CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Invests $2.53 Million in Nextracker Inc. (NASDAQ:NXT)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT purchased a new stake in Nextracker Inc. (NASDAQ:NXT - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 60,000 shares of the company's stock, valued at approximately $2,528,000.

Several other hedge funds have also bought and sold shares of the business. Fifth Third Bancorp boosted its holdings in shares of Nextracker by 27.5% in the 1st quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock worth $51,000 after buying an additional 260 shares during the last quarter. Sterling Capital Management LLC increased its position in shares of Nextracker by 448.9% during the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock valued at $47,000 after buying an additional 1,055 shares during the period. Virtus Fund Advisers LLC purchased a new position in shares of Nextracker during the fourth quarter worth about $47,000. Millstone Evans Group LLC purchased a new position in shares of Nextracker during the fourth quarter worth about $48,000. Finally, Principal Securities Inc. grew its holdings in shares of Nextracker by 41.8% during the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock worth $51,000 after purchasing an additional 410 shares in the last quarter. Institutional investors and hedge funds own 67.41% of the company's stock.

Insider Activity

In other Nextracker news, COO Nicholas Marco Miller sold 5,588 shares of Nextracker stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $57.32, for a total value of $320,304.16. Following the transaction, the chief operating officer now directly owns 170,000 shares in the company, valued at approximately $9,744,400. This trade represents a 3.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Bruce Ledesma sold 3,017 shares of Nextracker stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $55.95, for a total value of $168,801.15. Following the completion of the transaction, the insider now owns 110,564 shares in the company, valued at $6,186,055.80. This trade represents a 2.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 205,260 shares of company stock valued at $11,830,840. Insiders own 0.27% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Truist Financial increased their price objective on Nextracker from $49.00 to $65.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. TD Cowen increased their price objective on Nextracker from $47.00 to $55.00 and gave the stock a "hold" rating in a report on Thursday, May 15th. BMO Capital Markets raised their price target on Nextracker from $51.00 to $59.00 and gave the company a "market perform" rating in a report on Thursday, May 15th. The Goldman Sachs Group increased their price objective on Nextracker from $61.00 to $68.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Finally, Robert W. Baird dropped their price objective on Nextracker from $59.00 to $48.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. Five equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $60.33.

Nextracker Stock Performance

Shares of NASDAQ:NXT traded down $0.26 on Friday, hitting $58.32. 2,219,608 shares of the company's stock were exchanged, compared to its average volume of 2,666,322. The firm's 50-day moving average is $53.05 and its 200 day moving average is $46.04. The company has a market capitalization of $8.53 billion, a PE ratio of 16.81, a P/E/G ratio of 1.50 and a beta of 2.39. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $63.19.

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.