VIRGINIA RETIREMENT SYSTEMS ET Al Invests $956,000 in Nextracker Inc. $NXT

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Nextracker Inc. (NASDAQ:NXT) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 17,588 shares of the company’s stock, valued at approximately $956,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Nextracker by 703.7% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company’s stock worth $28,000 after purchasing an additional 577 shares during the last quarter. Summit Securities Group LLC boosted its holdings in shares of Nextracker by 796.0% during the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company’s stock worth $38,000 after purchasing an additional 804 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of Nextracker during the 1st quarter worth approximately $40,000. Quarry LP boosted its holdings in shares of Nextracker by 438.5% during the 1st quarter. Quarry LP now owns 1,917 shares of the company’s stock worth $81,000 after purchasing an additional 1,561 shares during the last quarter. Finally, Signaturefd LLC boosted its holdings in shares of Nextracker by 10.2% during the 1st quarter. Signaturefd LLC now owns 2,583 shares of the company’s stock worth $109,000 after purchasing an additional 239 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Nextracker Stock Up 3.2%

NASDAQ:NXT opened at $90.38 on Friday. The stock’s fifty day moving average is $73.96 and its two-hundred day moving average is $60.87. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $93.90. The stock has a market capitalization of $13.37 billion, a price-to-earnings ratio of 24.63, a price-to-earnings-growth ratio of 2.18 and a beta of 2.27.

Insider Transactions at Nextracker

In other Nextracker news, President Howard Wenger sold 5,703 shares of the company’s stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $70.00, for a total transaction of $399,210.00. Following the transaction, the president directly owned 414,256 shares in the company, valued at $28,997,920. This represents a 1.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bruce Ledesma sold 6,980 shares of the company’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $56.24, for a total value of $392,555.20. Following the transaction, the insider owned 195,790 shares in the company, valued at $11,011,229.60. This trade represents a 3.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,400 shares of company stock valued at $2,053,385 over the last three months. 0.56% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

NXT has been the topic of several recent research reports. JPMorgan Chase & Co. boosted their target price on Nextracker from $77.00 to $92.00 and gave the stock an “overweight” rating in a report on Thursday, October 16th. Zacks Research upgraded Nextracker to a “hold” rating in a report on Tuesday, August 12th. Deutsche Bank Aktiengesellschaft started coverage on Nextracker in a report on Tuesday, September 30th. They issued a “buy” rating and a $88.00 price objective on the stock. Needham & Company LLC started coverage on Nextracker in a report on Wednesday. They issued a “buy” rating and a $102.00 price objective on the stock. Finally, TD Cowen upped their price objective on Nextracker from $55.00 to $65.00 and gave the company a “hold” rating in a report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $77.29.

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.