Raiffeisen Bank International AG Purchases New Stake in Nextracker Inc. (NASDAQ:NXT)

Raiffeisen Bank International AG purchased a new stake in Nextracker Inc. (NASDAQ:NXT - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 4,632 shares of the company's stock, valued at approximately $171,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NXT. Norges Bank acquired a new stake in Nextracker during the 4th quarter worth approximately $106,166,000. Encompass Capital Advisors LLC acquired a new stake in Nextracker during the 4th quarter worth approximately $55,690,000. Invesco Ltd. increased its position in Nextracker by 52.2% during the 4th quarter. Invesco Ltd. now owns 3,874,875 shares of the company's stock worth $141,549,000 after purchasing an additional 1,329,456 shares in the last quarter. Balyasny Asset Management L.P. increased its position in Nextracker by 8,408.5% during the 4th quarter. Balyasny Asset Management L.P. now owns 837,067 shares of the company's stock worth $30,578,000 after purchasing an additional 827,229 shares in the last quarter. Finally, Robeco Schweiz AG acquired a new stake in Nextracker during the 4th quarter worth approximately $22,112,000. Hedge funds and other institutional investors own 67.41% of the company's stock.

Nextracker Price Performance

Shares of Nextracker stock remained flat at $56.05 on Friday. The stock had a trading volume of 1,882,388 shares, compared to its average volume of 2,902,625. The firm has a market capitalization of $8.16 billion, a PE ratio of 14.26 and a beta of 2.03. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. The business's 50-day simple moving average is $44.70 and its 200-day simple moving average is $42.64. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $63.19.

Wall Street Analyst Weigh In

NXT has been the subject of a number of analyst reports. Northland Securities restated an "outperform" rating and issued a $55.00 price target (up previously from $48.00) on shares of Nextracker in a report on Wednesday, January 29th. Robert W. Baird decreased their price target on Nextracker from $59.00 to $48.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. TD Cowen upped their price target on Nextracker from $47.00 to $55.00 and gave the stock a "hold" rating in a report on Thursday, May 15th. Bank of America upped their price target on Nextracker from $55.00 to $65.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Finally, The Goldman Sachs Group upped their price target on Nextracker from $61.00 to $68.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Five investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $60.00.

Insider Activity

In related news, CAO David P. Bennett sold 9,801 shares of the company'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 $539,055.00. Following the sale, the chief accounting officer now directly owns 124,615 shares of the company's stock, valued at approximately $6,853,825. This represents a 7.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Bruce Ledesma sold 27,453 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $60.17, for a total value of $1,651,847.01. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 46,337 shares of company stock worth $2,693,333. 0.27% of the stock is currently owned by insiders.

About Nextracker

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.