State of Michigan Retirement System Buys 400 Shares of Nextracker Inc. (NASDAQ:NXT)

State of Michigan Retirement System lifted its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 1.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 34,400 shares of the company’s stock after purchasing an additional 400 shares during the quarter. State of Michigan Retirement System’s holdings in Nextracker were worth $1,450,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. New York State Teachers Retirement System grew its holdings in Nextracker by 18.2% during the 1st quarter. New York State Teachers Retirement System now owns 125,005 shares of the company’s stock worth $5,268,000 after acquiring an additional 19,247 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Nextracker by 51.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 19,735 shares of the company’s stock worth $850,000 after purchasing an additional 6,693 shares during the period. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Nextracker during the 1st quarter valued at $210,000. GAMMA Investing LLC lifted its position in shares of Nextracker by 189.8% during the 1st quarter. GAMMA Investing LLC now owns 2,736 shares of the company’s stock valued at $115,000 after acquiring an additional 1,792 shares during the period. Finally, SG Americas Securities LLC raised its holdings in Nextracker by 204.3% during the first quarter. SG Americas Securities LLC now owns 33,845 shares of the company’s stock worth $1,426,000 after buying an additional 22,721 shares during the last quarter. 67.41% of the stock is owned by institutional investors.

Nextracker Stock Performance

NXT stock opened at $59.87 on Tuesday. The company has a market capitalization of $8.76 billion, a PE ratio of 17.25, a price-to-earnings-growth ratio of 1.58 and a beta of 2.25. Nextracker Inc. has a one year low of $30.93 and a one year high of $67.87. The company’s 50 day moving average price is $57.57 and its two-hundred day moving average price is $48.14.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on NXT. Piper Sandler reiterated an “overweight” rating on shares of Nextracker in a research note on Thursday, May 15th. Fox Advisors downgraded shares of Nextracker from an “overweight” rating to an “equal weight” rating in a report on Thursday, May 15th. Guggenheim downgraded shares of Nextracker from a “buy” rating to a “neutral” rating in a report on Wednesday, May 14th. TD Cowen raised their price objective on shares of Nextracker from $47.00 to $55.00 and gave the stock a “hold” rating in a report on Thursday, May 15th. Finally, Wells Fargo & Company raised their price objective on shares of Nextracker from $69.00 to $71.00 and gave the stock an “overweight” rating in a report on Monday, May 19th. Six investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $61.57.

Insider Activity

In related news, COO Nicholas Marco Miller sold 69,774 shares of Nextracker stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $59.65, for a total value of $4,162,019.10. Following the transaction, the chief operating officer directly owned 175,216 shares of the company’s stock, valued at $10,451,634.40. The trade was a 28.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total transaction of $333,630.00. Following the completion of the transaction, the president directly owned 219,389 shares in the company, valued at approximately $12,066,395. The trade was a 2.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 210,476 shares of company stock valued at $12,169,880 in the last three months. Corporate insiders own 0.56% of the company’s stock.

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.