Schonfeld Strategic Advisors LLC Makes New Investment in Nextracker Inc. (NASDAQ:NXT)

Schonfeld Strategic Advisors LLC acquired a new stake in shares of Nextracker Inc. (NASDAQ:NXT) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 22,105 shares of the company’s stock, valued at approximately $807,000.

A number of other institutional investors also recently modified their holdings of the company. AQR Capital Management LLC raised its position in shares of Nextracker by 647.1% in the 4th quarter. AQR Capital Management LLC now owns 133,867 shares of the company’s stock worth $4,890,000 after acquiring an additional 115,948 shares in the last quarter. Electron Capital Partners LLC boosted its position in shares of Nextracker by 46.6% in the 4th quarter. Electron Capital Partners LLC now owns 27,490 shares of the company’s stock worth $1,004,000 after purchasing an additional 8,742 shares in the last quarter. Northern Trust Corp grew its position in Nextracker by 10.5% during the 4th quarter. Northern Trust Corp now owns 1,917,024 shares of the company’s stock valued at $70,029,000 after purchasing an additional 181,741 shares during the last quarter. Earnest Partners LLC increased its position in Nextracker by 57.9% during the fourth quarter. Earnest Partners LLC now owns 1,254,490 shares of the company’s stock valued at $45,827,000 after acquiring an additional 459,879 shares during the last quarter. Finally, Boothbay Fund Management LLC lifted its position in Nextracker by 256.1% during the fourth quarter. Boothbay Fund Management LLC now owns 29,042 shares of the company’s stock valued at $1,061,000 after purchasing an additional 20,887 shares in the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Nextracker Price Performance

Shares of NXT stock opened at $44.60 on Friday. The company has a market cap of $6.49 billion, a P/E ratio of 11.35 and a beta of 2.03. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The stock’s 50-day moving average is $42.02 and its 200 day moving average is $41.08. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $62.31.

Insider Activity

In related news, insider Bruce Ledesma sold 9,891 shares of Nextracker stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $46.05, for a total value of $455,480.55. Following the completion of the sale, the insider now directly owns 132,374 shares in the company, valued at $6,095,822.70. This trade represents a 6.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.27% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on NXT. Royal Bank of Canada started coverage on shares of Nextracker in a research report on Monday, March 17th. They issued an “outperform” rating and a $55.00 price target for the company. Truist Financial reduced their price objective on Nextracker from $56.00 to $52.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. UBS Group upped their target price on shares of Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. Susquehanna raised their price target on Nextracker from $50.00 to $54.00 and gave the stock a “positive” rating in a research report on Wednesday, January 29th. Finally, JPMorgan Chase & Co. boosted their target price on Nextracker from $58.00 to $61.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $55.70.

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.