Legacy Bridge LLC Grows Holdings in Nextracker Inc. (NASDAQ:NXT)

Legacy Bridge LLC grew its position in shares of Nextracker Inc. (NASDAQ:NXT) by 10,275.8% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,875 shares of the company’s stock after buying an additional 15,722 shares during the quarter. Legacy Bridge LLC’s holdings in Nextracker were worth $595,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of NXT. 1832 Asset Management L.P. increased its holdings in Nextracker by 0.3% during the first quarter. 1832 Asset Management L.P. now owns 80,190 shares of the company’s stock worth $4,512,000 after buying an additional 275 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Nextracker by 73.2% in the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after purchasing an additional 279 shares during the period. Hilltop National Bank lifted its stake in Nextracker by 40.6% in the second quarter. Hilltop National Bank now owns 1,187 shares of the company’s stock valued at $56,000 after purchasing an additional 343 shares during the last quarter. Arizona State Retirement System grew its holdings in Nextracker by 1.1% during the second quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock valued at $1,613,000 after purchasing an additional 372 shares during the period. Finally, Wedbush Securities Inc. grew its holdings in Nextracker by 8.2% during the second quarter. Wedbush Securities Inc. now owns 6,080 shares of the company’s stock valued at $285,000 after purchasing an additional 461 shares during the period. Institutional investors own 67.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on NXT shares. Barclays dropped their price target on Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. Truist Financial upped their price objective on shares of Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a report on Friday, November 1st. Robert W. Baird reduced their target price on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. BMO Capital Markets lowered their price target on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a research report on Monday, October 14th. Finally, Wells Fargo & Company cut their price objective on shares of Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a report on Tuesday, October 29th. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $54.95.

Nextracker Stock Performance

NASDAQ:NXT opened at $37.43 on Tuesday. The stock has a market cap of $5.45 billion, a P/E ratio of 9.33 and a beta of 2.32. 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 business’s 50-day moving average price is $36.37 and its two-hundred day moving average price is $43.29. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $62.31.

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.