Wellington Management Group LLP grew its stake in Nextracker Inc. (NASDAQ:NXT - Free Report) by 25.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,392,992 shares of the company's stock after purchasing an additional 688,810 shares during the quarter. Wellington Management Group LLP owned about 2.33% of Nextracker worth $127,169,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Holocene Advisors LP bought a new stake in shares of Nextracker during the third quarter valued at approximately $45,416,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of Nextracker in the 2nd quarter worth about $43,078,000. Erste Asset Management GmbH bought a new position in shares of Nextracker in the 3rd quarter worth about $33,545,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Nextracker by 1,800.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 846,310 shares of the company's stock valued at $39,675,000 after acquiring an additional 801,780 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in Nextracker by 2,854.7% during the second quarter. Principal Financial Group Inc. now owns 738,456 shares of the company's stock worth $34,619,000 after acquiring an additional 713,463 shares in the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.
NASDAQ NXT opened at $38.35 on Tuesday. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $62.31. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $5.58 billion, a P/E ratio of 9.56 and a beta of 2.10. The stock's 50-day moving average price is $36.87 and its 200-day moving average price is $42.53.
NXT has been the subject of several recent research reports. Jefferies Financial Group began coverage on shares of Nextracker in a report on Wednesday, September 4th. They set a "hold" rating and a $46.00 target price for the company. Susquehanna dropped their target price on Nextracker from $59.00 to $50.00 and set a "positive" rating on the stock in a report on Wednesday, October 16th. BMO Capital Markets reduced their price target on Nextracker from $56.00 to $44.00 and set a "market perform" rating for the company in a report on Monday, October 14th. Barclays dropped their price target on shares of Nextracker from $61.00 to $47.00 and set an "equal weight" rating on the stock in a research note on Thursday, October 3rd. Finally, Truist Financial lifted their target price on shares of Nextracker from $50.00 to $54.00 and gave the stock a "buy" rating in a report on Friday, November 1st. Four equities research 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 stock. According to data from MarketBeat, Nextracker presently has a consensus rating of "Moderate Buy" and a consensus price target of $54.30.
Get Our Latest Stock Report on NXT
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.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Before you consider Nextracker, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Nextracker wasn't on the list.
While Nextracker currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.