Nextracker Inc. (NASDAQ:NXT) Shares Acquired by Teacher Retirement System of Texas

Teacher Retirement System of Texas raised its position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 361.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 119,794 shares of the company's stock after purchasing an additional 93,844 shares during the period. Teacher Retirement System of Texas owned about 0.08% of Nextracker worth $5,048,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of NXT. Sterling Capital Management LLC grew its stake in Nextracker by 448.9% during the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock valued at $47,000 after purchasing an additional 1,055 shares during the last quarter. Virtus Fund Advisers LLC purchased a new stake in Nextracker during the 4th quarter valued at about $47,000. Millstone Evans Group LLC purchased a new stake in Nextracker during the 4th quarter valued at about $48,000. Fifth Third Bancorp grew its stake in Nextracker by 27.5% during the 1st quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock valued at $51,000 after purchasing an additional 260 shares during the last quarter. Finally, UMB Bank n.a. grew its stake in Nextracker by 127.2% during the 1st quarter. UMB Bank n.a. now owns 1,504 shares of the company's stock valued at $63,000 after purchasing an additional 842 shares during the last quarter. 67.41% of the stock is owned by institutional investors.

Nextracker Stock Performance

Shares of NXT stock traded down $0.81 during mid-day trading on Wednesday, hitting $63.13. 114,636 shares of the stock were exchanged, compared to its average volume of 2,674,495. The stock's fifty day simple moving average is $55.93 and its two-hundred day simple moving average is $47.36. The stock has a market capitalization of $9.23 billion, a price-to-earnings ratio of 18.27, a P/E/G ratio of 1.71 and a beta of 2.25. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $67.87.

Insider Transactions at Nextracker

In other Nextracker news, CAO David P. Bennett sold 9,801 shares of the firm's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total transaction of $539,055.00. Following the transaction, the chief accounting officer owned 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Bruce Ledesma sold 83,561 shares of the company's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $55.71, for a total transaction of $4,655,183.31. Following the transaction, the insider owned 195,790 shares of the company's stock, valued at approximately $10,907,460.90. The trade was a 29.91% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 210,476 shares of company stock worth $12,169,880. 0.56% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on NXT. Fox Advisors cut Nextracker from an "overweight" rating to an "equal weight" rating in a report on Thursday, May 15th. Wells Fargo & Company upped their price target on Nextracker from $69.00 to $71.00 and gave the stock an "overweight" rating in a report on Monday, May 19th. The Goldman Sachs Group boosted their price objective on Nextracker from $61.00 to $68.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Truist Financial increased their price objective on Nextracker from $49.00 to $65.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. Finally, Piper Sandler restated an "overweight" rating on shares of Nextracker in a research note on Thursday, May 15th. Five investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $61.67.

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.