AQR Capital Management LLC Purchases 122,002 Shares of Nextracker Inc. $NXT

Key Points

• AQR Capital Management LLC increased its stake in Nextracker Inc. by 91.1%, acquiring an additional 122,002 shares, bringing its total ownership to 255,869 shares valued at approximately $10.6 million.
• Multiple institutional investors, including Fifth Third Bancorp and Signaturefd LLC, also raised their stakes in Nextracker, highlighting a growing interest in the company's stock.
• Analysts have set a new price target of $80.00 for Nextracker shares, with the stock receiving a mix of ratings, including one Strong Buy and fourteen Buy ratings, indicating positive sentiment in the market.

AQR Capital Management LLC boosted its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 91.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 255,869 shares of the company's stock after purchasing an additional 122,002 shares during the quarter. AQR Capital Management LLC owned about 0.18% of Nextracker worth $10,598,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the stock. Flputnam Investment Management Co. boosted its position in Nextracker by 2.4% during the first quarter. Flputnam Investment Management Co. now owns 8,621 shares of the company's stock valued at $363,000 after purchasing an additional 201 shares in the last quarter. Shell Asset Management Co. boosted its position in Nextracker by 0.4% during the fourth quarter. Shell Asset Management Co. now owns 57,329 shares of the company's stock valued at $2,094,000 after purchasing an additional 228 shares in the last quarter. Signaturefd LLC boosted its position in Nextracker by 10.2% during the first quarter. Signaturefd LLC now owns 2,583 shares of the company's stock valued at $109,000 after purchasing an additional 239 shares in the last quarter. Trust Investment Advisors boosted its position in Nextracker by 2.8% during the first quarter. Trust Investment Advisors now owns 9,609 shares of the company's stock valued at $405,000 after purchasing an additional 258 shares in the last quarter. Finally, Fifth Third Bancorp boosted its position in Nextracker by 27.5% during the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock valued at $51,000 after purchasing an additional 260 shares in the last quarter. Institutional investors own 67.41% of the company's stock.

Insider Transactions at Nextracker

In other news, Director William D. Watkins sold 10,000 shares of the firm's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total value of $567,900.00. Following the completion of the transaction, the director directly owned 7,666 shares in the company, valued at $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 is available through the SEC website. Also, insider Bruce Ledesma sold 6,980 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $56.24, for a total value of $392,555.20. Following the completion of the transaction, the insider owned 195,790 shares of the company's stock, valued at approximately $11,011,229.60. The trade was a 3.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 33,487 shares of company stock valued at $2,019,009. 0.56% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Zacks Research raised Nextracker to a "hold" rating in a research report on Tuesday, August 12th. Roth Capital reaffirmed a "buy" rating and set a $80.00 price objective (up previously from $70.00) on shares of Nextracker in a research report on Tuesday, July 29th. Wall Street Zen raised Nextracker from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 3rd. Bank of America raised their price target on Nextracker from $66.00 to $69.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. Finally, BMO Capital Markets raised their price target on Nextracker from $51.00 to $59.00 and gave the stock a "market perform" rating in a report on Thursday, May 15th. One research 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 company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $65.00.

Nextracker Stock Performance

Shares of NASDAQ NXT opened at $67.59 on Thursday. The company has a market cap of $10.00 billion, a PE ratio of 18.42, a P/E/G ratio of 1.50 and a beta of 2.26. The business has a 50-day simple moving average of $62.92 and a two-hundred day simple moving average of $53.49. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $71.44.

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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