Nextracker Inc. $NXT Shares Acquired by Granahan Investment Management LLC

Key Points

• Granahan Investment Management LLC significantly increased its stake in Nextracker Inc. by purchasing an additional 129,298 shares, bringing its total ownership to 140,638 shares valued at approximately $5.93 million.
• Multiple institutional investors, including Northwestern Mutual Wealth Management Co. and Summit Securities Group LLC, have made substantial increases in their holdings of Nextracker during the 1st quarter, highlighting strong institutional interest in the company.
• Nextracker's stock has received multiple upgrades from brokerages, with Goldman Sachs and Wells Fargo raising their price targets, reflecting growing optimism about the company's prospects.

Granahan Investment Management LLC increased its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 1,140.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 140,638 shares of the company's stock after purchasing an additional 129,298 shares during the quarter. Granahan Investment Management LLC owned 0.10% of Nextracker worth $5,926,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Encompass Capital Advisors LLC grew its stake in Nextracker by 72.5% during the 1st quarter. Encompass Capital Advisors LLC now owns 2,630,114 shares of the company's stock worth $110,833,000 after purchasing an additional 1,105,617 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Nextracker by 91.1% during the 1st quarter. AQR Capital Management LLC now owns 255,869 shares of the company's stock worth $10,598,000 after acquiring an additional 122,002 shares in the last quarter. Advisors Asset Management Inc. lifted its holdings in shares of Nextracker by 47.9% in the 1st quarter. Advisors Asset Management Inc. now owns 6,926 shares of the company's stock valued at $292,000 after purchasing an additional 2,243 shares during the last quarter. Amundi lifted its holdings in shares of Nextracker by 61.1% in the 1st quarter. Amundi now owns 947,470 shares of the company's stock valued at $38,920,000 after purchasing an additional 359,223 shares during the last quarter. Finally, Flputnam Investment Management Co. raised its stake in Nextracker by 2.4% during the 1st quarter. Flputnam Investment Management Co. now owns 8,621 shares of the company's stock valued at $363,000 after acquiring an additional 201 shares during the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have commented on NXT. BMO Capital Markets upped their price objective on Nextracker from $51.00 to $59.00 and gave the company a "market perform" rating in a research note on Thursday, May 15th. Barclays reaffirmed an "overweight" rating and set a $69.00 price objective (up from $64.00) on shares of Nextracker in a research note on Thursday, July 31st. Northland Securities reaffirmed a "market perform" rating on shares of Nextracker in a research note on Wednesday, July 30th. Susquehanna upped their price objective on Nextracker from $66.00 to $76.00 and gave the company a "positive" rating in a research note on Monday, July 21st. Finally, Fox Advisors downgraded Nextracker from an "overweight" rating to an "equal weight" rating in a research note on Thursday, May 15th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $65.00.

Nextracker Price Performance

Shares of NXT stock traded up $1.27 during trading hours on Friday, reaching $70.12. 1,951,147 shares of the company's stock were exchanged, compared to its average volume of 2,380,867. The company has a market cap of $10.37 billion, a P/E ratio of 19.11, a price-to-earnings-growth ratio of 1.63 and a beta of 2.26. The company's 50 day moving average is $62.35 and its two-hundred day moving average is $53.15. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $71.27.

Insider Transactions at Nextracker

In related news, insider Bruce Ledesma sold 6,980 shares of the company's 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 sale, the insider owned 195,790 shares in the company, valued at $11,011,229.60. This represents a 3.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Nicholas Marco Miller sold 5,588 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $57.32, for a total value of $320,304.16. Following the completion of the sale, the chief operating officer owned 170,000 shares in the company, valued at approximately $9,744,400. This represents a 3.18% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 103,261 shares of company stock worth $6,181,028. 0.56% of the stock is currently owned by insiders.

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.