Foresight Group Ltd Liability Partnership Takes Position 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 purchased a new position in Nextracker Inc. (NASDAQ:NXT - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 299,573 shares of the company's stock, valued at approximately $12,624,000. Nextracker accounts for about 1.8% of Foresight Group Ltd Liability Partnership's investment portfolio, making the stock its 22nd biggest position. Foresight Group Ltd Liability Partnership owned about 0.21% of Nextracker at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in NXT. Wellington Management Group LLP grew its holdings in shares of Nextracker by 56.5% during the first quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company's stock worth $220,722,000 after purchasing an additional 1,890,445 shares in the last quarter. Encompass Capital Advisors LLC raised its stake in Nextracker by 72.5% in the first quarter. Encompass Capital Advisors LLC now owns 2,630,114 shares of the company's stock valued at $110,833,000 after purchasing an additional 1,105,617 shares in the last quarter. Nuveen LLC bought a new stake in Nextracker during the first quarter valued at approximately $40,356,000. T. Rowe Price Investment Management Inc. purchased a new position in Nextracker in the 1st quarter worth approximately $38,699,000. Finally, Pacer Advisors Inc. grew its stake in Nextracker by 3,773.2% in the 1st quarter. Pacer Advisors Inc. now owns 829,367 shares of the company's stock worth $34,950,000 after buying an additional 807,954 shares in the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Nextracker news, President Howard Wenger sold 5,703 shares of the stock in a transaction that occurred 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 owned 414,256 shares in the company, valued at approximately $28,997,920. This trade represents a 1.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Bruce Ledesma sold 6,980 shares of Nextracker stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $56.24, for a total value of $392,555.20. Following the completion of the sale, the insider owned 195,790 shares in the company, valued at approximately $11,011,229.60. This represents a 3.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,487 shares of company stock valued at $2,019,009 over the last three months. Company insiders own 0.56% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on NXT. Northland Capmk downgraded shares of Nextracker from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. Truist Financial increased their price objective on Nextracker from $49.00 to $65.00 and gave the company an "overweight" rating in a research report on Thursday, May 15th. Roth Capital restated a "buy" rating and issued a $80.00 target price (up previously from $70.00) on shares of Nextracker in a research report on Tuesday, July 29th. The Goldman Sachs Group increased their price target on shares of Nextracker from $61.00 to $68.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Finally, Cowen restated a "hold" rating on shares of Nextracker in a report on Wednesday, July 30th. One equities 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 company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $65.00.

Nextracker Stock Up 5.1%

Shares of Nextracker stock opened at $67.59 on Thursday. The company's fifty day simple moving average is $62.92 and its two-hundred day simple moving average is $53.49. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $71.44. The firm has a market cap of $10.00 billion, a PE ratio of 18.42, a price-to-earnings-growth ratio of 1.50 and a beta of 2.26.

Nextracker Company 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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