HITE Hedge Asset Management LLC Purchases Shares of 16,568 Nextracker Inc. $NXT

Key Points

• HITE Hedge Asset Management LLC acquired 16,568 shares of Nextracker Inc. for approximately $698,000 in the first quarter of the year, according to their 13F filing.
• Institutional ownership of Nextracker is at 67.41%, with notable hedge fund activities including purchases by Raymond James Financial and Sterling Capital Management in recent quarters.
• Recent analyst ratings for Nextracker show a consensus of "Moderate Buy" with a price target of $65.00, highlighting optimism amidst trading fluctuations.

HITE Hedge Asset Management LLC purchased a new stake in Nextracker Inc. (NASDAQ:NXT - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 16,568 shares of the company's stock, valued at approximately $698,000.

A number of other hedge funds have also recently bought and sold shares of NXT. Raymond James Financial Inc. bought a new position in Nextracker in the fourth quarter valued at approximately $4,711,000. Sterling Capital Management LLC grew its stake in Nextracker by 448.9% in 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 in the last quarter. Barclays PLC grew its stake in Nextracker by 28.6% in the fourth quarter. Barclays PLC now owns 334,188 shares of the company's stock valued at $12,208,000 after purchasing an additional 74,388 shares in the last quarter. Mariner LLC grew its stake in Nextracker by 4.3% in the fourth quarter. Mariner LLC now owns 11,328 shares of the company's stock valued at $414,000 after purchasing an additional 469 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in Nextracker in the fourth quarter valued at approximately $237,000. 67.41% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Nextracker news, President Howard Wenger sold 5,216 shares of the firm's stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $65.00, for a total transaction of $339,040.00. Following the transaction, the president owned 419,959 shares in the company, valued at $27,297,335. This trade represents a 1.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William D. Watkins sold 10,000 shares of the firm's stock in a transaction 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 transaction, the director owned 7,666 shares in the company, valued at approximately $435,352.14. This trade represents a 56.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 184,136 shares of company stock worth $10,605,803 in the last quarter. Insiders own 0.56% of the company's stock.

Nextracker Price Performance

Nextracker stock opened at $67.70 on Tuesday. The stock's fifty day moving average price is $59.92 and its two-hundred day moving average price is $51.17. Nextracker Inc. has a one year low of $30.93 and a one year high of $68.75. The firm has a market cap of $10.02 billion, a PE ratio of 18.45, a price-to-earnings-growth ratio of 1.41 and a beta of 2.25.

Analyst Ratings Changes

NXT has been the subject of a number of recent analyst reports. Roth Capital reaffirmed a "buy" rating and issued a $80.00 price objective (up from $70.00) on shares of Nextracker in a research report on Tuesday, July 29th. TD Cowen raised their price objective on Nextracker from $55.00 to $65.00 and gave the company a "hold" rating in a research report on Wednesday, July 30th. Wall Street Zen raised Nextracker from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 3rd. Guggenheim raised Nextracker from a "neutral" rating to a "buy" rating and set a $74.00 price objective for the company in a research report on Monday. Finally, Cowen reaffirmed a "hold" rating on shares of Nextracker in a research report on Wednesday, July 30th. Nine investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $65.00.

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.

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