Nisa Investment Advisors LLC Increases Holdings in Nextracker Inc. (NASDAQ:NXT)

Nisa Investment Advisors LLC grew its holdings in Nextracker Inc. (NASDAQ:NXT) by 48.9% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 2,768 shares of the company’s stock after acquiring an additional 909 shares during the period. Nisa Investment Advisors LLC’s holdings in Nextracker were worth $117,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Nextracker by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 13,843,997 shares of the company’s stock valued at $505,721,000 after purchasing an additional 243,635 shares in the last quarter. Invesco Ltd. lifted its holdings in Nextracker by 52.2% in the fourth quarter. Invesco Ltd. now owns 3,874,875 shares of the company’s stock worth $141,549,000 after buying an additional 1,329,456 shares during the period. Sachem Head Capital Management LP boosted its position in Nextracker by 4.3% during the 4th quarter. Sachem Head Capital Management LP now owns 2,977,500 shares of the company’s stock valued at $108,768,000 after acquiring an additional 122,500 shares in the last quarter. Norges Bank purchased a new position in shares of Nextracker during the 4th quarter worth approximately $106,166,000. Finally, Deutsche Bank AG grew its holdings in shares of Nextracker by 12.8% during the 4th quarter. Deutsche Bank AG now owns 2,152,084 shares of the company’s stock worth $78,616,000 after acquiring an additional 244,725 shares during the period. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Guggenheim cut Nextracker from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 14th. Bank of America increased their price objective on Nextracker from $55.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, May 15th. Susquehanna boosted their target price on shares of Nextracker from $54.00 to $66.00 and gave the company a “positive” rating in a report on Thursday, May 15th. Barclays increased their price target on shares of Nextracker from $58.00 to $64.00 and gave the stock an “overweight” rating in a research note on Friday, May 16th. Finally, The Goldman Sachs Group lifted their price target on shares of Nextracker from $61.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday, May 15th. Six research analysts have rated the stock with a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $61.57.

Insiders Place Their Bets

In other news, insider Bruce Ledesma sold 83,561 shares of the firm’s stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $55.71, for a total transaction of $4,655,183.31. Following the sale, the insider owned 195,790 shares of the company’s stock, valued at $10,907,460.90. This trade represents a 29.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Nicholas Marco Miller sold 69,774 shares of Nextracker stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $59.65, for a total transaction of $4,162,019.10. Following the completion of the sale, the chief operating officer owned 175,216 shares of the company’s stock, valued at $10,451,634.40. This represents a 28.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 210,476 shares of company stock valued at $12,169,880. Company insiders own 0.56% of the company’s stock.

Nextracker Trading Up 0.1%

Shares of NXT opened at $60.53 on Friday. The company has a market cap of $8.85 billion, a price-to-earnings ratio of 17.44, a P/E/G ratio of 1.55 and a beta of 2.25. The business’s fifty day simple moving average is $58.93 and its two-hundred day simple moving average is $48.66. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $67.87.

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.