111 Capital Takes Position in Nextracker Inc. $NXT

Key Points

• 111 Capital acquired a new stake in Nextracker Inc., purchasing 10,121 shares valued at approximately $550,000 during the second quarter.
• Institutional investors now hold 67.41% of Nextracker's stock, with several funds increasing their positions significantly in the first quarter.
• Despite positive analyst ratings, including a new buy rating from Deutsche Bank with a target price of $88.00, Nextracker's stock is currently down 2.8%.

111 Capital bought a new stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 10,121 shares of the company's stock, valued at approximately $550,000.

A number of other hedge funds have also recently modified their holdings of the business. Wellington Management Group LLP boosted its stake in Nextracker by 56.5% in the 1st quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company's stock worth $220,722,000 after purchasing an additional 1,890,445 shares in the last quarter. Encompass Capital Advisors LLC grew its position in Nextracker by 72.5% during the 1st quarter. Encompass Capital Advisors LLC now owns 2,630,114 shares of the company's stock valued at $110,833,000 after purchasing an additional 1,105,617 shares during the last quarter. Earnest Partners LLC grew its position in Nextracker by 4.4% during the 1st quarter. Earnest Partners LLC now owns 1,309,424 shares of the company's stock valued at $55,179,000 after purchasing an additional 54,934 shares during the last quarter. Westfield Capital Management Co. LP grew its position in Nextracker by 2.8% during the 1st quarter. Westfield Capital Management Co. LP now owns 1,243,151 shares of the company's stock valued at $52,386,000 after purchasing an additional 33,537 shares during the last quarter. Finally, Wedge Capital Management L L P NC purchased a new stake in Nextracker during the 2nd quarter valued at about $58,122,000. Institutional investors own 67.41% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Northland Capmk downgraded shares of Nextracker from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Nextracker in a research report on Tuesday, September 30th. They set a "buy" rating and a $88.00 price objective on the stock. Northland Securities reissued a "market perform" rating on shares of Nextracker in a research report on Wednesday, July 30th. TD Cowen boosted their target price on Nextracker from $55.00 to $65.00 and gave the stock a "hold" rating in a research report on Wednesday, July 30th. Finally, Robert W. Baird boosted their target price on Nextracker from $67.00 to $76.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $68.10.

Insider Buying and Selling at Nextracker

In other news, Director William D. Watkins sold 10,000 shares of the company's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $56.79, for a total transaction of $567,900.00. Following the completion of the sale, the director owned 7,666 shares of the company's stock, valued at $435,352.14. This represents a 56.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Howard Wenger sold 5,217 shares of the company's stock in a transaction dated Monday, September 29th. The shares were sold at an average price of $75.00, for a total transaction of $391,275.00. Following the sale, the president directly owned 409,039 shares of the company's stock, valued at $30,677,925. The trade was a 1.26% decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,400 shares of company stock worth $2,053,385 over the last 90 days. 0.56% of the stock is owned by company insiders.

Nextracker Stock Down 2.8%

NASDAQ NXT opened at $77.13 on Monday. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $80.83. The firm has a market capitalization of $11.41 billion, a P/E ratio of 21.02, a PEG ratio of 2.43 and a beta of 2.27. The company has a 50-day moving average price of $65.99 and a 200-day moving average price of $56.91.

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.

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