Virtus Investment Advisers Inc. Invests $234,000 in Nextracker Inc. (NASDAQ:NXT)

Virtus Investment Advisers Inc. acquired a new stake in Nextracker Inc. (NASDAQ:NXT - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,400 shares of the company's stock, valued at approximately $234,000.

Several other large investors also recently bought and sold shares of the stock. Allworth Financial LP boosted its stake 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 buying an additional 276 shares during the period. Sterling Capital Management LLC boosted its stake in shares of Nextracker by 448.9% during the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock worth $47,000 after buying an additional 1,055 shares during the period. Millstone Evans Group LLC acquired a new stake in shares of Nextracker during the fourth quarter worth about $48,000. Principal Securities Inc. boosted its stake in shares of Nextracker by 41.8% during the fourth 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 period. Finally, Quadrant Capital Group LLC boosted its stake in shares of Nextracker by 92.5% during the fourth quarter. Quadrant Capital Group LLC now owns 1,817 shares of the company's stock worth $66,000 after buying an additional 873 shares during the period. Institutional investors and hedge funds own 67.41% of the company's stock.

Insider Activity at Nextracker

In related news, insider Bruce Ledesma sold 27,453 shares of Nextracker stock in a transaction on 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 owns 120,972 shares in the company, valued at approximately $7,278,885.24. The trade was a 18.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total transaction of $333,630.00. Following the transaction, the president now owns 219,389 shares in the company, valued at $12,066,395. The trade was a 2.69% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,320 shares of company stock worth $2,524,532. 0.27% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on NXT shares. Roth Capital reiterated a "buy" rating and set a $70.00 target price (up previously from $55.00) on shares of Nextracker in a research note on Thursday, May 15th. Northland Securities restated an "outperform" rating and issued a $55.00 price objective (up previously from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. Susquehanna raised their price objective on shares of Nextracker from $54.00 to $66.00 and gave the company a "positive" rating in a research report on Thursday, May 15th. Robert W. Baird reduced 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. Finally, TD Cowen raised their price objective on shares of Nextracker from $47.00 to $55.00 and gave the company a "hold" rating in a research report on Thursday, May 15th. Five equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $60.00.

Nextracker Trading Down 3.1%

Shares of NXT traded down $1.81 during mid-day trading on Thursday, reaching $56.05. The company had a trading volume of 6,806,493 shares, compared to its average volume of 2,926,962. The stock has a market cap of $8.16 billion, a price-to-earnings ratio of 14.26 and a beta of 2.03. The firm has a fifty day simple moving average of $44.27 and a 200-day simple moving average of $42.45. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $63.19. 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 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.