Nextracker Inc. (NASDAQ:NXT) Shares Purchased by Harbor Capital Advisors Inc.

Harbor Capital Advisors Inc. raised its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 100.6% during the first quarter, HoldingsChannel reports. The institutional investor owned 194,132 shares of the company’s stock after acquiring an additional 97,340 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Nextracker were worth $8,181,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Allworth Financial LP boosted its position in shares of Nextracker by 52.4% in the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after buying an additional 276 shares during the period. Sterling Capital Management LLC lifted its position in Nextracker by 448.9% during the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock worth $47,000 after acquiring an additional 1,055 shares in the last quarter. Virtus Fund Advisers LLC purchased a new position in Nextracker in the 4th quarter worth approximately $47,000. Millstone Evans Group LLC acquired a new stake in Nextracker in the fourth quarter valued at approximately $48,000. Finally, Principal Securities Inc. grew its position in Nextracker by 41.8% in the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock valued at $51,000 after acquiring an additional 410 shares in the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Nextracker news, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total value of $333,630.00. Following the transaction, the president now owns 219,389 shares of the company’s stock, valued at $12,066,395. This trade represents a 2.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Bruce Ledesma sold 83,561 shares of the firm’s stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $55.71, for a total transaction of $4,655,183.31. Following the completion of the transaction, the insider now directly owns 195,790 shares in the company, valued at $10,907,460.90. This represents a 29.91% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 129,898 shares of company stock valued at $7,348,516 over the last quarter. Insiders own 0.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Barclays boosted their target price on shares of Nextracker from $58.00 to $64.00 and gave the stock an “overweight” rating in a research report on Friday, May 16th. Robert W. Baird decreased their price objective on shares of Nextracker from $59.00 to $48.00 and set an “outperform” rating for the company in a research report on Tuesday, April 15th. Guggenheim cut shares of Nextracker from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 14th. Royal Bank of Canada started coverage on shares of Nextracker in a research report on Monday, March 17th. They issued an “outperform” rating and a $55.00 price objective for the company. Finally, Susquehanna upped their price objective on shares of Nextracker from $54.00 to $66.00 and gave the company a “positive” rating in a research report on Thursday, May 15th. Five research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Nextracker currently has an average rating of “Moderate Buy” and an average target price of $60.33.

Nextracker Stock Performance

Shares of NXT stock opened at $59.02 on Tuesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. Nextracker Inc. has a one year low of $30.93 and a one year high of $63.19. The company’s 50-day simple moving average is $47.55 and its 200-day simple moving average is $44.09. The stock has a market capitalization of $8.63 billion, a price-to-earnings ratio of 15.02 and a beta of 2.39.

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.