205,983 Shares in Nextracker Inc. (NASDAQ:NXT) Bought by Pier Capital LLC

Pier Capital LLC purchased a new stake in Nextracker Inc. (NASDAQ:NXT) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 205,983 shares of the company’s stock, valued at approximately $7,720,000. Pier Capital LLC owned 0.14% of Nextracker at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of NXT. GAMMA Investing LLC lifted its holdings in shares of Nextracker by 73.2% in the second quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock valued at $31,000 after purchasing an additional 279 shares in the last quarter. Arizona State Retirement System raised its position in Nextracker by 1.1% in the 2nd quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock valued at $1,613,000 after buying an additional 372 shares during the last quarter. Quarry LP lifted its stake in Nextracker by 61.5% during the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after acquiring an additional 426 shares in the last quarter. Wedbush Securities Inc. boosted its holdings in Nextracker by 8.2% during the 2nd quarter. Wedbush Securities Inc. now owns 6,080 shares of the company’s stock worth $285,000 after acquiring an additional 461 shares during the last quarter. Finally, Graybill Wealth Management LTD. boosted its holdings in Nextracker by 1.7% during the 2nd quarter. Graybill Wealth Management LTD. now owns 29,678 shares of the company’s stock worth $1,391,000 after acquiring an additional 483 shares during the last quarter. Institutional investors own 67.41% of the company’s stock.

Nextracker Stock Performance

Shares of NXT stock opened at $36.29 on Friday. The firm’s 50 day moving average is $36.86 and its 200 day moving average is $42.69. The stock has a market capitalization of $5.28 billion, a P/E ratio of 9.05 and a beta of 2.09. 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.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Northland Capmk upgraded shares of Nextracker to a “strong-buy” rating in a report on Tuesday, November 19th. Robert W. Baird decreased their price objective 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. Guggenheim restated a “buy” rating and issued a $55.00 target price on shares of Nextracker in a research note on Friday, November 22nd. Northland Securities reaffirmed an “outperform” rating and set a $48.00 price target on shares of Nextracker in a research report on Tuesday, November 19th. Finally, Piper Sandler dropped their price target on Nextracker from $60.00 to $47.00 and set an “overweight” rating on the stock in a report on Friday, November 22nd. Four analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Nextracker currently has an average rating of “Moderate Buy” and an average target price of $54.30.

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.