Driehaus Capital Management LLC Acquires New Position in Nextracker Inc. $NXT

Key Points

• Driehaus Capital Management LLC acquired a significant stake in Nextracker, purchasing 764,708 shares valued at approximately $32.2 million, marking a 0.53% ownership in the company.
• Institutional investors control roughly 67.41% of Nextracker's stock, with selective hedge funds increasing their stakes significantly in the same quarter.
• The company's shares are currently trading at $68.11, which is near its 12-month high of $70.14, reflecting a solid market performance.

Driehaus Capital Management LLC acquired a new position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 764,708 shares of the company's stock, valued at approximately $32,225,000. Driehaus Capital Management LLC owned 0.53% of Nextracker at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on NXT. Guggenheim raised Nextracker from a "neutral" rating to a "buy" rating and set a $74.00 price target for the company in a research report on Monday, August 18th. Piper Sandler reiterated an "overweight" rating on shares of Nextracker in a research report on Thursday, May 15th. Fox Advisors downgraded Nextracker from an "overweight" rating to an "equal weight" rating in a research report on Thursday, May 15th. Roth Capital restated a "buy" rating and set a $80.00 target price (up from $70.00) on shares of Nextracker in a report on Tuesday, July 29th. Finally, Robert W. Baird upped their price target on Nextracker from $67.00 to $76.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $65.00.

Insider Activity at Nextracker

In related 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 transaction of $392,555.20. Following the transaction, the insider directly owned 195,790 shares in the company, valued at $11,011,229.60. The trade was a 3.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Nicholas Marco Miller sold 5,588 shares of the company's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $57.32, for a total transaction of $320,304.16. Following the completion of the sale, the chief operating officer directly owned 170,000 shares in the company, valued at $9,744,400. This trade represents a 3.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 103,261 shares of company stock valued at $6,181,028 in the last quarter. Corporate insiders own 0.56% of the company's stock.

Nextracker Stock Performance

Shares of NXT traded down $0.54 during mid-day trading on Tuesday, hitting $66.72. 1,509,118 shares of the stock were exchanged, compared to its average volume of 2,534,694. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $70.14. The firm has a 50-day moving average of $61.53 and a two-hundred day moving average of $52.59. The company has a market cap of $9.87 billion, a PE ratio of 18.18, a price-to-earnings-growth ratio of 1.56 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.