Foresight Group Ltd Liability Partnership Makes New Investment in Nextracker Inc. $NXT

Key Points

• Foresight Group Ltd Liability Partnership has acquired a new position in Nextracker Inc., purchasing approximately 299,573 shares valued at about $12.6 million, representing 1.8% of its investment portfolio.
• Several institutional investors increased their stakes in Nextracker during the first quarter, with Wellington Management Group leading by raising its holdings by 56.5%, now owning over $220 million in shares.
• Nextracker's shares have seen a favorable shift, with analysts giving the stock a consensus rating of "Moderate Buy" and a target price of $65.00, reflecting increased confidence in the company's future growth.

Foresight Group Ltd Liability Partnership acquired a new position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 299,573 shares of the company's stock, valued at approximately $12,624,000. Nextracker makes up about 1.8% of Foresight Group Ltd Liability Partnership's investment portfolio, making the stock its 22nd largest position. Foresight Group Ltd Liability Partnership owned 0.21% of Nextracker as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. lifted its stake in Nextracker by 703.7% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company's stock worth $28,000 after purchasing an additional 577 shares in the last quarter. Summit Securities Group LLC lifted its stake in Nextracker by 796.0% in the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company's stock worth $38,000 after purchasing an additional 804 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in Nextracker in the 1st quarter worth approximately $40,000. Virtus Fund Advisers LLC purchased a new stake in shares of Nextracker in the fourth quarter worth $47,000. Finally, Fifth Third Bancorp raised its position in shares of Nextracker by 27.5% in the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock worth $51,000 after buying an additional 260 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Wells Fargo & Company increased their price objective on Nextracker from $71.00 to $72.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Zacks Research raised Nextracker to a "hold" rating in a report on Tuesday, August 12th. Robert W. Baird raised their target price on shares of Nextracker from $67.00 to $76.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. TD Cowen raised their target price on shares of Nextracker from $55.00 to $65.00 and gave the company a "hold" rating in a research note on Wednesday, July 30th. Finally, Mizuho set a $66.00 target price on shares of Nextracker in a research note on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, Nextracker presently has an average rating of "Moderate Buy" and a consensus target price of $65.00.

Nextracker Price Performance

Nextracker stock traded down $0.42 during mid-day trading on Tuesday, reaching $67.22. 619,527 shares of the company traded hands, compared to its average volume of 2,481,890. The firm's 50 day moving average price is $62.98 and its 200 day moving average price is $54.04. The firm has a market capitalization of $9.95 billion, a price-to-earnings ratio of 18.32, a P/E/G ratio of 1.55 and a beta of 2.26. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $71.44.

Insider Activity

In other Nextracker news, Director William D. Watkins sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total transaction of $567,900.00. Following the transaction, the director owned 7,666 shares in the company, valued at approximately $435,352.14. This represents a 56.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 sale, the president directly owned 414,256 shares in the company, valued at approximately $28,997,920. The trade was a 1.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,987 shares of company stock worth $2,321,454. Company insiders own 0.56% of the company's stock.

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.