Empowered Funds LLC Purchases New Stake in Nextracker Inc. $NXT

Key Points

• Empowered Funds LLC has invested approximately $7.21 million in Nextracker Inc. by acquiring 171,112 shares, increasing its ownership to 0.12% of the company.
• Several other institutional investors, including Wellington Management Group and Encompass Capital Advisors, have significantly increased their stakes in Nextracker, indicating strong institutional interest in the stock.
• Insider transactions include President Howard Wenger selling 5,703 shares for approximately $399,210, highlighting ongoing trading activity among company executives.

Empowered Funds LLC acquired a new position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 171,112 shares of the company's stock, valued at approximately $7,211,000. Empowered Funds LLC owned 0.12% of Nextracker at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. raised its holdings in Nextracker by 703.7% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company's stock worth $28,000 after buying an additional 577 shares during the period. Summit Securities Group LLC increased its holdings in shares of Nextracker by 796.0% in the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company's stock valued at $38,000 after purchasing an additional 804 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in shares of Nextracker in the 1st quarter valued at about $40,000. Fifth Third Bancorp increased 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 valued at $51,000 after purchasing an additional 260 shares during the period. Finally, Virtus Fund Advisers LLC acquired a new position in shares of Nextracker in the 4th quarter valued at about $47,000. Institutional investors and hedge funds own 67.41% of the company's stock.

Insiders Place Their Bets

In related news, President Howard Wenger sold 5,703 shares of the company's stock in a transaction 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 transaction, the president directly owned 414,256 shares in the company, valued at approximately $28,997,920. This represents a 1.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Bruce Ledesma sold 6,980 shares of the company's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $56.24, for a total transaction of $392,555.20. Following the completion of the sale, 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 disclosure for this sale can be found here. Insiders sold a total of 37,987 shares of company stock valued at $2,321,454 in the last ninety days. 0.56% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on NXT shares. TD Cowen upped their target price on Nextracker from $55.00 to $65.00 and gave the company a "hold" rating in a report on Wednesday, July 30th. Cowen reiterated a "hold" rating on shares of Nextracker in a report on Wednesday, July 30th. Susquehanna upped their target price on Nextracker from $66.00 to $76.00 and gave the company a "positive" rating in a report on Monday, July 21st. Northland Securities reiterated a "market perform" rating on shares of Nextracker in a report on Wednesday, July 30th. Finally, Robert W. Baird upped their target price on Nextracker from $67.00 to $76.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $65.00.

Nextracker Stock Performance

Shares of NXT traded up $0.04 during mid-day trading on Tuesday, hitting $67.68. The company's stock had a trading volume of 336,649 shares, compared to its average volume of 2,480,898. The stock's 50-day moving average is $62.98 and its two-hundred day moving average is $54.04. The firm has a market capitalization of $10.01 billion, a PE ratio of 18.45, a price-to-earnings-growth ratio of 1.55 and a beta of 2.26. Nextracker Inc. has a one year low of $30.93 and a one year 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.