Nextracker Inc. (NASDAQ:NXT) Stake Lifted by Tenzing Global Management LLC

Tenzing Global Management LLC grew its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 600.0% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 210,000 shares of the company's stock after purchasing an additional 180,000 shares during the quarter. Nextracker comprises about 5.7% of Tenzing Global Management LLC's portfolio, making the stock its 7th biggest holding. Tenzing Global Management LLC owned about 0.14% of Nextracker worth $7,671,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also bought and sold shares of NXT. Shell Asset Management Co. raised its stake in Nextracker by 0.4% in the fourth quarter. Shell Asset Management Co. now owns 57,329 shares of the company's stock valued at $2,094,000 after purchasing an additional 228 shares in the last quarter. Allworth Financial LP boosted 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 valued at $29,000 after purchasing an additional 276 shares in the last quarter. Signaturefd LLC boosted 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 valued at $86,000 after purchasing an additional 301 shares in the last quarter. Principal Securities Inc. boosted 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 valued at $51,000 after purchasing an additional 410 shares in the last quarter. Finally, Mariner LLC boosted 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 valued at $414,000 after purchasing an additional 469 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Truist Financial raised their target price on Nextracker from $49.00 to $65.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Robert W. Baird lowered their price objective on shares of Nextracker from $59.00 to $48.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. Bank of America upped their price objective on shares of Nextracker from $55.00 to $65.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Susquehanna lifted their price target on Nextracker from $54.00 to $66.00 and gave the company a "positive" rating in a research note on Thursday, May 15th. Finally, Roth Capital reissued a "buy" rating and set a $70.00 price target (up from $55.00) on shares of Nextracker in a research note on Thursday, May 15th. Five equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $60.00.

Nextracker Stock Down 1.9%

NASDAQ:NXT traded down $1.13 on Wednesday, hitting $57.86. The stock had a trading volume of 3,222,987 shares, compared to its average volume of 2,926,708. 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 business's fifty day moving average is $44.00 and its 200 day moving average is $42.35. The company has a market cap of $8.43 billion, a PE ratio of 14.72 and a beta of 2.03. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $63.19.

Insider Transactions at Nextracker

In other Nextracker news, CAO David P. Bennett sold 9,801 shares of the firm's stock in a transaction 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 transaction, the chief accounting officer now directly owns 124,615 shares in the company, 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 is accessible through the SEC website. 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 completion of the transaction, the insider now directly owns 120,972 shares of the company's stock, 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. Insiders sold a total of 43,320 shares of company stock valued at $2,524,532 over the last three months. Corporate insiders own 0.27% of the company's stock.

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.