SG Americas Securities LLC Purchases 22,721 Shares of Nextracker Inc. (NASDAQ:NXT)

SG Americas Securities LLC boosted its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 204.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 33,845 shares of the company's stock after buying an additional 22,721 shares during the period. SG Americas Securities LLC's holdings in Nextracker were worth $1,426,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of NXT. Allworth Financial LP boosted its position in Nextracker by 52.4% during the fourth quarter. Allworth Financial LP now owns 803 shares of the company's stock valued at $29,000 after purchasing an additional 276 shares in the last quarter. Sterling Capital Management LLC raised its position in Nextracker by 448.9% during the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock valued at $47,000 after acquiring an additional 1,055 shares in the last quarter. Virtus Fund Advisers LLC purchased a new position in Nextracker during the fourth quarter valued at approximately $47,000. Millstone Evans Group LLC purchased a new stake in shares of Nextracker in the fourth quarter valued at approximately $48,000. Finally, Principal Securities Inc. increased its position in shares of Nextracker by 41.8% in the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock valued at $51,000 after buying an additional 410 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on NXT shares. Royal Bank of Canada started coverage on Nextracker in a research note on Monday, March 17th. They set an "outperform" rating and a $55.00 price objective on the stock. 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. Robert W. Baird dropped their price objective on Nextracker from $59.00 to $48.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Piper Sandler reiterated an "overweight" rating on shares of Nextracker in a report on Thursday, May 15th. Finally, Barclays upped their target price on Nextracker from $58.00 to $64.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Five equities research 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 company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $60.33.

Insider Buying and Selling at Nextracker

In related news, CAO David P. Bennett sold 9,801 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total value of $539,055.00. Following the transaction, the chief accounting officer now 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Howard Wenger sold 6,066 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total transaction of $333,630.00. Following the completion of the sale, the president now owns 219,389 shares of the company's stock, valued at approximately $12,066,395. This trade represents a 2.69% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 199,672 shares of company stock worth $11,510,536 over the last three months. Corporate insiders own 0.27% of the company's stock.

Nextracker Trading Up 0.1%

Shares of NASDAQ:NXT opened at $60.75 on Tuesday. 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 stock has a market cap of $8.89 billion, a PE ratio of 15.46 and a beta of 2.39. The business has a 50 day moving average of $49.73 and a 200-day moving average of $44.81. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $63.19.

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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