New York State Teachers Retirement System Has $5.27 Million Stock Position in Nextracker Inc. (NASDAQ:NXT)

New York State Teachers Retirement System boosted its position in Nextracker Inc. (NASDAQ:NXT) by 18.2% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 125,005 shares of the company’s stock after purchasing an additional 19,247 shares during the period. New York State Teachers Retirement System owned about 0.09% of Nextracker worth $5,268,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of NXT. Vanguard Group Inc. lifted its position in Nextracker by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 13,843,997 shares of the company’s stock worth $505,721,000 after acquiring an additional 243,635 shares during the last quarter. Invesco Ltd. lifted its position in Nextracker by 52.2% during the fourth quarter. Invesco Ltd. now owns 3,874,875 shares of the company’s stock worth $141,549,000 after acquiring an additional 1,329,456 shares during the last quarter. Sachem Head Capital Management LP lifted its position in Nextracker by 4.3% during the fourth quarter. Sachem Head Capital Management LP now owns 2,977,500 shares of the company’s stock worth $108,768,000 after acquiring an additional 122,500 shares during the last quarter. Norges Bank acquired a new stake in Nextracker during the fourth quarter worth approximately $106,166,000. Finally, Deutsche Bank AG increased its holdings in shares of Nextracker by 12.8% during the fourth quarter. Deutsche Bank AG now owns 2,152,084 shares of the company’s stock worth $78,616,000 after purchasing an additional 244,725 shares during the period. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on NXT shares. Roth Capital reaffirmed a “buy” rating and set a $70.00 target price (up from $55.00) on shares of Nextracker in a report on Thursday, May 15th. Guggenheim cut shares of Nextracker from a “buy” rating to a “neutral” rating in a report on Wednesday, May 14th. Mizuho raised their target price on shares of Nextracker from $60.00 to $67.00 and gave the stock an “outperform” rating in a report on Monday, June 2nd. BMO Capital Markets lifted their price objective on shares of Nextracker from $51.00 to $59.00 and gave the company a “market perform” rating in a research note on Thursday, May 15th. Finally, TD Cowen lifted their price objective on shares of Nextracker from $47.00 to $55.00 and gave the company a “hold” rating in a research note on Thursday, May 15th. Five investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Nextracker presently has an average rating of “Moderate Buy” and a consensus target price of $60.33.

Nextracker Stock Performance

NASDAQ NXT opened at $66.27 on Friday. The firm’s fifty day moving average price is $55.04 and its two-hundred day moving average price is $46.93. The stock has a market cap of $9.69 billion, a PE ratio of 19.10, a PEG ratio of 1.71 and a beta of 2.25. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $66.54.

Insider Activity at Nextracker

In other Nextracker news, insider Bruce Ledesma sold 83,561 shares of the business’s stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $55.71, for a total transaction of $4,655,183.31. Following the sale, the insider owned 195,790 shares of the company’s stock, valued at approximately $10,907,460.90. The trade was a 29.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, President Howard Wenger sold 5,216 shares of the business’s stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $65.00, for a total transaction of $339,040.00. Following the sale, the president directly owned 419,959 shares in the company, valued at approximately $27,297,335. The trade was a 1.23% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 210,476 shares of company stock worth $12,169,880. Corporate insiders own 0.56% of the company’s stock.

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.