Encompass Capital Advisors LLC Takes $55.69 Million Position in Nextracker Inc. (NASDAQ:NXT)

Encompass Capital Advisors LLC purchased a new position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 1,524,497 shares of the company's stock, valued at approximately $55,690,000. Nextracker makes up approximately 2.1% of Encompass Capital Advisors LLC's holdings, making the stock its 13th largest position. Encompass Capital Advisors LLC owned 1.05% of Nextracker at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Nextracker by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 13,843,997 shares of the company's stock worth $505,721,000 after purchasing an additional 243,635 shares during the last quarter. Invesco Ltd. raised its holdings in Nextracker by 52.2% during the 4th quarter. Invesco Ltd. now owns 3,874,875 shares of the company's stock worth $141,549,000 after purchasing an additional 1,329,456 shares during the last quarter. Norges Bank bought a new stake in Nextracker during the 4th quarter worth about $106,166,000. Handelsbanken Fonder AB raised its holdings in Nextracker by 36.0% during the 4th quarter. Handelsbanken Fonder AB now owns 2,278,217 shares of the company's stock worth $83,223,000 after purchasing an additional 602,600 shares during the last quarter. Finally, Deutsche Bank AG raised its holdings in Nextracker by 12.8% during the 4th quarter. Deutsche Bank AG now owns 2,152,084 shares of the company's stock worth $78,616,000 after purchasing an additional 244,725 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on NXT. Barclays dropped their price objective on Nextracker from $60.00 to $58.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. UBS Group boosted their price objective on Nextracker from $60.00 to $66.00 and gave the stock a "buy" rating in a report on Wednesday, January 29th. BMO Capital Markets upped their price target on Nextracker from $48.00 to $50.00 and gave the company a "market perform" rating in a research note on Wednesday, January 29th. Piper Sandler set a $49.00 price target on Nextracker in a research note on Monday, April 21st. Finally, Jefferies Financial Group raised Nextracker from a "hold" rating to a "buy" rating and upped their price target for the company from $46.00 to $56.00 in a research note on Wednesday, January 29th. Three investment 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, Nextracker presently has a consensus rating of "Moderate Buy" and a consensus target price of $55.70.

Insider Transactions at Nextracker

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

Nextracker Stock Up 4.3%

NASDAQ NXT traded up $1.91 during trading hours on Friday, reaching $46.51. 2,072,412 shares of the company's stock were exchanged, compared to its average volume of 2,940,491. The company's 50-day moving average is $42.09 and its two-hundred day moving average is $41.31. Nextracker Inc. has a one year low of $30.93 and a one year high of $62.31. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. The company has a market capitalization of $6.77 billion, a price-to-earnings ratio of 11.83 and a beta of 2.03.

Nextracker 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.