Goodman Financial Corp Invests $14.60 Million in Nextracker Inc. (NASDAQ:NXT)

Key Points

• Goodman Financial Corp acquired 346,386 shares of Nextracker Inc. valued at approximately $14.6 million, making it the firm's 10th largest position.
• Research analysts have generally given positive ratings to Nextracker, with target prices ranging from $66.00 to $80.00 following multiple upgrades by major firms.
• A significant portion of Nextracker's stock, 67.41%, is owned by institutional investors and hedge funds, indicating strong market confidence in the company's prospects.

Goodman Financial Corp acquired a new position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund acquired 346,386 shares of the company's stock, valued at approximately $14,597,000. Nextracker comprises 3.1% of Goodman Financial Corp's investment portfolio, making the stock its 10th biggest holding. Goodman Financial Corp owned approximately 0.24% of Nextracker at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Fifth Third Bancorp lifted its holdings in Nextracker by 27.5% during the 1st quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock worth $51,000 after buying an additional 260 shares during the last quarter. Sterling Capital Management LLC grew its holdings in shares of Nextracker by 448.9% during the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock valued at $47,000 after purchasing an additional 1,055 shares during the last quarter. Virtus Fund Advisers LLC bought a new position in shares of Nextracker during the fourth quarter valued at approximately $47,000. UMB Bank n.a. grew its holdings in shares of Nextracker by 127.2% during the first quarter. UMB Bank n.a. now owns 1,504 shares of the company's stock valued at $63,000 after purchasing an additional 842 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in shares of Nextracker by 819.5% during the first quarter. Farther Finance Advisors LLC now owns 1,554 shares of the company's stock valued at $67,000 after purchasing an additional 1,385 shares during the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NXT has been the subject of several recent research reports. Wall Street Zen lowered Nextracker from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 26th. UBS Group lifted their price objective on shares of Nextracker from $71.00 to $75.00 and gave the company a "buy" rating in a research report on Thursday. Bank of America lifted their price objective on shares of Nextracker from $66.00 to $69.00 and gave the company a "buy" rating in a research report on Wednesday. BMO Capital Markets lifted their price objective on shares of Nextracker from $51.00 to $59.00 and gave the company a "market perform" rating in a research report on Thursday, May 15th. Finally, TD Cowen lifted their price target on Nextracker from $55.00 to $65.00 and gave the company a "hold" rating in a report on Wednesday. Nine equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Nextracker currently has an average rating of "Moderate Buy" and an average price target of $63.95.

Nextracker Stock Down 2.9%

Shares of NASDAQ:NXT traded down $1.69 during midday trading on Friday, reaching $56.57. The company had a trading volume of 2,175,333 shares, compared to its average volume of 2,436,135. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $67.87. The stock has a market cap of $8.27 billion, a PE ratio of 15.41, a P/E/G ratio of 1.41 and a beta of 2.25. The business's 50 day moving average price is $59.94 and its 200 day moving average price is $50.10.

Insider Activity at Nextracker

In other Nextracker news, President Howard Wenger sold 6,066 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total value of $333,630.00. Following the transaction, the president directly owned 219,389 shares of the company's stock, valued at $12,066,395. This represents a 2.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Nicholas Marco Miller sold 69,774 shares of the stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $59.65, for a total transaction of $4,162,019.10. Following the completion of the transaction, the chief operating officer directly owned 175,216 shares in the company, valued at approximately $10,451,634.40. This represents a 28.48% 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 in the last 90 days. 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.