MetLife Investment Management LLC Raises Stock Holdings in Nextracker Inc. (NASDAQ:NXT)

MetLife Investment Management LLC increased its position in Nextracker Inc. (NASDAQ:NXT - Free Report) by 18.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 153,683 shares of the company's stock after buying an additional 23,825 shares during the quarter. MetLife Investment Management LLC owned 0.11% of Nextracker worth $5,760,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of NXT. GAMMA Investing LLC boosted its position in Nextracker by 73.2% during the second quarter. GAMMA Investing LLC now owns 660 shares of the company's stock valued at $31,000 after buying an additional 279 shares during the period. TFC Financial Management Inc. bought a new stake in shares of Nextracker in the 2nd quarter valued at about $32,000. Fifth Third Bancorp boosted its holdings in Nextracker by 1,602.5% during the 2nd quarter. Fifth Third Bancorp now owns 681 shares of the company's stock valued at $32,000 after acquiring an additional 641 shares during the period. Rothschild Investment LLC bought a new position in Nextracker during the 2nd quarter worth approximately $35,000. Finally, Hilltop National Bank increased its stake in Nextracker by 40.6% in the 2nd quarter. Hilltop National Bank now owns 1,187 shares of the company's stock worth $56,000 after purchasing an additional 343 shares during the period. Hedge funds and other institutional investors own 67.41% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Robert W. Baird dropped their price objective on Nextracker from $71.00 to $53.00 and set an "outperform" rating for the company in a research note on Thursday, October 31st. Northland Securities reissued an "outperform" rating and issued a $48.00 price target on shares of Nextracker in a report on Tuesday, November 19th. BMO Capital Markets lowered their price objective on shares of Nextracker from $56.00 to $44.00 and set a "market perform" rating for the company in a research note on Monday, October 14th. Guggenheim reissued a "buy" rating and issued a $55.00 target price on shares of Nextracker in a research note on Friday, November 22nd. Finally, Wells Fargo & Company lowered their price target on Nextracker from $64.00 to $58.00 and set an "overweight" rating for the company in a research report on Tuesday, October 29th. Four research 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. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $54.30.

Nextracker Stock Down 3.9 %

Shares of NASDAQ NXT traded down $1.55 on Friday, reaching $38.16. 1,483,574 shares of the company's stock traded hands, compared to its average volume of 2,789,561. The business's 50 day simple moving average is $36.78 and its two-hundred day simple moving average is $42.94. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $62.31. The company has a market cap of $5.55 billion, a price-to-earnings ratio of 9.52 and a beta of 2.32. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11.

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.