Secure Asset Management LLC Acquires 5,408 Shares of Nextracker Inc. (NASDAQ:NXT)

Secure Asset Management LLC raised its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 14.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 41,948 shares of the company’s stock after purchasing an additional 5,408 shares during the quarter. Secure Asset Management LLC’s holdings in Nextracker were worth $1,532,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. State Street Corp lifted its holdings in Nextracker by 15.8% during the 3rd quarter. State Street Corp now owns 5,070,473 shares of the company’s stock valued at $190,041,000 after buying an additional 690,343 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Nextracker by 23.3% during the third quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock valued at $134,724,000 after acquiring an additional 679,272 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Nextracker by 25.5% in the third quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock valued at $127,169,000 after purchasing an additional 688,810 shares during the period. Victory Capital Management Inc. grew its stake in Nextracker by 15.4% in the third quarter. Victory Capital Management Inc. now owns 2,367,636 shares of the company’s stock worth $88,739,000 after purchasing an additional 315,199 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Nextracker by 35.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,766,871 shares of the company’s stock worth $82,844,000 after purchasing an additional 460,739 shares in the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextracker Price Performance

Shares of NASDAQ NXT opened at $41.89 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99. The firm’s 50 day simple moving average is $38.73 and its 200-day simple moving average is $39.26. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $62.31. The stock has a market capitalization of $6.10 billion, a price-to-earnings ratio of 10.45 and a beta of 2.04.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on NXT shares. BMO Capital Markets lowered their target price on Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a report on Monday, October 14th. Guggenheim reaffirmed a “buy” rating and issued a $55.00 price objective on shares of Nextracker in a research note on Friday, November 22nd. Truist Financial increased their target price on shares of Nextracker from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, November 1st. JPMorgan Chase & Co. lowered their price target on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Finally, Northland Securities reiterated an “outperform” rating and set a $48.00 price objective on shares of Nextracker in a research note on Tuesday, November 19th. Five investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $53.10.

Insider Buying and Selling at Nextracker

In other news, President Howard Wenger sold 6,066 shares of the stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total transaction of $272,970.00. Following the transaction, the president now owns 209,365 shares in the company, valued at $9,421,425. This trade represents a 2.82 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.27% of the stock is owned by corporate insiders.

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.