Robeco Institutional Asset Management B.V. Makes New Investment in Nextracker Inc. (NASDAQ:NXT)

Robeco Institutional Asset Management B.V. bought a new stake in Nextracker Inc. (NASDAQ:NXT - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 140,735 shares of the company's stock, valued at approximately $5,931,000. Robeco Institutional Asset Management B.V. owned approximately 0.10% of Nextracker as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in NXT. IFP Advisors Inc raised its stake in shares of Nextracker by 516.4% in the 4th quarter. IFP Advisors Inc now owns 3,304 shares of the company's stock valued at $121,000 after purchasing an additional 2,768 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in Nextracker during the fourth quarter valued at approximately $203,000. Oppenheimer Asset Management Inc. raised its stake in Nextracker by 59.0% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 50,765 shares of the company's stock valued at $1,854,000 after buying an additional 18,833 shares in the last quarter. Oppenheimer & Co. Inc. bought a new position in Nextracker during the 4th quarter worth approximately $286,000. Finally, Proficio Capital Partners LLC bought a new position in Nextracker during the 4th quarter worth approximately $961,000. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NXT has been the topic of several research reports. Truist Financial upped 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. Piper Sandler reiterated an "overweight" rating on shares of Nextracker in a research note on Thursday, May 15th. Mizuho increased their target price on shares of Nextracker from $60.00 to $67.00 and gave the stock an "outperform" rating in a report on Monday, June 2nd. Wells Fargo & Company lifted their price target on shares of Nextracker from $69.00 to $71.00 and gave the company an "overweight" rating in a report on Monday, May 19th. Finally, Roth Capital reaffirmed a "buy" rating and set a $70.00 price objective (up previously from $55.00) on shares of Nextracker in a research report on Thursday, May 15th. Five analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Nextracker currently has an average rating of "Moderate Buy" and an average price target of $60.33.

Nextracker Price Performance

Shares of Nextracker stock traded up $5.23 on Friday, hitting $66.27. The company had a trading volume of 2,919,996 shares, compared to its average volume of 2,678,024. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $66.54. The company has a market cap of $9.69 billion, a PE ratio of 19.10, a PEG ratio of 1.71 and a beta of 2.25. The business has a 50-day simple moving average of $54.59 and a 200-day simple moving average of $46.64.

Insider Transactions at Nextracker

In other news, CAO David P. Bennett sold 9,801 shares of the business's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $539,055.00. Following the sale, the chief accounting officer owned 124,615 shares of the company's stock, valued at approximately $6,853,825. The trade was a 7.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Nicholas Marco Miller sold 69,774 shares of Nextracker stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $59.65, for a total value of $4,162,019.10. Following the transaction, the chief operating officer directly owned 175,216 shares in the company, valued at approximately $10,451,634.40. The trade was a 28.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 210,476 shares of company stock valued at $12,169,880. Company insiders own 0.56% of the company's stock.

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.