Nextracker Inc. (NASDAQ:NXT) Shares Bought by Geode Capital Management LLC

Geode Capital Management LLC grew its stake in Nextracker Inc. (NASDAQ:NXT - Free Report) by 23.3% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,593,938 shares of the company's stock after acquiring an additional 679,272 shares during the quarter. Geode Capital Management LLC owned about 2.47% of Nextracker worth $134,724,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. State Street Corp raised its position in shares of Nextracker by 15.8% during the 3rd quarter. State Street Corp now owns 5,070,473 shares of the company's stock valued at $190,041,000 after buying an additional 690,343 shares during the period. Wellington Management Group LLP increased its stake in Nextracker by 25.5% during the third 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 last quarter. Victory Capital Management Inc. raised its position 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 purchasing an additional 315,199 shares during the period. Dimensional Fund Advisors LP lifted its stake 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 valued at $82,844,000 after purchasing an additional 460,739 shares during the last quarter. Finally, Handelsbanken Fonder AB grew its holdings in shares of Nextracker by 5.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 1,675,617 shares of the company's stock worth $62,802,000 after purchasing an additional 84,069 shares during the period. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextracker Price Performance

NXT stock traded up $0.18 on Tuesday, reaching $35.72. The company had a trading volume of 1,764,465 shares, compared to its average volume of 3,583,414. 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 company has a market cap of $5.20 billion, a P/E ratio of 8.91 and a beta of 2.09. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $62.31. The company's fifty day moving average is $36.82 and its 200 day moving average is $41.67.

Analysts Set New Price Targets

NXT has been the subject of several research analyst reports. Robert W. Baird lowered their price target on Nextracker from $71.00 to $53.00 and set an "outperform" rating for the company in a research report on Thursday, October 31st. Wells Fargo & Company lowered their target price on Nextracker from $64.00 to $58.00 and set an "overweight" rating for the company in a report on Tuesday, October 29th. BMO Capital Markets cut their price target on shares of Nextracker from $56.00 to $44.00 and set a "market perform" rating on the stock in a research note on Monday, October 14th. Barclays reduced their price target on shares of Nextracker from $61.00 to $47.00 and set an "equal weight" rating on the stock in a research report on Thursday, October 3rd. Finally, Jefferies Financial Group began coverage on shares of Nextracker in a report on Wednesday, September 4th. They issued a "hold" rating and a $46.00 price objective for the company. 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 company. According to data from MarketBeat.com, Nextracker has an average rating of "Moderate Buy" and an average target price of $53.50.

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.