Intech Investment Management LLC Acquires Shares of 27,621 Nextracker Inc. (NASDAQ:NXT)

Intech Investment Management 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 fund bought 27,621 shares of the company's stock, valued at approximately $1,035,000.

Other institutional investors have also made changes to their positions in the company. Victory Capital Management Inc. raised its holdings in Nextracker by 15.4% in the third quarter. Victory Capital Management Inc. now owns 2,367,636 shares of the company's stock valued at $88,739,000 after acquiring an additional 315,199 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Nextracker by 35.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,766,871 shares of the company's stock valued at $82,844,000 after acquiring an additional 460,739 shares in the last quarter. Handelsbanken Fonder AB increased its stake in Nextracker by 5.3% during the third quarter. Handelsbanken Fonder AB now owns 1,675,617 shares of the company's stock valued at $62,802,000 after purchasing an additional 84,069 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in Nextracker by 33.5% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,226,862 shares of the company's stock valued at $45,983,000 after purchasing an additional 307,956 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Nextracker by 146.2% during the second quarter. Bank of New York Mellon Corp now owns 1,142,274 shares of the company's stock valued at $53,550,000 after purchasing an additional 678,261 shares during the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextracker Price Performance

NASDAQ NXT traded up $0.84 on Thursday, reaching $39.71. The company's stock had a trading volume of 1,187,776 shares, compared to its average volume of 3,681,310. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $62.31. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21. The stock has a market cap of $5.78 billion, a PE ratio of 9.90 and a beta of 2.32. The firm's 50 day moving average is $36.75 and its two-hundred day moving average is $42.98.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Piper Sandler lowered their target price on shares of Nextracker from $60.00 to $47.00 and set an "overweight" rating for the company in a research note on Friday, November 22nd. Guggenheim reiterated a "buy" rating and set a $55.00 target price on shares of Nextracker in a research note on Friday, November 22nd. Truist Financial boosted their target price on shares of Nextracker from $50.00 to $54.00 and gave the company a "buy" rating in a research note on Friday, November 1st. Northland Securities reiterated an "outperform" rating and set a $48.00 target price on shares of Nextracker in a research note on Tuesday, November 19th. Finally, Bank of America lowered their price target on shares of Nextracker from $65.00 to $52.00 and set a "buy" rating for the company in a research report on Thursday, November 7th. Four research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $54.30.

About Nextracker

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.