Nextracker Inc. (NASDAQ:NXT) Shares Bought by Retirement Systems of Alabama

Retirement Systems of Alabama boosted its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 14.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 174,244 shares of the company’s stock after purchasing an additional 22,570 shares during the period. Retirement Systems of Alabama owned approximately 0.12% of Nextracker worth $6,531,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Neo Ivy Capital Management purchased a new stake in shares of Nextracker during the third quarter valued at $74,000. Geode Capital Management LLC lifted its stake in Nextracker by 23.3% during the third quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock valued at $134,724,000 after buying an additional 679,272 shares in the last quarter. Duff & Phelps Investment Management Co. boosted its holdings in shares of Nextracker by 31.2% in the third quarter. Duff & Phelps Investment Management Co. now owns 17,394 shares of the company’s stock worth $652,000 after buying an additional 4,138 shares during the period. Barclays PLC increased its position in shares of Nextracker by 259.8% in the third quarter. Barclays PLC now owns 259,800 shares of the company’s stock worth $9,737,000 after acquiring an additional 187,598 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. acquired a new stake in shares of Nextracker during the third quarter valued at approximately $112,000. 67.41% of the stock is currently owned by institutional investors.

Nextracker Price Performance

NASDAQ NXT opened at $34.99 on Thursday. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The stock’s 50-day moving average is $36.81 and its two-hundred day moving average is $41.62. The firm has a market cap of $5.09 billion, a P/E ratio of 8.73 and a beta of 2.09. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99.

Analyst Upgrades and Downgrades

NXT has been the subject of a number of recent analyst reports. Jefferies Financial Group assumed coverage on shares of Nextracker in a research note on Wednesday, September 4th. They issued a “hold” rating and a $46.00 price objective for the company. JPMorgan Chase & Co. decreased their target price on Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Piper Sandler dropped their price target on Nextracker from $60.00 to $47.00 and set an “overweight” rating on the stock in a research report on Friday, November 22nd. Wells Fargo & Company decreased their price objective on Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a research report on Tuesday, October 29th. Finally, 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. Four investment 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $53.50.

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.