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Nextracker Inc. (NASDAQ:NXT) shares are being increased by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA increased its position in Nextracker Inc. (NASDAQ:NXT – Free Report) by 33.1% in the fourth quarter, the company said in its most recent disclosure to the Securities & Exchange Commission. The company owned 303,345 shares of the company's stock after purchasing an additional 75,510 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.19% of Nextracker worth $14,212,000, according to its most recent filing with the SEC.

A number of other major investors have also recently increased or reduced their shares in the company. Van ECK Associates Corp acquired a new stake in Nextracker in the 4th quarter valued at approximately $2,176,000. Moody Aldrich Partners LLC increased its holdings in Nextracker by 117.0% in the fourth quarter. Moody Aldrich Partners LLC now owns 134,357 shares of the company's stock valued at $6,295,000 after purchasing an additional 72,441 shares during the period. Federated Hermes Inc. increased its stake in Nextracker by 113.9% in the 4th quarter. Federated Hermes Inc. now owns 230,186 shares of the company's stock valued at $10,784,000 after purchasing an additional 122,554 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in Nextracker by 330.2% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 388,364 shares of the company's stock valued at $18,195,000 after purchasing an additional 298,088 shares during the period. Finally, Alps Advisors Inc. increased its position in Nextracker by 43.8% during the 3rd quarter. Alps Advisors Inc. now owns 188,457 shares of the company's stock valued at $7,568,000 after purchasing an additional 57,371 shares in the last quarter. 67.41% of the shares are currently owned by institutional investors and hedge funds.

Nextracker shares rise 0.9%

NXT rose $0.39 on Friday, reaching $44.20. 3,887,480 shares of the company traded hands, compared to its average volume of 3,820,737. Nextracker Inc. has a 12-month low of $32.14 and a 12-month high of $62.14. The company has a 50-day moving average of $49.79 and a 200-day moving average of $47.82. The stock has a market cap of $6.04 billion, a P/E ratio of 13.15, a PEG ratio of 0.39 and a beta of 2.42.

Insider activity

Also, COO Nicholas Marco Miller sold 8,355 shares of the company's stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $52.67, for a total value of $440,057.85. Following the completion of the sale, the chief operating officer now owns 11,114 shares of the company's stock, valued at approximately $585,374.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Leah Schlesinger sold 2,149 shares of Nextracker stock in a transaction on Wednesday, April 3. The stock was sold at an average price of $51.91, for a total value of $111,554.59. Following the sale, the insider now directly owns 11,910 shares in the company, valued at $618,248.10. The transaction was disclosed in a document filed with the SEC, which can be accessed via this link. Also, COO Nicholas Marco Miller sold 8,355 shares of the stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total value of $440,057.85. Following the completion of the transaction, the chief operating officer now owns 11,114 shares of the company's stock, valued at approximately $585,374.38. The disclosure for this sale can be found here. Company insiders own 0.09% of the company's shares.

Analysts set new price targets

A number of equities analysts recently commented on NXT shares. Northland Securities downgraded Nextracker from an “outperform” rating to a “market perform” rating and lowered their price target on the stock from $60.00 to $44.00 in a research report on Friday, April 26 . JPMorgan Chase & Co. cut their price target on shares of Nextracker from $73.00 to $67.00 and gave the stock an “overweight” rating in a report on Thursday, February 29th. Robert W. Baird assumed coverage on shares of Nextracker in a research note on Thursday, March 21st. They set an “outperform” rating and a $71.00 price target for the company. Wells Fargo & Company cut their price target on Nextracker from $68.00 to $64.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, BMO Capital Markets lowered their price objective on Nextracker from $62.00 to $56.00 and gave the company a “market perform” rating in a research report on Wednesday. Four analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $58.52.

Read our latest report on Nextracker

Nextracker profile

(Free Report)

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for large-scale and ground-mounted distributed generation solar projects worldwide. The Company offers tracking solutions including NX Horizon, a solar tracking solution; NX Gemini, a dual-portrait format tracker that holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain tracking tracker designed to expand the addressable market for trackers on sites with sloped, uneven and challenging terrain.

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Institutional Ownership by Quarter for Nextracker (NASDAQ:NXT)

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