Nextracker Inc. (NASDAQ:NXT) Shares Purchased by Northern Trust Corp

Northern Trust Corp lifted its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 10.5% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,917,024 shares of the company's stock after purchasing an additional 181,741 shares during the period. Northern Trust Corp owned about 1.32% of Nextracker worth $70,029,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NXT. Barclays PLC boosted its stake in Nextracker by 259.8% in the 3rd quarter. Barclays PLC now owns 259,800 shares of the company's stock worth $9,737,000 after purchasing an additional 187,598 shares in the last quarter. Retirement Systems of Alabama increased its position in shares of Nextracker by 14.9% in the 3rd quarter. Retirement Systems of Alabama now owns 174,244 shares of the company's stock valued at $6,531,000 after acquiring an additional 22,570 shares during the period. Everence Capital Management Inc. acquired a new position in shares of Nextracker in the 4th quarter valued at $331,000. Central Pacific Bank Trust Division purchased a new position in Nextracker in the 4th quarter worth $94,000. Finally, Nordea Investment Management AB acquired a new stake in shares of Nextracker during the fourth quarter worth about $5,734,000. 67.41% of the stock is currently owned by institutional investors.

Insider Transactions at Nextracker

In other news, insider Bruce Ledesma sold 9,891 shares of Nextracker stock in a transaction on Monday, February 10th. The shares were sold at an average price of $46.05, for a total value of $455,480.55. Following the transaction, the insider now directly owns 132,374 shares of the company's stock, valued at $6,095,822.70. The trade was a 6.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.27% of the company's stock.

Nextracker Stock Up 4.3 %

Shares of NASDAQ NXT traded up $1.91 during midday trading on Friday, hitting $46.51. 2,072,412 shares of the company's stock were exchanged, compared to its average volume of 2,943,969. The firm's fifty day simple moving average is $42.02 and its 200-day simple moving average is $41.08. 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 company has a market cap of $6.77 billion, a PE ratio of 11.83 and a beta of 2.03. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $62.31.

Wall Street Analyst Weigh In

Several research firms have commented on NXT. Piper Sandler set a $49.00 price target on shares of Nextracker in a report on Monday, April 21st. Jefferies Financial Group upgraded Nextracker from a "hold" rating to a "buy" rating and lifted their price target for the company from $46.00 to $56.00 in a research report on Wednesday, January 29th. Royal Bank of Canada started coverage on shares of Nextracker in a research note on Monday, March 17th. They set an "outperform" rating and a $55.00 price objective on the stock. JPMorgan Chase & Co. boosted their target price on shares of Nextracker from $58.00 to $61.00 and gave the company an "overweight" rating in a research note on Wednesday, January 29th. Finally, UBS Group lifted their price objective 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 given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $55.70.

Nextracker Company 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.