Nextracker Inc. (NASDAQ:NXT) Shares Purchased by Algert Global LLC

Algert Global LLC lifted its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 25.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 146,986 shares of the company's stock after acquiring an additional 29,707 shares during the quarter. Algert Global LLC owned approximately 0.10% of Nextracker worth $5,369,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mercer Global Advisors Inc. ADV purchased a new stake in Nextracker during the 4th quarter valued at approximately $490,000. Freestone Grove Partners LP bought a new position in shares of Nextracker during the fourth quarter worth $1,781,000. Kapitalo Investimentos Ltda purchased a new position in Nextracker during the fourth quarter valued at $117,000. Soros Fund Management LLC bought a new stake in Nextracker in the 4th quarter valued at $5,599,000. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in Nextracker in the 4th quarter worth $807,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Nextracker

In other news, insider Bruce Ledesma sold 9,891 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $46.05, for a total transaction of $455,480.55. Following the completion of the sale, the insider now owns 132,374 shares in the company, valued at approximately $6,095,822.70. This represents a 6.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.27% of the company's stock.

Wall Street Analysts Forecast Growth

NXT has been the topic of a number of research reports. BNP Paribas raised Nextracker to a "strong-buy" rating in a research note on Wednesday, January 29th. Northland Securities restated an "outperform" rating and issued a $55.00 price target (up previously from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. BMO Capital Markets increased their price objective on shares of Nextracker from $48.00 to $50.00 and gave the company a "market perform" rating in a research report on Wednesday, January 29th. Robert W. Baird reduced their target price on shares of Nextracker from $59.00 to $48.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Finally, UBS Group increased their price target on shares of Nextracker from $60.00 to $66.00 and gave the company a "buy" rating in a report on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Nextracker has an average rating of "Moderate Buy" and an average price target of $55.70.

Nextracker Stock Up 4.3 %

Shares of NASDAQ NXT traded up $1.91 during mid-day trading on Friday, reaching $46.51. 2,072,412 shares of the company were exchanged, compared to its average volume of 2,942,164. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $62.31. The firm has a 50-day moving average of $42.09 and a 200 day moving average of $41.18. The stock has a market cap of $6.77 billion, a price-to-earnings ratio of 11.83 and a beta of 2.03. The company has a quick ratio of 1.96, a current ratio of 2.20 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.