value of $320,304.16. Following the completion of the sale, the chief operating officer owned 170,000 shares in the company, valued at $9,744,400. The trade was a 3.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 210,476 shares of company stock valued at $12,169,880. 0.56% of the stock is owned by corporate insiders.

Nextracker 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.

Want to see what other hedge funds are holding NXT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Nextracker Inc. (NASDAQ:NXT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.