Nextracker Inc. $NXT Shares Purchased by New York State Teachers Retirement System

New York State Teachers Retirement System raised its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 5.8% in the second quarter, Holdings Channel.com reports. The firm owned 132,239 shares of the company’s stock after buying an additional 7,234 shares during the period. New York State Teachers Retirement System’s holdings in Nextracker were worth $7,190,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of NXT. Northwestern Mutual Wealth Management Co. grew its stake in Nextracker by 703.7% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company’s stock valued at $28,000 after purchasing an additional 577 shares in the last quarter. Summit Securities Group LLC grew its stake in Nextracker by 796.0% during the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company’s stock valued at $38,000 after purchasing an additional 804 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Nextracker during the 1st quarter valued at approximately $40,000. Fifth Third Bancorp grew its position in shares of Nextracker by 27.5% in the 1st quarter. Fifth Third Bancorp now owns 1,204 shares of the company’s stock worth $51,000 after acquiring an additional 260 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its position in shares of Nextracker by 819.5% in the 1st quarter. Farther Finance Advisors LLC now owns 1,554 shares of the company’s stock worth $67,000 after acquiring an additional 1,385 shares in the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

Insider Buying and Selling

In other news, President Howard Wenger sold 5,217 shares of the firm’s stock in a transaction on Monday, September 29th. The stock was sold at an average price of $75.00, for a total transaction of $391,275.00. Following the transaction, the president directly owned 409,039 shares of the company’s stock, valued at approximately $30,677,925. This trade represents a 1.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William D. Watkins sold 10,000 shares of Nextracker stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $56.79, for a total transaction of $567,900.00. Following the sale, the director owned 7,666 shares in the company, valued at approximately $435,352.14. This represents a 56.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 32,400 shares of company stock worth $2,053,385. Company insiders own 0.56% of the company’s stock.

Nextracker Trading Down 0.6%

Shares of NASDAQ NXT opened at $87.06 on Monday. The company has a market cap of $12.88 billion, a price-to-earnings ratio of 23.72, a price-to-earnings-growth ratio of 2.16 and a beta of 2.27. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $93.90. The stock’s 50 day simple moving average is $71.18 and its 200 day simple moving average is $59.77.

Analysts Set New Price Targets

Several brokerages have recently commented on NXT. TD Cowen lifted their target price on Nextracker from $55.00 to $65.00 and gave the stock a “hold” rating in a research report on Wednesday, July 30th. Mizuho set a $66.00 target price on Nextracker in a research report on Wednesday, July 30th. Deutsche Bank Aktiengesellschaft began coverage on Nextracker in a research report on Tuesday, September 30th. They issued a “buy” rating and a $88.00 target price for the company. Robert W. Baird lifted their target price on Nextracker from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 8th. Finally, Roth Capital reissued a “buy” rating and issued a $80.00 price target (up previously from $70.00) on shares of Nextracker in a report on Tuesday, July 29th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, Nextracker presently has a consensus rating of “Moderate Buy” and a consensus target price of $71.10.

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.