Figure 8 Investment Strategies LLC Buys 16,375 Shares of Nextracker Inc. (NASDAQ:NXT)

Figure 8 Investment Strategies LLC raised its holdings in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 152.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,135 shares of the company's stock after purchasing an additional 16,375 shares during the quarter. Figure 8 Investment Strategies LLC's holdings in Nextracker were worth $1,143,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Nextracker in the 4th quarter valued at approximately $106,166,000. Encompass Capital Advisors LLC acquired a new position in Nextracker during the fourth quarter valued at approximately $55,690,000. Invesco Ltd. raised its holdings in shares of Nextracker by 52.2% during the 4th quarter. Invesco Ltd. now owns 3,874,875 shares of the company's stock worth $141,549,000 after buying an additional 1,329,456 shares in the last quarter. Balyasny Asset Management L.P. raised its holdings in shares of 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 in the last quarter. Finally, Robeco Schweiz AG acquired a new position in shares of Nextracker during the 4th quarter worth $22,112,000. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextracker Stock Up 1.8%

Shares of Nextracker stock traded up $1.02 on Thursday, hitting $58.58. The stock had a trading volume of 1,915,183 shares, compared to its average volume of 2,704,204. The stock has a market cap of $8.57 billion, a price-to-earnings ratio of 16.88, a PEG ratio of 1.49 and a beta of 2.39. Nextracker Inc. has a one year low of $30.93 and a one year high of $63.19. The stock's 50-day simple moving average is $52.69 and its two-hundred day simple moving average is $45.83.

Analysts Set New Price Targets

A number of equities analysts have issued reports on NXT shares. Fox Advisors cut Nextracker from an "overweight" rating to an "equal weight" rating in a report on Thursday, May 15th. Truist Financial upped their price target on shares of Nextracker from $49.00 to $65.00 and gave the company an "overweight" rating in a research report on Thursday, May 15th. BMO Capital Markets increased their price objective on Nextracker from $51.00 to $59.00 and gave the company a "market perform" rating in a report on Thursday, May 15th. TD Cowen increased their price target on Nextracker from $47.00 to $55.00 and gave the company a "hold" rating in a research note on Thursday, May 15th. Finally, Wall Street Zen raised shares of Nextracker from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Five research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $60.33.

Insider Activity at Nextracker

In related news, COO Nicholas Marco Miller sold 69,774 shares of the company's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $59.65, for a total value of $4,162,019.10. Following the transaction, the chief operating officer now owns 175,216 shares in the company, valued at $10,451,634.40. The trade was a 28.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 transaction of $539,055.00. Following the completion of the transaction, the chief accounting officer now owns 124,615 shares in the company, valued at approximately $6,853,825. This represents a 7.29% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 205,260 shares of company stock worth $11,830,840 over the last quarter. Corporate insiders own 0.27% 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.