Whalen Wealth Management Inc. Buys New Shares in Nextracker Inc. (NASDAQ:NXT)

Whalen Wealth Management Inc. purchased a new position in shares of Nextracker Inc. (NASDAQ:NXT) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 12,308 shares of the company’s stock, valued at approximately $450,000.

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

Insider Activity 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 shares were sold at an average price of $45.00, for a total value of $272,970.00. Following the completion of the sale, the president now owns 209,365 shares of the company’s stock, valued at $9,421,425. This represents a 2.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on NXT shares. Piper Sandler dropped their price objective on shares of Nextracker from $60.00 to $47.00 and set an “overweight” rating on the stock in a research note on Friday, November 22nd. TD Cowen assumed coverage on shares of Nextracker in a report on Thursday, December 19th. They issued a “hold” rating and a $41.00 price objective for the company. Susquehanna decreased their price objective on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a research report on Wednesday, October 16th. Truist Financial raised their target price on Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Finally, JPMorgan Chase & Co. reduced their price target on Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. 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. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $53.10.

Nextracker Stock Down 3.0 %

NXT stock opened at $41.20 on Thursday. The company has a market cap of $6.00 billion, a price-to-earnings ratio of 10.27 and a beta of 2.04. The firm has a 50-day moving average of $38.73 and a two-hundred day moving average of $39.26. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $62.31. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11.

Nextracker Company 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.