Van ECK Associates Corp Takes $2.18 Million Position in Nextracker Inc. (NASDAQ:NXT)

Van ECK Associates Corp bought a new stake in Nextracker Inc. (NASDAQ:NXT) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 46,448 shares of the company’s stock, valued at approximately $2,176,000.

Several other hedge funds also recently modified their holdings of the business. Keybank National Association OH boosted its stake in shares of Nextracker by 7.1% in the 3rd quarter. Keybank National Association OH now owns 6,825 shares of the company’s stock valued at $274,000 after purchasing an additional 455 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in shares of Nextracker by 3.4% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 16,239 shares of the company’s stock valued at $652,000 after acquiring an additional 541 shares during the period. Tucker Asset Management LLC acquired a new stake in shares of Nextracker in the 3rd quarter valued at approximately $42,000. Global Retirement Partners LLC acquired a new stake in shares of Nextracker in the 4th quarter valued at approximately $63,000. Finally, Moody Aldrich Partners LLC raised its position in shares of Nextracker by 3.7% in the 3rd quarter. Moody Aldrich Partners LLC now owns 61,916 shares of the company’s stock valued at $2,487,000 after acquiring an additional 2,200 shares during the period. Institutional investors own 67.41% of the company’s stock.

Insider Activity at Nextracker

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

Analyst Ratings Changes

A number of brokerages recently weighed in on NXT. Daiwa Capital Markets began coverage on shares of Nextracker in a research report on Monday, April 1st. They issued an “outperform” rating and a $63.00 price target on the stock. Northland Securities downgraded shares of Nextracker from an “outperform” rating to a “market perform” rating and cut their price target for the company from $60.00 to $44.00 in a research report on Friday, April 26th. Guggenheim dropped their target price on shares of Nextracker from $73.00 to $60.00 and set a “buy” rating on the stock in a report on Tuesday, April 23rd. Wells Fargo & Company raised their target price on shares of Nextracker from $57.00 to $68.00 and gave the stock an “overweight” rating in a report on Thursday, February 1st. Finally, Roth Mkm raised their target price on shares of Nextracker from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, February 1st. Four equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Nextracker has an average rating of “Moderate Buy” and an average target price of $58.17.

Nextracker Trading Down 1.9 %

NASDAQ:NXT opened at $46.02 on Wednesday. Nextracker Inc. has a 1-year low of $30.69 and a 1-year high of $62.14. The firm has a fifty day simple moving average of $52.07 and a 200 day simple moving average of $47.46. The stock has a market capitalization of $6.28 billion, a PE ratio of 24.61, a P/E/G ratio of 0.40 and a beta of 2.42.

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.