Harbor Capital Advisors Inc. Acquires 21,760 Shares of Nextracker Inc. (NASDAQ:NXT)

Harbor Capital Advisors Inc. grew its stake in Nextracker Inc. (NASDAQ:NXT - Free Report) by 29.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 96,792 shares of the company's stock after acquiring an additional 21,760 shares during the quarter. Harbor Capital Advisors Inc. owned 0.07% of Nextracker worth $3,536,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in NXT. Wedbush Securities Inc. grew its holdings in shares of Nextracker by 8.2% during the second quarter. Wedbush Securities Inc. now owns 6,080 shares of the company's stock valued at $285,000 after buying an additional 461 shares during the last quarter. Texas Permanent School Fund Corp purchased a new stake in Nextracker during the 2nd quarter valued at $628,000. DekaBank Deutsche Girozentrale increased its holdings in shares of Nextracker by 9.9% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 412,263 shares of the company's stock worth $20,588,000 after purchasing an additional 37,000 shares in the last quarter. Oppenheimer Asset Management Inc. raised its stake in shares of Nextracker by 41.5% in the second quarter. Oppenheimer Asset Management Inc. now owns 32,083 shares of the company's stock worth $1,504,000 after purchasing an additional 9,403 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its holdings in shares of Nextracker by 23.5% during the second quarter. Envestnet Asset Management Inc. now owns 123,796 shares of the company's stock valued at $5,804,000 after purchasing an additional 23,588 shares in the last quarter. 67.41% of the stock is owned by institutional investors.

Nextracker Price Performance

NASDAQ:NXT traded down $1.43 on Friday, reaching $41.10. 2,409,087 shares of the company's stock traded hands, compared to its average volume of 2,879,730. The firm has a market cap of $5.98 billion, a PE ratio of 10.25 and a beta of 2.04. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. The stock has a 50-day simple moving average of $38.35 and a 200-day simple moving average of $39.48. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $62.31.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Guggenheim reissued a "buy" rating and issued a $55.00 target price on shares of Nextracker in a research report on Friday, November 22nd. Truist Financial boosted their price objective on shares of Nextracker from $50.00 to $54.00 and gave the company a "buy" rating in a report on Friday, November 1st. JPMorgan Chase & Co. dropped their target price on shares of Nextracker from $62.00 to $58.00 and set an "overweight" rating on the stock in a report on Thursday, October 17th. Barclays cut their target price on shares of Nextracker from $61.00 to $47.00 and set an "equal weight" rating for the company in a research report on Thursday, October 3rd. Finally, BMO Capital Markets lowered their price target on Nextracker from $56.00 to $44.00 and set a "market perform" rating on the stock in a report on Monday, October 14th. Five 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.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $53.10.

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.