The Manufacturers Life Insurance Company Has $6.21 Million Stock Position in Nextracker Inc. (NASDAQ:NXT)

The Manufacturers Life Insurance Company boosted its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 12.3% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 165,715 shares of the company’s stock after buying an additional 18,187 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Nextracker were worth $6,211,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. GAMMA Investing LLC raised its stake in Nextracker by 73.2% in the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock valued at $31,000 after acquiring an additional 279 shares during the period. Arizona State Retirement System raised its position in shares of Nextracker by 1.1% in 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. Wedbush Securities Inc. lifted its stake in shares of 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 buying an additional 461 shares during the last quarter. Graybill Wealth Management LTD. boosted its holdings in shares of 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 buying an additional 483 shares during the period. Finally, Signaturefd LLC boosted its holdings in shares of Nextracker by 37.8% during the 3rd quarter. Signaturefd LLC now owns 2,043 shares of the company’s stock worth $77,000 after buying an additional 560 shares during the period. 67.41% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on NXT. Northland Securities restated an “outperform” rating and set a $48.00 price objective on shares of Nextracker in a research report on Tuesday, November 19th. JPMorgan Chase & Co. lowered their target price on Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Jefferies Financial Group started coverage on Nextracker in a research note on Wednesday, September 4th. They issued a “hold” rating and a $46.00 price target for the company. Bank of America lowered their price objective on Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Finally, Piper Sandler dropped their target price on Nextracker from $60.00 to $47.00 and set an “overweight” rating for the company 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Nextracker currently has an average rating of “Moderate Buy” and a consensus price target of $54.30.

Nextracker Stock Down 4.7 %

Nextracker stock opened at $36.42 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21. The stock has a market cap of $5.30 billion, a PE ratio of 9.08 and a beta of 2.09. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The firm’s 50-day simple moving average is $36.91 and its 200 day simple moving average is $42.78.

Nextracker Company 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.