Harbor Capital Advisors Inc. Boosts Holdings in Nextracker Inc. (NASDAQ:NXT)

Harbor Capital Advisors Inc. boosted its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 100.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 194,132 shares of the company's stock after acquiring an additional 97,340 shares during the quarter. Harbor Capital Advisors Inc. owned 0.13% of Nextracker worth $8,181,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Allworth Financial LP increased its stake in Nextracker by 52.4% during the 4th quarter. Allworth Financial LP now owns 803 shares of the company's stock valued at $29,000 after purchasing an additional 276 shares in the last quarter. Sterling Capital Management LLC raised its stake in Nextracker by 448.9% during the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock worth $47,000 after acquiring an additional 1,055 shares during the period. Virtus Fund Advisers LLC purchased a new position in shares of Nextracker during the 4th quarter valued at $47,000. Millstone Evans Group LLC bought a new position in shares of Nextracker in the fourth quarter worth about $48,000. Finally, Principal Securities Inc. raised its position in shares of Nextracker by 41.8% during the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock valued at $51,000 after buying an additional 410 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Nextracker Stock Performance

NASDAQ:NXT traded up $1.29 during mid-day trading on Friday, hitting $60.71. 1,622,768 shares of the stock were exchanged, compared to its average volume of 2,809,090. The firm's 50-day simple moving average is $48.78 and its 200 day simple moving average is $44.44. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $63.19. The stock has a market capitalization of $8.88 billion, a price-to-earnings ratio of 15.45 and a beta of 2.39. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20.

Insider Buying and Selling at Nextracker

In other Nextracker news, President Howard Wenger sold 6,066 shares of the business's 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 sale, the president now directly owns 219,389 shares of the company's stock, valued at approximately $12,066,395. The trade was a 2.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Bruce Ledesma sold 27,453 shares of Nextracker stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $60.17, for a total transaction of $1,651,847.01. Following the transaction, the insider now directly owns 120,972 shares in the company, valued at approximately $7,278,885.24. This represents a 18.50% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 199,672 shares of company stock worth $11,510,536. 0.27% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on NXT shares. Piper Sandler reissued an "overweight" rating on shares of Nextracker in a research note on Thursday, May 15th. Royal Bank of Canada assumed coverage on Nextracker in a research note on Monday, March 17th. They issued an "outperform" rating and a $55.00 target price on the stock. Truist Financial upped 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. Roth Capital reiterated a "buy" rating and issued a $70.00 target price (up from $55.00) on shares of Nextracker in a research note on Thursday, May 15th. Finally, Susquehanna increased their price objective on Nextracker from $54.00 to $66.00 and gave the company a "positive" rating in a report on Thursday, May 15th. Five investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average 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.