Primecap Management Co. CA Has $294.01 Million Holdings in Nextracker Inc. (NASDAQ:NXT)

Primecap Management Co. CA trimmed its position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 1.8% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,844,407 shares of the company's stock after selling 146,516 shares during the period. Primecap Management Co. CA owned approximately 5.39% of Nextracker worth $294,008,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Virtu Financial LLC grew its stake in Nextracker by 228.3% during the first quarter. Virtu Financial LLC now owns 38,393 shares of the company's stock worth $2,160,000 after buying an additional 26,700 shares in the last quarter. Diversify Advisory Services LLC acquired a new stake in Nextracker during the second quarter worth about $1,270,000. Swedbank AB acquired a new stake in Nextracker during the second quarter worth about $4,622,000. Secure Asset Management LLC acquired a new stake in Nextracker during the third quarter worth about $1,370,000. Finally, Price T Rowe Associates Inc. MD grew its stake in Nextracker by 534.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 175,047 shares of the company's stock worth $9,851,000 after buying an additional 147,446 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on NXT. Roth Mkm reduced their price objective on shares of Nextracker from $70.00 to $65.00 and set a "buy" rating on the stock in a research note on Friday, August 2nd. Bank of America dropped their target price on shares of Nextracker from $65.00 to $52.00 and set a "buy" rating for the company in a report on Thursday, November 7th. BMO Capital Markets dropped their target price on shares of Nextracker from $56.00 to $44.00 and set a "market perform" rating for the company in a report on Monday, October 14th. Truist Financial increased their target price on shares of Nextracker from $50.00 to $54.00 and gave the stock a "buy" rating in a report on Friday, November 1st. Finally, Guggenheim dropped their target price on shares of Nextracker from $60.00 to $55.00 and set a "buy" rating for the company in a report on Friday, August 16th. Four research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $55.15.

Nextracker Stock Performance

NASDAQ:NXT opened at $37.59 on Thursday. The company has a market capitalization of $5.47 billion, a PE ratio of 9.37 and a beta of 2.32. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week 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 company has a 50 day simple moving average of $36.47 and a two-hundred day simple moving average of $43.18.

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.

Want to see what other hedge funds are holding NXT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Nextracker Inc. (NASDAQ:NXT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.