PharVision Advisers LLC Takes $254,000 Position in Nextracker Inc. $NXT

Key Points

• PharVision Advisers LLC has acquired a new stake in Nextracker Inc., purchasing 6,028 shares valued at approximately $254,000.
• Several hedge funds, including New York State Teachers Retirement System and KBC Group NV, have significantly increased their holdings in Nextracker, highlighting growing institutional interest.
• Nextracker's stock currently has a market capitalization of $10.37 billion and a consensus rating of "Moderate Buy" with an average price target of $65.00.

PharVision Advisers LLC purchased a new stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm purchased 6,028 shares of the company's stock, valued at approximately $254,000.

Other hedge funds also recently bought and sold shares of the company. New York State Teachers Retirement System lifted its position in Nextracker by 18.2% in the 1st quarter. New York State Teachers Retirement System now owns 125,005 shares of the company's stock worth $5,268,000 after buying an additional 19,247 shares during the last quarter. Cambridge Investment Research Advisors Inc. bought a new stake in Nextracker in the 1st quarter worth approximately $210,000. Allspring Global Investments Holdings LLC lifted its position in Nextracker by 51.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 19,735 shares of the company's stock worth $850,000 after buying an additional 6,693 shares during the last quarter. GAMMA Investing LLC lifted its position in Nextracker by 189.8% in the 1st quarter. GAMMA Investing LLC now owns 2,736 shares of the company's stock worth $115,000 after buying an additional 1,792 shares during the last quarter. Finally, KBC Group NV lifted its position in Nextracker by 719.8% in the 1st quarter. KBC Group NV now owns 49,908 shares of the company's stock worth $2,103,000 after buying an additional 43,820 shares during the last quarter. Institutional investors own 67.41% of the company's stock.

Nextracker Price Performance

Shares of Nextracker stock opened at $70.12 on Friday. The business's 50 day simple moving average is $62.35 and its two-hundred day simple moving average is $53.11. The stock has a market capitalization of $10.37 billion, a P/E ratio of 19.11, a price-to-earnings-growth ratio of 1.63 and a beta of 2.26. Nextracker Inc. has a one year low of $30.93 and a one year high of $71.27.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on NXT shares. Wells Fargo & Company boosted their target price on Nextracker from $71.00 to $72.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Susquehanna boosted their target price on Nextracker from $66.00 to $76.00 and gave the stock a "positive" rating in a research report on Monday, July 21st. TD Cowen boosted their target price on Nextracker from $55.00 to $65.00 and gave the stock a "hold" rating in a research report on Wednesday, July 30th. Bank of America lifted their price target on Nextracker from $66.00 to $69.00 and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Finally, Robert W. Baird lifted their price target on Nextracker from $67.00 to $76.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $65.00.

Insiders Place Their Bets

In related news, Director William D. Watkins sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total transaction of $567,900.00. Following the completion of the transaction, the director owned 7,666 shares in the company, valued at $435,352.14. This represents a 56.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Howard Wenger sold 5,703 shares of the company's stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $70.00, for a total value of $399,210.00. Following the transaction, the president owned 414,256 shares of the company's stock, valued at approximately $28,997,920. This represents a 1.36% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 103,261 shares of company stock worth $6,181,028 in the last ninety days. Insiders own 0.56% of the company's stock.

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.

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