Fuller & Thaler Asset Management Inc. Acquires 238,584 Shares of Nextracker Inc. $NXT

Key Points

• Fuller & Thaler Asset Management Inc. increased its stake in Nextracker Inc. by 30.9% in the first quarter, acquiring an additional 238,584 shares to reach a total ownership of approximately 1,011,767 shares valued at $42.6 million.
• Other institutional investors, including Wellington Management and American Century Companies, also significantly increased their holdings during the same period, indicating growing confidence in Nextracker.
• Nextracker's stock has risen by 11.8%, currently trading at $67.70, and analysts have a consensus rating of "Moderate Buy" with a target price of around $65.00.

Fuller & Thaler Asset Management Inc. lifted its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 30.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,011,767 shares of the company's stock after buying an additional 238,584 shares during the quarter. Fuller & Thaler Asset Management Inc. owned 0.69% of Nextracker worth $42,636,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the business. Wellington Management Group LLP grew its stake in Nextracker by 56.5% in 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. Summit Securities Group LLC grew its position in shares of 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 acquiring an additional 804 shares in the last quarter. Raymond James Financial Inc. grew its position in shares of Nextracker by 22.2% in the 1st quarter. Raymond James Financial Inc. now owns 157,634 shares of the company's stock worth $6,643,000 after acquiring an additional 28,683 shares in the last quarter. Tocqueville Asset Management L.P. grew its position in shares of Nextracker by 49.6% in the 1st quarter. Tocqueville Asset Management L.P. now owns 67,533 shares of the company's stock worth $2,846,000 after acquiring an additional 22,378 shares in the last quarter. Finally, American Century Companies Inc. grew its position in shares of Nextracker by 193.0% in the 1st quarter. American Century Companies Inc. now owns 223,873 shares of the company's stock worth $9,434,000 after acquiring an additional 147,459 shares in the last quarter. Institutional investors and hedge funds own 67.41% of the company's stock.

Insider Transactions at Nextracker

In other Nextracker news, President Howard Wenger sold 5,703 shares of the stock in a transaction on Tuesday, August 19th. The shares were 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 of the company's stock, valued at $28,997,920. This represents a 1.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William D. Watkins sold 10,000 shares of the firm'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 value of $567,900.00. Following the completion of the sale, the director owned 7,666 shares of the company's stock, valued at $435,352.14. This represents a 56.61% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 186,822 shares of company stock worth $10,836,212. 0.56% of the stock is owned by company insiders.

Nextracker Stock Performance

NASDAQ:NXT traded up $4.73 during trading hours on Friday, hitting $68.77. 2,136,257 shares of the company's stock traded hands, compared to its average volume of 2,568,012. The firm has a market cap of $10.18 billion, a P/E ratio of 18.74, a P/E/G ratio of 1.54 and a beta of 2.25. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $70.14. The stock's fifty day moving average price is $60.45 and its two-hundred day moving average price is $51.61.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Susquehanna lifted their target price on Nextracker from $66.00 to $76.00 and gave the stock a "positive" rating in a research report on Monday, July 21st. UBS Group boosted their price objective on Nextracker from $71.00 to $75.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Mizuho set a $66.00 price objective on Nextracker in a research report on Wednesday, July 30th. Cowen reissued a "hold" rating on shares of Nextracker in a report on Wednesday, July 30th. Finally, Wells Fargo & Company boosted their price target on shares of Nextracker from $71.00 to $72.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. One 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. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $65.00.

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.