Envestnet Asset Management Inc. Acquires 4,352 Shares of Nextracker Inc. (NASDAQ:NXT)

Key Points

• Envestnet Asset Management Inc. increased its stake in Nextracker Inc. by 4.5%, acquiring an additional 4,352 shares, now owning 101,095 shares valued at approximately $4.26 million.
• Insiders have recently sold a significant number of shares, with President Howard Wenger selling 5,216 shares for $339,040 and CAO David P. Bennett selling 9,801 shares for $539,055.
• Analysts have set new price targets for Nextracker, with Goldman Sachs raising their target from $61 to $68 and BMO Capital Markets increasing theirs from $51 to $59, indicating a favorable outlook for the stock.

Envestnet Asset Management Inc. grew its holdings in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 4.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 101,095 shares of the company's stock after buying an additional 4,352 shares during the period. Envestnet Asset Management Inc. owned 0.07% of Nextracker worth $4,260,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Norges Bank purchased a new position in shares of Nextracker in the 4th quarter worth about $106,166,000. Encompass Capital Advisors LLC purchased a new position in shares of Nextracker in the 4th quarter worth about $55,690,000. Invesco Ltd. raised its position in shares of Nextracker by 52.2% in the 4th quarter. Invesco Ltd. now owns 3,874,875 shares of the company's stock worth $141,549,000 after purchasing an additional 1,329,456 shares during the last quarter. Balyasny Asset Management L.P. raised its position in shares of Nextracker by 8,408.5% in the 4th quarter. Balyasny Asset Management L.P. now owns 837,067 shares of the company's stock worth $30,578,000 after purchasing an additional 827,229 shares during the last quarter. Finally, Goodlander Investment Management LLC purchased a new position in shares of Nextracker in the 4th quarter worth about $18,996,000. Institutional investors own 67.41% of the company's stock.

Insider Transactions at Nextracker

In other news, President Howard Wenger sold 5,216 shares of the company's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $65.00, for a total transaction of $339,040.00. Following the sale, the president directly owned 419,959 shares of the company's stock, valued at $27,297,335. This represents a 1.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO David P. Bennett sold 9,801 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $539,055.00. Following the sale, the chief accounting officer directly owned 124,615 shares in the company, valued at $6,853,825. This trade represents a 7.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 210,476 shares of company stock valued at $12,169,880 over the last 90 days. Insiders own 0.56% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. The Goldman Sachs Group boosted their target price on Nextracker from $61.00 to $68.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. BMO Capital Markets boosted their target price on Nextracker from $51.00 to $59.00 and gave the stock a "market perform" rating in a research report on Thursday, May 15th. Piper Sandler reissued an "overweight" rating on shares of Nextracker in a research report on Thursday, May 15th. Fox Advisors lowered shares of Nextracker from an "overweight" rating to an "equal weight" rating in a research report on Thursday, May 15th. Finally, Wall Street Zen lowered shares of Nextracker from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Six research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $62.05.

Nextracker Price Performance

NXT stock opened at $64.53 on Friday. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $67.87. The company has a market capitalization of $9.44 billion, a price-to-earnings ratio of 18.60, a PEG ratio of 1.56 and a beta of 2.25. The business has a 50 day simple moving average of $59.61 and a two-hundred day simple moving average of $49.45.

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.

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