Y Intercept Hong Kong Ltd Makes New Investment in Nextracker Inc. $NXT

Y Intercept Hong Kong Ltd bought a new stake 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 institutional investor bought 47,403 shares of the company’s stock, valued at approximately $2,577,000.

Other hedge funds have also recently made changes to their positions in the company. New York State Teachers Retirement System raised its position in shares of Nextracker by 18.2% during the 1st quarter. New York State Teachers Retirement System now owns 125,005 shares of the company’s stock valued at $5,268,000 after buying an additional 19,247 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Nextracker during the 1st quarter valued at about $210,000. Allspring Global Investments Holdings LLC raised its position in shares of Nextracker by 51.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 19,735 shares of the company’s stock valued at $850,000 after buying an additional 6,693 shares in the last quarter. GAMMA Investing LLC raised 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 buying an additional 1,792 shares in the last quarter. Finally, Ethic Inc. raised its position in shares of Nextracker by 65.1% during the 2nd quarter. Ethic Inc. now owns 8,469 shares of the company’s stock valued at $494,000 after buying an additional 3,339 shares in the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Nextracker Stock Performance

Shares of NASDAQ:NXT opened at $99.12 on Friday. The firm has a market cap of $14.67 billion, a PE ratio of 25.75, a price-to-earnings-growth ratio of 2.56 and a beta of 2.27. The firm’s 50 day simple moving average is $77.37 and its 200-day simple moving average is $63.14. Nextracker Inc. has a one year low of $33.29 and a one year high of $104.41.

Insider Activity at Nextracker

In other news, CFO Charles D. Boynton sold 4,500 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $67.21, for a total transaction of $302,445.00. Following the transaction, the chief financial officer directly owned 295,059 shares of the company’s stock, valued at approximately $19,830,915.39. This trade represents a 1.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Howard Wenger sold 5,703 shares of the firm’s stock in a transaction that occurred 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 approximately $28,997,920. This trade represents a 1.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 32,400 shares of company stock valued at $2,053,385. 0.56% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have recently issued reports on NXT shares. Barclays upped their target price on shares of Nextracker from $92.00 to $105.00 and gave the company an “overweight” rating in a research report on Monday. Deutsche Bank Aktiengesellschaft set a $99.00 price objective on shares of Nextracker and gave the stock a “buy” rating in a research report on Friday, October 24th. Wall Street Zen lowered shares of Nextracker from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 25th. BMO Capital Markets increased their price objective on shares of Nextracker from $89.00 to $93.00 and gave the stock a “market perform” rating in a research report on Friday, October 24th. Finally, Needham & Company LLC assumed coverage on shares of Nextracker in a research report on Wednesday, October 22nd. They issued a “buy” rating and a $102.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, Nextracker has an average rating of “Moderate Buy” and an average target price of $94.52.

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.