205,983 Shares in Nextracker Inc. (NASDAQ:NXT) Acquired by Pier Capital LLC

Pier Capital LLC bought a new position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 205,983 shares of the company's stock, valued at approximately $7,720,000. Pier Capital LLC owned 0.14% of Nextracker as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. State Street Corp increased its holdings in shares of Nextracker by 15.8% in the 3rd quarter. State Street Corp now owns 5,070,473 shares of the company's stock worth $190,041,000 after acquiring an additional 690,343 shares during the period. Wellington Management Group LLP increased its holdings in shares of Nextracker by 25.5% in the 3rd quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company's stock worth $127,169,000 after acquiring an additional 688,810 shares during the period. Victory Capital Management Inc. increased its holdings in shares of Nextracker by 15.4% in the 3rd quarter. Victory Capital Management Inc. now owns 2,367,636 shares of the company's stock worth $88,739,000 after acquiring an additional 315,199 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Nextracker by 35.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,766,871 shares of the company's stock worth $82,844,000 after acquiring an additional 460,739 shares during the period. Finally, Handelsbanken Fonder AB increased its holdings in shares of Nextracker by 5.3% in the 3rd quarter. Handelsbanken Fonder AB now owns 1,675,617 shares of the company's stock worth $62,802,000 after acquiring an additional 84,069 shares during the period. 67.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

NXT has been the topic of a number of analyst reports. BMO Capital Markets dropped their price objective on shares of Nextracker from $56.00 to $44.00 and set a "market perform" rating on the stock in a report on Monday, October 14th. Jefferies Financial Group started coverage on shares of Nextracker in a research note on Wednesday, September 4th. They set a "hold" rating and a $46.00 target price on the stock. Northland Capmk raised shares of Nextracker to a "strong-buy" rating in a research note on Tuesday, November 19th. Northland Securities reissued an "outperform" rating and set a $48.00 target price on shares of Nextracker in a research note on Tuesday, November 19th. Finally, Barclays lowered their target price on shares of Nextracker from $61.00 to $47.00 and set an "equal weight" rating on the stock in a research note on Thursday, October 3rd. Four investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Nextracker currently has a consensus rating of "Moderate Buy" and an average price target of $54.30.

Nextracker Trading Down 0.4 %

Shares of NXT traded down $0.13 during midday trading on Friday, hitting $36.29. The stock had a trading volume of 1,517,836 shares, compared to its average volume of 2,074,489. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The business has a 50-day simple moving average of $36.86 and a two-hundred day simple moving average of $42.62. The firm has a market cap of $5.28 billion, a P/E ratio of 9.05 and a beta of 2.09. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11.

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.