UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Purchases 20,430 Shares of Nextracker Inc. (NASDAQ:NXT)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 5.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 365,648 shares of the company's stock after buying an additional 20,430 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.25% of Nextracker worth $13,357,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Allworth Financial LP grew its holdings in shares of Nextracker by 52.4% during the fourth 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. Sterling Capital Management LLC lifted 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 purchasing an additional 1,055 shares during the last quarter. Virtus Fund Advisers LLC bought a new stake in Nextracker during the fourth quarter valued at approximately $47,000. Millstone Evans Group LLC purchased a new position in Nextracker in the 4th quarter worth approximately $48,000. Finally, Principal Securities Inc. increased 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 worth $51,000 after buying an additional 410 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Bruce Ledesma sold 83,561 shares of the business's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $55.71, for a total transaction of $4,655,183.31. Following the completion of the sale, the insider now owns 195,790 shares of the company's stock, valued at $10,907,460.90. The trade was a 29.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 value of $539,055.00. Following the completion of the transaction, the chief accounting officer now directly owns 124,615 shares in the company, valued at $6,853,825. This trade represents a 7.29% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 129,898 shares of company stock worth $7,348,516. Corporate insiders own 0.27% of the company's stock.

Analysts Set New Price Targets

NXT has been the subject of a number of recent research reports. Roth Capital restated a "buy" rating and issued a $70.00 target price (up previously from $55.00) on shares of Nextracker in a research 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 report on Tuesday, April 15th. Piper Sandler reaffirmed an "overweight" rating on shares of Nextracker in a research note on Thursday, May 15th. Guggenheim lowered shares of Nextracker from a "buy" rating to a "neutral" rating in a report on Wednesday, May 14th. Finally, Bank of America lifted their target price 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. Five equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $60.33.

Nextracker Stock Up 4.9%

Shares of NXT traded up $2.69 on Tuesday, reaching $57.98. The stock had a trading volume of 2,328,408 shares, compared to its average volume of 2,876,074. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. The firm has a market capitalization of $8.44 billion, a price-to-earnings ratio of 14.75 and a beta of 2.03. The company has a 50-day simple moving average of $46.34 and a 200-day simple moving average of $43.48. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $63.19.

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.