Graham Capital Management L.P. Makes New $230,000 Investment in Nextracker Inc. (NASDAQ:NXT)

Graham Capital Management L.P. purchased a new stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 6,295 shares of the company's stock, valued at approximately $230,000.

Several other institutional investors have also added to or reduced their stakes in NXT. Allworth Financial LP grew its stake in shares of Nextracker by 52.4% in the fourth quarter. Allworth Financial LP now owns 803 shares of the company's stock worth $29,000 after purchasing an additional 276 shares during the last quarter. Sterling Capital Management LLC grew its stake in shares of Nextracker by 448.9% in the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock worth $47,000 after purchasing an additional 1,055 shares during the last quarter. Millstone Evans Group LLC bought a new stake in shares of Nextracker in the fourth quarter worth about $48,000. Principal Securities Inc. grew its stake in shares of Nextracker by 41.8% in the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock worth $51,000 after purchasing an additional 410 shares during the last quarter. Finally, Quadrant Capital Group LLC grew its stake in shares of Nextracker by 92.5% in the fourth quarter. Quadrant Capital Group LLC now owns 1,817 shares of the company's stock worth $66,000 after purchasing an additional 873 shares during the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Nextracker Price Performance

Shares of NASDAQ NXT remained flat at $56.05 on Friday. 1,882,388 shares of the company's stock were exchanged, compared to its average volume of 2,902,625. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $63.19. The company has a 50 day moving average of $44.70 and a 200 day moving average of $42.64. The stock has a market cap of $8.16 billion, a P/E ratio of 14.26 and a beta of 2.03. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10.

Insider Activity at Nextracker

In related news, insider Bruce Ledesma sold 27,453 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $60.17, for a total transaction of $1,651,847.01. Following the completion of the sale, the insider now owns 120,972 shares of the company's stock, valued at $7,278,885.24. This trade represents a 18.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Howard Wenger sold 6,066 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total transaction of $333,630.00. Following the sale, the president now directly owns 219,389 shares of the company's stock, valued at $12,066,395. This trade represents a 2.69% decrease in their position. The disclosure for this sale can be found here. Insiders sold 46,337 shares of company stock valued at $2,693,333 over the last 90 days. Corporate insiders own 0.27% of the company's stock.

Analyst Upgrades and Downgrades

NXT has been the topic of several recent analyst reports. Bank of America raised their target price on Nextracker from $55.00 to $65.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Wells Fargo & Company raised their target price on Nextracker from $69.00 to $71.00 and gave the stock an "overweight" rating in a research note on Monday, May 19th. Wall Street Zen raised shares of Nextracker from a "hold" rating to a "buy" rating in a research note on Thursday. Jefferies Financial Group raised shares of Nextracker from a "hold" rating to a "buy" rating and increased their price target for the stock from $46.00 to $56.00 in a research note on Wednesday, January 29th. Finally, Susquehanna increased their price target on shares of Nextracker from $54.00 to $66.00 and gave the stock a "positive" rating in a research note on Thursday, May 15th. Five investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $60.00.

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.