Gotham Asset Management LLC Invests $3.08 Million in Nextracker Inc. (NASDAQ:NXT)

Gotham Asset Management LLC purchased a new position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 84,359 shares of the company's stock, valued at approximately $3,082,000. Gotham Asset Management LLC owned approximately 0.06% of Nextracker at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. IFP Advisors Inc grew its holdings in Nextracker by 516.4% during the fourth quarter. IFP Advisors Inc now owns 3,304 shares of the company's stock worth $121,000 after buying an additional 2,768 shares in the last quarter. Robeco Schweiz AG bought a new stake in Nextracker during the fourth quarter worth $22,112,000. New York State Common Retirement Fund grew its holdings in Nextracker by 65.6% during the fourth quarter. New York State Common Retirement Fund now owns 469,163 shares of the company's stock worth $17,139,000 after buying an additional 185,858 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Nextracker by 10.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,753,848 shares of the company's stock worth $64,068,000 after buying an additional 161,873 shares in the last quarter. Finally, Jones Financial Companies Lllp grew its holdings in Nextracker by 115.1% during the fourth quarter. Jones Financial Companies Lllp now owns 13,186 shares of the company's stock worth $482,000 after buying an additional 7,056 shares in the last quarter. Institutional investors own 67.41% of the company's stock.

Wall Street Analyst Weigh In

NXT has been the subject of a number of recent analyst reports. UBS Group upped their price objective on Nextracker from $60.00 to $66.00 and gave the company a "buy" rating in a research note on Wednesday, January 29th. Royal Bank of Canada initiated coverage on Nextracker in a research note on Monday, March 17th. They issued an "outperform" rating and a $55.00 price objective for the company. Bank of America upped their price objective on Nextracker from $55.00 to $65.00 and gave the company a "buy" rating in a research note on Thursday. JPMorgan Chase & Co. upped their price objective on Nextracker from $58.00 to $61.00 and gave the company an "overweight" rating in a research note on Wednesday, January 29th. Finally, BNP Paribas upgraded Nextracker to a "strong-buy" rating in a research note on Wednesday, January 29th. Five research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Nextracker presently has a consensus rating of "Moderate Buy" and a consensus target price of $59.90.

Insider Buying and Selling at Nextracker

In other news, President Howard Wenger sold 6,066 shares of the stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total transaction of $333,630.00. Following the transaction, the president now directly owns 219,389 shares in the company, valued at approximately $12,066,395. This represents a 2.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO David P. Bennett sold 9,801 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $539,055.00. Following the transaction, the chief accounting officer now owns 124,615 shares in the company, valued at approximately $6,853,825. The trade was a 7.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 43,320 shares of company stock valued at $2,524,532 in the last 90 days. Corporate insiders own 0.27% of the company's stock.

Nextracker Price Performance

Shares of NASDAQ:NXT traded down $2.28 on Friday, hitting $59.31. The company's stock had a trading volume of 4,314,597 shares, compared to its average volume of 2,926,032. The company has a 50-day simple moving average of $43.44 and a 200 day simple moving average of $42.08. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $63.19. The company has a market capitalization of $8.64 billion, a PE ratio of 15.09 and a beta of 2.03. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96.

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.