Wellington Management Group LLP Has $127.17 Million Stake in Nextracker Inc. (NASDAQ:NXT)

Wellington Management Group LLP boosted its stake in Nextracker Inc. (NASDAQ:NXT - Free Report) by 25.5% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,392,992 shares of the company's stock after buying an additional 688,810 shares during the quarter. Wellington Management Group LLP owned approximately 2.33% of Nextracker worth $127,169,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the stock. Swedbank AB acquired a new position in shares of Nextracker in the second quarter valued at approximately $4,622,000. Secure Asset Management LLC acquired a new position in Nextracker in the 3rd quarter valued at $1,370,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in shares of Nextracker by 33.5% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,226,862 shares of the company's stock worth $45,983,000 after purchasing an additional 307,956 shares during the period. Van ECK Associates Corp boosted its holdings in shares of Nextracker by 30.7% during the third quarter. Van ECK Associates Corp now owns 60,613 shares of the company's stock worth $2,272,000 after purchasing an additional 14,249 shares during the last quarter. Finally, Great Lakes Advisors LLC grew its position in shares of Nextracker by 1,033.9% in the second quarter. Great Lakes Advisors LLC now owns 91,187 shares of the company's stock valued at $4,275,000 after purchasing an additional 83,145 shares during the period. Institutional investors and hedge funds own 67.41% of the company's stock.

Nextracker Price Performance

NASDAQ:NXT traded down $1.40 during mid-day trading on Tuesday, reaching $36.95. 1,781,480 shares of the stock were exchanged, compared to its average volume of 3,622,864. The business has a fifty day moving average price of $36.87 and a 200 day moving average price of $42.53. The firm has a market capitalization of $5.38 billion, a PE ratio of 9.21 and a beta of 2.10. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $62.31.

Wall Street Analyst Weigh In

NXT has been the topic of several research analyst reports. Guggenheim reissued a "buy" rating and issued a $55.00 target price on shares of Nextracker in a research report on Friday, November 22nd. JPMorgan Chase & Co. lowered their price objective on shares of Nextracker from $62.00 to $58.00 and set an "overweight" rating for the company in a research note on Thursday, October 17th. Jefferies Financial Group assumed coverage on Nextracker in a report on Wednesday, September 4th. They set a "hold" rating and a $46.00 price objective for the company. Bank of America reduced their target price on Nextracker from $65.00 to $52.00 and set a "buy" rating on the stock in a report on Thursday, November 7th. Finally, Robert W. Baird dropped their price target on Nextracker from $71.00 to $53.00 and set an "outperform" rating for the company in a research note on Thursday, October 31st. Four analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $54.30.

About Nextracker

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.