Nextracker Inc. (NASDAQ:NXT) Shares Acquired by Edgestream Partners L.P.

Edgestream Partners L.P. grew its holdings in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 21.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 56,382 shares of the company's stock after purchasing an additional 10,094 shares during the period. Edgestream Partners L.P.'s holdings in Nextracker were worth $2,376,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. New York State Teachers Retirement System boosted its stake in shares of Nextracker by 18.2% during the 1st quarter. New York State Teachers Retirement System now owns 125,005 shares of the company's stock worth $5,268,000 after acquiring an additional 19,247 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Nextracker during the 1st quarter worth approximately $210,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Nextracker by 51.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 19,735 shares of the company's stock worth $850,000 after acquiring an additional 6,693 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Nextracker by 189.8% during the 1st quarter. GAMMA Investing LLC now owns 2,736 shares of the company's stock worth $115,000 after acquiring an additional 1,792 shares in the last quarter. Finally, Unified Investment Management purchased a new stake in shares of Nextracker during the 1st quarter worth approximately $583,000. Institutional investors and hedge funds own 67.41% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on NXT. Susquehanna boosted their price target on Nextracker from $54.00 to $66.00 and gave the stock a "positive" rating in a research note on Thursday, May 15th. Fox Advisors lowered Nextracker from an "overweight" rating to an "equal weight" rating in a research note on Thursday, May 15th. Bank of America boosted their price target on Nextracker from $55.00 to $65.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Wells Fargo & Company boosted their price target on Nextracker from $69.00 to $71.00 and gave the stock an "overweight" rating in a research note on Monday, May 19th. Finally, TD Cowen boosted their price target on Nextracker from $47.00 to $55.00 and gave the stock a "hold" rating in a research note on Thursday, May 15th. Six investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $61.57.

Nextracker Price Performance

NXT traded up $0.05 during trading on Friday, hitting $60.53. The company's stock had a trading volume of 1,919,962 shares, compared to its average volume of 2,657,115. The firm's 50 day moving average price is $58.65 and its 200-day moving average price is $48.49. The stock has a market cap of $8.85 billion, a PE ratio of 17.44, a PEG ratio of 1.58 and a beta of 2.25. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $67.87.

Insiders Place Their Bets

In other news, COO Nicholas Marco Miller sold 69,774 shares of the company's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $59.65, for a total transaction of $4,162,019.10. Following the completion of the sale, the chief operating officer directly owned 175,216 shares in the company, valued at $10,451,634.40. This represents a 28.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO David P. Bennett sold 9,801 shares of the company's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $539,055.00. Following the sale, the chief accounting officer owned 124,615 shares of the company's stock, valued at approximately $6,853,825. The trade was a 7.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 210,476 shares of company stock valued at $12,169,880. Insiders own 0.56% of the company's stock.

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.