Russell Investments Group Ltd. Boosts Holdings in Nextracker Inc. (NASDAQ:NXT)

Russell Investments Group Ltd. raised its holdings in Nextracker Inc. (NASDAQ:NXT) by 13.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 244,186 shares of the company’s stock after buying an additional 29,069 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.15% of Nextracker worth $11,440,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. lifted its stake in shares of Nextracker by 2,652.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 994,981 shares of the company’s stock valued at $39,958,000 after purchasing an additional 958,838 shares in the last quarter. Handelsbanken Fonder AB lifted its stake in shares of Nextracker by 30.1% in the 4th quarter. Handelsbanken Fonder AB now owns 1,927,825 shares of the company’s stock valued at $90,319,000 after purchasing an additional 446,034 shares in the last quarter. Fuller & Thaler Asset Management Inc. acquired a new position in shares of Nextracker in the 3rd quarter valued at about $13,023,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Nextracker by 330.2% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 388,364 shares of the company’s stock valued at $18,195,000 after purchasing an additional 298,088 shares in the last quarter. Finally, abrdn plc acquired a new position in shares of Nextracker in the 4th quarter valued at about $13,908,000. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Northland Securities lowered Nextracker from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $60.00 to $44.00 in a research note on Friday, April 26th. Robert W. Baird initiated coverage on Nextracker in a research report on Thursday, March 21st. They set an “outperform” rating and a $71.00 price target on the stock. The Goldman Sachs Group boosted their price target on Nextracker from $62.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, February 1st. Piper Sandler reduced their price target on Nextracker from $66.00 to $64.00 and set an “overweight” rating on the stock in a research report on Thursday, April 11th. Finally, Barclays lowered Nextracker from an “overweight” rating to an “equal weight” rating and boosted their price target for the stock from $55.00 to $63.00 in a research report on Tuesday, April 2nd. Four research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.17.

Nextracker Trading Up 5.5 %

Shares of NASDAQ NXT opened at $46.10 on Monday. Nextracker Inc. has a twelve month low of $29.56 and a twelve month high of $62.14. The company has a market capitalization of $6.29 billion, a price-to-earnings ratio of 24.65, a price-to-earnings-growth ratio of 0.40 and a beta of 2.42. The business has a 50 day simple moving average of $52.61 and a 200-day simple moving average of $47.29.

Insider Activity

In other news, insider Leah Schlesinger sold 2,149 shares of the business’s stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total value of $111,554.59. Following the completion of the sale, the insider now directly owns 11,910 shares in the company, valued at approximately $618,248.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Leah Schlesinger sold 2,149 shares of the business’s stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total value of $111,554.59. Following the completion of the sale, the insider now directly owns 11,910 shares in the company, valued at approximately $618,248.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Nicholas Marco Miller sold 8,355 shares of the business’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $52.67, for a total value of $440,057.85. Following the completion of the sale, the chief operating officer now owns 11,114 shares of the company’s stock, valued at $585,374.38. The disclosure for this sale can be found here. Company insiders own 0.09% of the company’s stock.

About Nextracker

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.