Virtu Financial LLC Invests $627,000 in Nextracker Inc. (NASDAQ:NXT)

Key Points

• Virtu Financial LLC has invested $627,000 in Nextracker Inc., acquiring 14,877 shares in the first quarter.
• A significant number of institutional investors have increased their stakes in Nextracker, with ownership now totaling 67.41% of the company's stock.
• Analyst ratings for Nextracker vary, with a consensus average rating of "Moderate Buy" and a price target of $64.37.

Virtu Financial LLC bought a new stake in Nextracker Inc. (NASDAQ:NXT - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 14,877 shares of the company's stock, valued at approximately $627,000.

A number of other large investors have also modified their holdings of NXT. Encompass Capital Advisors LLC acquired a new position in shares of Nextracker in the 4th quarter worth approximately $55,690,000. Balyasny Asset Management L.P. boosted its position in Nextracker by 8,408.5% during the 4th quarter. Balyasny Asset Management L.P. now owns 837,067 shares of the company's stock worth $30,578,000 after acquiring an additional 827,229 shares during the period. Pacer Advisors Inc. boosted its position in Nextracker by 3,773.2% during the 1st quarter. Pacer Advisors Inc. now owns 829,367 shares of the company's stock worth $34,950,000 after acquiring an additional 807,954 shares during the period. Goodlander Investment Management LLC acquired a new position in Nextracker during the 4th quarter worth $18,996,000. Finally, Sourcerock Group LLC acquired a new position in Nextracker during the fourth quarter worth about $18,651,000. Institutional investors and hedge funds own 67.41% of the company's stock.

Nextracker Price Performance

NXT opened at $54.50 on Wednesday. The company has a fifty day moving average price of $59.82 and a 200-day moving average price of $50.76. The firm has a market capitalization of $8.06 billion, a P/E ratio of 14.85, a price-to-earnings-growth ratio of 1.24 and a beta of 2.25. Nextracker Inc. has a one year low of $30.93 and a one year high of $67.87.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on NXT shares. Guggenheim lowered Nextracker from a "buy" rating to a "neutral" rating in a research report on Wednesday, May 14th. UBS Group upped their price target on Nextracker from $71.00 to $75.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Mizuho set a $66.00 price target on Nextracker in a research note on Wednesday, July 30th. Truist Financial increased their target price on Nextracker from $49.00 to $65.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. Finally, Northland Capmk cut Nextracker from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. Nine investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Nextracker presently has an average rating of "Moderate Buy" and a consensus price target of $64.37.

Insider Activity at Nextracker

In other news, Director William D. Watkins sold 10,000 shares of Nextracker stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $56.79, for a total transaction of $567,900.00. Following the completion of the sale, the director directly owned 7,666 shares of the company's stock, valued at approximately $435,352.14. The trade was a 56.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Bruce Ledesma sold 6,980 shares of Nextracker stock in a transaction on Friday, August 8th. The stock was sold at an average price of $56.24, for a total transaction of $392,555.20. Following the sale, the insider directly owned 195,790 shares of the company's stock, valued at $11,011,229.60. This represents a 3.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 211,589 shares of company stock valued at $12,257,650. 0.56% of the stock is currently owned by insiders.

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.

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