Ieq Capital LLC Purchases New Shares in Nextracker Inc. $NXT

Key Points

• Ieq Capital LLC acquired 15,984 shares of Nextracker Inc., valued at approximately $674,000, during the first quarter, indicating increasing institutional interest in the company.
• Analysts' ratings for Nextracker are optimistic, with one upgrading the stock to a "strong-buy" and others setting price targets ranging from $66.00 to $69.00.
• Insider sales have been significant, with company President Howard Wenger selling 5,703 shares valued at over $399,000, reflecting a notable decrease in his ownership percentage.

Ieq Capital LLC acquired a new stake in Nextracker Inc. (NASDAQ:NXT - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 15,984 shares of the company's stock, valued at approximately $674,000.

A number of other institutional investors have also recently added to or reduced their stakes in NXT. Wellington Management Group LLP increased its holdings in shares of Nextracker by 56.5% in the first quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company's stock valued at $220,722,000 after purchasing an additional 1,890,445 shares in the last quarter. Encompass Capital Advisors LLC bought a new position in Nextracker during the fourth quarter worth $55,690,000. Nuveen LLC acquired a new position in shares of Nextracker during the first quarter valued at about $40,356,000. T. Rowe Price Investment Management Inc. purchased a new position in Nextracker in the first quarter valued at about $38,699,000. Finally, Balyasny Asset Management L.P. lifted its stake in shares of Nextracker by 8,408.5% during the 4th quarter. Balyasny Asset Management L.P. now owns 837,067 shares of the company's stock valued at $30,578,000 after buying an additional 827,229 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Nextracker Price Performance

Shares of NASDAQ:NXT traded up $1.27 during midday trading on Friday, reaching $70.12. The company's stock had a trading volume of 1,951,147 shares, compared to its average volume of 2,365,671. The business's fifty day simple moving average is $62.35 and its 200-day simple moving average is $53.11. The company has a market capitalization of $10.37 billion, a P/E ratio of 19.11, a P/E/G ratio of 1.63 and a beta of 2.26. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $71.27.

Analyst Upgrades and Downgrades

NXT has been the subject of a number of analyst reports. Piper Sandler restated an "overweight" rating on shares of Nextracker in a research note on Thursday, May 15th. UBS Group increased their price target on shares of Nextracker from $71.00 to $75.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Susquehanna boosted their price objective on shares of Nextracker from $66.00 to $76.00 and gave the company a "positive" rating in a report on Monday, July 21st. Wells Fargo & Company upped their price target on Nextracker from $71.00 to $72.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Finally, Northland Capmk lowered Nextracker from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $65.00.

Insiders Place Their Bets

In other news, Director William D. Watkins sold 10,000 shares of Nextracker stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total transaction of $567,900.00. Following the sale, the director directly owned 7,666 shares of the company's stock, valued at approximately $435,352.14. This trade represents a 56.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Howard Wenger sold 5,703 shares of Nextracker stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $70.00, for a total value of $399,210.00. Following the completion of the sale, the president owned 414,256 shares of the company's stock, valued at approximately $28,997,920. The trade was a 1.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 103,261 shares of company stock worth $6,181,028 in the last quarter. Insiders own 0.56% of the company's stock.

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.