Empowered Funds LLC Makes New Investment 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 Nextracker Inc. (NASDAQ:NXT - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 171,112 shares of the company's stock, valued at approximately $7,211,000. Empowered Funds LLC owned approximately 0.12% of Nextracker as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of NXT. United Services Automobile Association purchased a new stake in shares of Nextracker in the 1st quarter worth $394,000. Sandler Capital Management purchased a new stake in Nextracker in the first quarter worth about $2,460,000. Palo Duro Investment Partners LP purchased a new stake in Nextracker in the first quarter worth about $3,563,000. PharVision Advisers LLC bought a new position in Nextracker during the 1st quarter worth about $254,000. Finally, New Vernon Capital Holdings II LLC grew its holdings in Nextracker by 7,329.5% during the 1st quarter. New Vernon Capital Holdings II LLC now owns 248,963 shares of the company's stock worth $10,491,000 after acquiring an additional 245,612 shares in the last quarter. 67.41% of the stock is owned by institutional investors.

Nextracker Stock Performance

NXT stock traded down $0.80 on Friday, hitting $66.70. 1,460,700 shares of the company's stock were exchanged, compared to its average volume of 2,325,439. The firm has a 50 day moving average price of $62.96 and a two-hundred day moving average price of $53.81. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $71.44. The stock has a market cap of $9.87 billion, a P/E ratio of 18.17, a price-to-earnings-growth ratio of 1.57 and a beta of 2.26.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Susquehanna boosted their price target on shares of Nextracker from $66.00 to $76.00 and gave the company a "positive" rating in a report on Monday, July 21st. Bank of America boosted their price objective on shares of Nextracker from $66.00 to $69.00 and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Wall Street Zen upgraded Nextracker from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 3rd. Mizuho set a $66.00 price target on Nextracker in a report on Wednesday, July 30th. Finally, Northland Capmk lowered Nextracker from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Nextracker currently has a consensus rating of "Moderate Buy" and an average target price of $65.00.

Insiders Place Their Bets

In other Nextracker news, COO Nicholas Marco Miller sold 5,588 shares of the business's stock in a transaction that occurred 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 sale, the chief operating officer owned 170,000 shares of the company's stock, valued at approximately $9,744,400. The trade was a 3.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Howard Wenger sold 5,703 shares of the company's stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $70.00, for a total transaction of $399,210.00. Following the transaction, the president owned 414,256 shares in the company, valued at $28,997,920. The trade was a 1.36% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,487 shares of company stock worth $2,019,009 over the last ninety days. Insiders own 0.56% of the company's stock.

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.