Virtus Fund Advisers LLC Buys New Shares in Nextracker Inc. (NASDAQ:NXT)

Virtus Fund Advisers LLC purchased a new position in shares of Nextracker Inc. (NASDAQ:NXT) in the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 1,295 shares of the company’s stock, valued at approximately $47,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NXT. Allworth Financial LP grew its holdings in Nextracker by 52.4% in the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after acquiring an additional 276 shares during the last quarter. Sterling Capital Management LLC lifted its position in Nextracker by 448.9% in the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock valued at $47,000 after acquiring an additional 1,055 shares in the last quarter. Millstone Evans Group LLC purchased a new position in shares of Nextracker in the fourth quarter worth $48,000. Principal Securities Inc. lifted its holdings in shares of Nextracker by 41.8% during the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock valued at $51,000 after purchasing an additional 410 shares in the last quarter. Finally, Quadrant Capital Group LLC increased its holdings in Nextracker by 92.5% in the 4th quarter. Quadrant Capital Group LLC now owns 1,817 shares of the company’s stock worth $66,000 after buying an additional 873 shares in the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Bruce Ledesma sold 27,453 shares of the company’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $60.17, for a total value of $1,651,847.01. Following the completion of the sale, the insider now directly owns 120,972 shares of the company’s stock, valued at $7,278,885.24. This represents a 18.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $333,630.00. Following the completion of the sale, the president now owns 219,389 shares in the company, valued at $12,066,395. This represents a 2.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 43,320 shares of company stock valued at $2,524,532. 0.27% of the stock is currently owned by insiders.

Nextracker Price Performance

NXT stock opened at $59.31 on Monday. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $63.19. The stock has a market cap of $8.64 billion, a PE ratio of 15.09 and a beta of 2.03. The company has a 50-day moving average price of $43.44 and a 200 day moving average price of $42.10.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Roth Capital restated a “buy” rating and issued a $70.00 target price (up previously from $55.00) on shares of Nextracker in a report on Thursday. Barclays increased their price target on Nextracker from $58.00 to $64.00 and gave the company an “overweight” rating in a report on Friday. TD Cowen lifted their price objective on Nextracker from $47.00 to $55.00 and gave the stock a “hold” rating in a report on Thursday. BMO Capital Markets increased their target price on Nextracker from $51.00 to $59.00 and gave the company a “market perform” rating in a report on Thursday. Finally, Royal Bank of Canada began coverage on shares of Nextracker in a research report on Monday, March 17th. They set an “outperform” rating and a $55.00 price target for the company. Five investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $59.90.

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.