Nextracker Inc. (NASDAQ:NXT) is Renaissance Capital LLC's 7th Largest Position

Renaissance Capital LLC cut its position in Nextracker Inc. (NASDAQ:NXT - Free Report) by 5.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 151,201 shares of the company's stock after selling 8,578 shares during the quarter. Nextracker comprises 4.9% of Renaissance Capital LLC's investment portfolio, making the stock its 7th biggest position. Renaissance Capital LLC owned about 0.10% of Nextracker worth $6,372,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Shell Asset Management Co. increased its holdings in shares of Nextracker by 0.4% in the 4th quarter. Shell Asset Management Co. now owns 57,329 shares of the company's stock worth $2,094,000 after buying an additional 228 shares during the last quarter. Allworth Financial LP increased its holdings in shares of Nextracker by 52.4% in the 4th 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. Signaturefd LLC increased its holdings in shares of Nextracker by 14.7% in the 4th quarter. Signaturefd LLC now owns 2,344 shares of the company's stock worth $86,000 after buying an additional 301 shares during the last quarter. Principal Securities Inc. increased its holdings in shares of Nextracker by 41.8% in the 4th 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, Mariner LLC increased its holdings in shares of Nextracker by 4.3% in the 4th quarter. Mariner LLC now owns 11,328 shares of the company's stock worth $414,000 after buying an additional 469 shares during the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Nextracker

In related news, insider Bruce Ledesma sold 83,561 shares of Nextracker stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $55.71, for a total transaction of $4,655,183.31. Following the completion of the transaction, the insider now directly owns 195,790 shares of the company's stock, valued at $10,907,460.90. This trade represents a 29.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO David P. Bennett sold 9,801 shares of Nextracker stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total transaction of $539,055.00. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 129,898 shares of company stock valued at $7,348,516. Company insiders own 0.27% of the company's stock.

Analyst Ratings Changes

NXT has been the topic of a number of research analyst reports. Wall Street Zen raised shares of Nextracker from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Fox Advisors lowered shares of Nextracker from an "overweight" rating to an "equal weight" rating in a report on Thursday, May 15th. Barclays increased their target price on shares of Nextracker from $58.00 to $64.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Robert W. Baird reduced their target price on shares of Nextracker from $59.00 to $48.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Finally, Piper Sandler reaffirmed an "overweight" rating on shares of Nextracker in a report on Thursday, May 15th. Five analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Nextracker currently has a consensus rating of "Moderate Buy" and an average price target of $60.33.

Nextracker Trading Down 0.1%

Shares of NASDAQ:NXT traded down $0.04 on Tuesday, hitting $58.98. The company had a trading volume of 1,393,513 shares, compared to its average volume of 2,836,699. The firm's 50-day simple moving average is $47.93 and its two-hundred day simple moving average is $44.19. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $63.19. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $8.63 billion, a price-to-earnings ratio of 15.01 and a beta of 2.39.

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.