Virtus Investment Advisers Inc. bought a new stake in Nextracker Inc. (NASDAQ:NXT - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 6,400 shares of the company's stock, valued at approximately $234,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Nextracker by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 13,843,997 shares of the company's stock valued at $505,721,000 after purchasing an additional 243,635 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Nextracker by 52.2% in the fourth quarter. Invesco Ltd. now owns 3,874,875 shares of the company's stock valued at $141,549,000 after purchasing an additional 1,329,456 shares in the last quarter. Sachem Head Capital Management LP lifted its holdings in shares of Nextracker by 4.3% in the fourth quarter. Sachem Head Capital Management LP now owns 2,977,500 shares of the company's stock valued at $108,768,000 after purchasing an additional 122,500 shares in the last quarter. Norges Bank bought a new stake in shares of Nextracker in the fourth quarter valued at about $106,166,000. Finally, Handelsbanken Fonder AB lifted its holdings in shares of Nextracker by 36.0% in the fourth quarter. Handelsbanken Fonder AB now owns 2,278,217 shares of the company's stock valued at $83,223,000 after purchasing an additional 602,600 shares in the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.
Nextracker Price Performance
NASDAQ:NXT remained flat at $56.05 during trading hours on Friday. The company had a trading volume of 1,882,388 shares, compared to its average volume of 2,912,475. The firm has a market capitalization of $8.16 billion, a P/E ratio of 14.26 and a beta of 2.03. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $63.19. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The firm has a fifty day moving average of $44.70 and a 200 day moving average of $42.63.
Insider Buying and Selling
In other Nextracker news, insider Bruce Ledesma sold 27,453 shares of the company's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $60.17, for a total transaction of $1,651,847.01. Following the completion of the sale, the insider now directly owns 120,972 shares in the company, valued at $7,278,885.24. This represents a 18.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Howard Wenger sold 6,066 shares of the company's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $333,630.00. Following the sale, the president now owns 219,389 shares of the company's stock, valued at $12,066,395. The trade was a 2.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 46,337 shares of company stock valued at $2,693,333 over the last 90 days. 0.27% of the stock is owned by corporate insiders.
Wall Street Analyst Weigh In
A number of analysts have recently commented on NXT shares. TD Cowen boosted their price target on Nextracker from $47.00 to $55.00 and gave the company a "hold" rating in a report on Thursday, May 15th. Robert W. Baird cut their price target on Nextracker from $59.00 to $48.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Jefferies Financial Group upgraded Nextracker from a "hold" rating to a "buy" rating and boosted their price target for the company from $46.00 to $56.00 in a report on Wednesday, January 29th. JPMorgan Chase & Co. upped their target price on Nextracker from $58.00 to $61.00 and gave the stock an "overweight" rating in a report on Wednesday, January 29th. Finally, Guggenheim downgraded Nextracker from a "buy" rating to a "neutral" rating in a research report on Wednesday, May 14th. Five equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $60.00.
View Our Latest Analysis on Nextracker
About Nextracker
(
Free Report)
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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