Tidal Investments LLC Acquires 6,567 Shares of Nextracker Inc. (NASDAQ:NXT)

Tidal Investments LLC raised its stake in Nextracker Inc. (NASDAQ:NXT - Free Report) by 81.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 14,625 shares of the company's stock after buying an additional 6,567 shares during the period. Tidal Investments LLC's holdings in Nextracker were worth $534,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of NXT. Shell Asset Management Co. grew its position in Nextracker by 0.4% during the 4th quarter. Shell Asset Management Co. now owns 57,329 shares of the company's stock worth $2,094,000 after purchasing an additional 228 shares in the last quarter. Allworth Financial LP grew its position in Nextracker by 52.4% during the 4th quarter. Allworth Financial LP now owns 803 shares of the company's stock worth $29,000 after purchasing an additional 276 shares in the last quarter. Signaturefd LLC grew its position in Nextracker by 14.7% during the 4th quarter. Signaturefd LLC now owns 2,344 shares of the company's stock worth $86,000 after purchasing an additional 301 shares in the last quarter. Principal Securities Inc. grew its position in Nextracker by 41.8% during the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock worth $51,000 after purchasing an additional 410 shares in the last quarter. Finally, Mariner LLC grew its position in Nextracker by 4.3% during the 4th quarter. Mariner LLC now owns 11,328 shares of the company's stock worth $414,000 after purchasing an additional 469 shares in the last quarter. Institutional investors own 67.41% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on NXT shares. The Goldman Sachs Group lifted their price objective on shares of Nextracker from $61.00 to $68.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Royal Bank of Canada started coverage on shares of Nextracker in a research note on Monday, March 17th. They issued an "outperform" rating and a $55.00 price target on the stock. Roth Capital reaffirmed a "buy" rating and issued a $70.00 price target (up from $55.00) on shares of Nextracker in a research note on Thursday, May 15th. Susquehanna upped their price target on shares of Nextracker from $54.00 to $66.00 and gave the stock a "positive" rating in a research note on Thursday, May 15th. Finally, Piper Sandler reaffirmed an "overweight" rating on shares of Nextracker in a research note on Thursday, May 15th. Five analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Nextracker currently has an average rating of "Moderate Buy" and an average target price of $60.33.

Insiders Place Their Bets

In other news, President Howard Wenger sold 6,066 shares of the company's 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 transaction, the president now owns 219,389 shares of the company's stock, valued at approximately $12,066,395. This represents a 2.69% decrease in their ownership of the stock. The sale was disclosed in a 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 dated Friday, May 16th. The shares were sold at an average price of $60.17, for a total transaction of $1,651,847.01. Following the transaction, the insider now directly owns 120,972 shares of the company's stock, valued at $7,278,885.24. This represents a 18.50% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 129,898 shares of company stock valued at $7,348,516 in the last quarter. Insiders own 0.27% of the company's stock.

Nextracker Stock Performance

Nextracker stock traded down $1.40 on Monday, reaching $55.29. 1,542,965 shares of the stock were exchanged, compared to its average volume of 2,875,932. The stock has a market cap of $8.05 billion, a PE ratio of 14.07 and a beta of 2.03. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $63.19. The firm has a fifty day moving average price of $46.04 and a two-hundred day moving average price of $43.37.

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.