CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Has $4.73 Million Stake in Nextracker Inc. $NXT

Key Points

• CUSHING ASSET MANAGEMENT LP increased its stake in Nextracker Inc. by 45.0% during the 2nd quarter, holding 87,000 shares valued at approximately $4.73 million.
• Several institutional investors have significantly increased their holdings in Nextracker, with Northwestern Mutual Wealth Management Co. boosting its stake by 703.7%, now owning 659 shares worth around $28,000.
• Nextracker has received mixed analyst ratings, with one Strong Buy, fourteen Buy, and nine Hold ratings, and a current average price target of $65.84.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its holdings in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 45.0% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 87,000 shares of the company's stock after buying an additional 27,000 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 0.06% of Nextracker worth $4,730,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its holdings in shares of Nextracker by 56.5% during 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 grew its holdings 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 buying an additional 1,105,617 shares in the last quarter. Earnest Partners LLC lifted its stake in shares of Nextracker by 4.4% in 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 lifted its stake in shares of Nextracker by 2.8% in 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 bought a new stake in shares of Nextracker during the 2nd quarter worth approximately $58,122,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on NXT. Roth Capital reissued a "buy" rating and set a $80.00 price target (up from $70.00) on shares of Nextracker in a research note on Tuesday, July 29th. Cowen reaffirmed a "hold" rating on shares of Nextracker in a research report on Wednesday, July 30th. Bank of America lifted their price target on Nextracker from $66.00 to $69.00 and gave the company a "buy" rating in a report on Wednesday, July 30th. 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 note on Tuesday, July 8th. Finally, Mizuho set a $66.00 target price on Nextracker in a research note on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, Nextracker currently has a consensus rating of "Moderate Buy" and a consensus target price of $65.84.

Insider Activity

In other Nextracker news, insider Bruce Ledesma sold 6,980 shares of the business's stock in a transaction on 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 directly owned 195,790 shares in the company, valued at approximately $11,011,229.60. The trade was a 3.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 transaction, the director directly owned 7,666 shares of the company's stock, valued at approximately $435,352.14. The trade was a 56.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 37,987 shares of company stock worth $2,321,454. 0.56% of the stock is owned by corporate insiders.

Nextracker Trading Up 2.5%

Shares of NASDAQ NXT traded up $1.79 during midday trading on Monday, reaching $73.14. 1,595,044 shares of the company were exchanged, compared to its average volume of 1,819,766. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $73.23. The stock has a fifty day simple moving average of $63.75 and a 200 day simple moving average of $55.01. The stock has a market cap of $10.82 billion, a P/E ratio of 19.93, a PEG ratio of 1.66 and a beta of 2.26.

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.