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

Renaissance Capital LLC lifted its holdings in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 3.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 159,779 shares of the company's stock after buying an additional 5,390 shares during the period. Nextracker comprises 3.8% of Renaissance Capital LLC's investment portfolio, making the stock its 9th biggest holding. Renaissance Capital LLC owned approximately 0.11% of Nextracker worth $5,837,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the business. Quarry LP lifted its stake in shares of Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company's stock valued at $42,000 after buying an additional 426 shares during the period. GAMMA Investing LLC raised its stake in Nextracker by 83.2% during the third quarter. GAMMA Investing LLC now owns 1,209 shares of the company's stock worth $45,000 after purchasing an additional 549 shares during the period. Nisa Investment Advisors LLC boosted its holdings in shares of Nextracker by 38.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company's stock valued at $68,000 after purchasing an additional 516 shares during the last quarter. Neo Ivy Capital Management purchased a new stake in shares of Nextracker during the 3rd quarter valued at $74,000. Finally, Arcadia Investment Management Corp MI acquired a new stake in shares of Nextracker during the 3rd quarter worth $75,000. 67.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on NXT. Citigroup reduced their target price on Nextracker from $50.00 to $45.00 and set a "neutral" rating on the stock in a report on Wednesday, January 8th. JPMorgan Chase & Co. raised their price target on shares of Nextracker from $58.00 to $61.00 and gave the company an "overweight" rating in a report on Wednesday, January 29th. Jefferies Financial Group upgraded shares of Nextracker from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $46.00 to $56.00 in a research note on Wednesday, January 29th. UBS Group raised their target price on shares of Nextracker from $60.00 to $66.00 and gave the company a "buy" rating in a research note on Wednesday, January 29th. Finally, Robert W. Baird decreased their price target on shares of Nextracker from $71.00 to $53.00 and set an "outperform" rating for the company in a research report on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $56.50.

Insider Activity

In other Nextracker news, President Howard Wenger sold 6,066 shares of the stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total value of $272,970.00. Following the completion of the sale, the president now directly owns 209,365 shares of the company's stock, valued at $9,421,425. This represents a 2.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO David P. Bennett sold 9,801 shares of the firm's stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total transaction of $489,069.90. Following the completion of the sale, the chief accounting officer now owns 124,577 shares in the company, valued at $6,216,392.30. This represents a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.27% of the company's stock.

Nextracker Stock Up 1.5 %

Shares of NASDAQ NXT traded up $0.72 during trading hours on Thursday, hitting $47.61. The stock had a trading volume of 3,416,917 shares, compared to its average volume of 3,442,116. The company has a market capitalization of $6.93 billion, a P/E ratio of 12.11 and a beta of 2.14. The firm's 50-day moving average price is $40.21 and its two-hundred day moving average price is $39.06. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $62.31.

Nextracker (NASDAQ:NXT - Get Free Report) last announced its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. Analysts anticipate that Nextracker Inc. will post 3.29 EPS for the current fiscal year.

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.