Bridgewater Associates LP Buys 144,921 Shares of Nextracker Inc. (NASDAQ:NXT)

Bridgewater Associates LP grew its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 78.9% in the 3rd quarter, Holdings Channel.com reports. The fund owned 328,713 shares of the company’s stock after acquiring an additional 144,921 shares during the period. Bridgewater Associates LP’s holdings in Nextracker were worth $12,320,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of NXT. GAMMA Investing LLC increased its holdings in Nextracker by 73.2% in the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after buying an additional 279 shares in the last quarter. Fifth Third Bancorp increased its holdings in Nextracker by 1,602.5% in the 2nd quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock worth $32,000 after buying an additional 641 shares in the last quarter. TFC Financial Management Inc. bought a new stake in Nextracker in the 2nd quarter worth about $32,000. Rothschild Investment LLC bought a new stake in Nextracker in the 2nd quarter worth about $35,000. Finally, Hilltop National Bank increased its holdings in Nextracker by 40.6% in the 2nd quarter. Hilltop National Bank now owns 1,187 shares of the company’s stock worth $56,000 after buying an additional 343 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors.

Nextracker Trading Up 2.2 %

NXT stock opened at $39.71 on Friday. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $62.31. 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 company has a market capitalization of $5.78 billion, a price-to-earnings ratio of 9.90 and a beta of 2.32. The business has a 50 day simple moving average of $36.75 and a two-hundred day simple moving average of $42.98.

Analysts Set New Price Targets

Several equities research analysts recently commented on NXT shares. Guggenheim reiterated a “buy” rating and issued a $55.00 price objective on shares of Nextracker in a report on Friday, November 22nd. Northland Capmk raised Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. Roth Mkm dropped their target price on Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Wells Fargo & Company dropped their target price on Nextracker from $64.00 to $58.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 29th. Finally, BMO Capital Markets dropped their target price on Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a research report on Monday, October 14th. Four investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Nextracker has a consensus rating of “Moderate Buy” and a consensus target price of $54.30.

Nextracker Profile

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.