ProShare Advisors LLC Acquires 14,387 Shares of Nextracker Inc. (NASDAQ:NXT)

ProShare Advisors LLC grew its holdings in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 40.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 50,368 shares of the company's stock after buying an additional 14,387 shares during the period. ProShare Advisors LLC's holdings in Nextracker were worth $1,840,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Allworth Financial LP raised its holdings in Nextracker by 52.4% during the fourth quarter. Allworth Financial LP now owns 803 shares of the company's stock worth $29,000 after buying an additional 276 shares during the last quarter. Sterling Capital Management LLC raised its holdings in Nextracker by 448.9% during the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock worth $47,000 after buying an additional 1,055 shares during the last quarter. Millstone Evans Group LLC acquired a new position in Nextracker during the fourth quarter worth $48,000. Principal Securities Inc. raised its holdings in Nextracker by 41.8% during the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock worth $51,000 after buying an additional 410 shares during the last quarter. Finally, Quadrant Capital Group LLC raised its holdings in Nextracker by 92.5% during the fourth quarter. Quadrant Capital Group LLC now owns 1,817 shares of the company's stock worth $66,000 after buying an additional 873 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors.

Nextracker Price Performance

NXT remained flat at $56.05 during trading hours on Friday. The company had a trading volume of 1,882,388 shares, compared to its average volume of 2,902,625. The firm's 50-day simple moving average is $44.70 and its two-hundred day simple moving average is $42.63. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $63.19. The stock has a market capitalization of $8.16 billion, a PE ratio of 14.26 and a beta of 2.03. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. JPMorgan Chase & Co. upped their price objective on shares of Nextracker from $58.00 to $61.00 and gave the stock an "overweight" rating in a report on Wednesday, January 29th. Wells Fargo & Company increased their price target on Nextracker from $69.00 to $71.00 and gave the company an "overweight" rating in a research report on Monday, May 19th. Royal Bank of Canada assumed coverage on Nextracker in a research report on Monday, March 17th. They issued an "outperform" rating and a $55.00 price target for the company. Truist Financial increased their price target on Nextracker from $49.00 to $65.00 and gave the company an "overweight" rating in a research report on Thursday, May 15th. Finally, Robert W. Baird lowered their price target on Nextracker from $59.00 to $48.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. Five research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Nextracker currently has a consensus rating of "Moderate Buy" and a consensus target price of $60.00.

Insider Buying and Selling

In related news, insider Bruce Ledesma sold 3,017 shares of Nextracker stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $55.95, for a total value of $168,801.15. Following the completion of the sale, the insider now owns 110,564 shares of the company's stock, valued at approximately $6,186,055.80. This trade represents a 2.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO David P. Bennett sold 9,801 shares of Nextracker stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $539,055.00. Following the completion of the sale, the chief accounting officer now directly owns 124,615 shares of the company's stock, valued at approximately $6,853,825. This trade represents a 7.29% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 46,337 shares of company stock valued at $2,693,333. 0.27% of the stock is owned by insiders.

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.