Hotchkis & Wiley Capital Management LLC Makes New Investment in Nextracker Inc. $NXT

Key Points

• Hotchkis & Wiley Capital Management LLC has acquired a new position in Nextracker Inc., purchasing 521,730 shares valued at approximately $21.99 million, which represents about 0.36% of the company's stock.
• Nextracker's stock has seen a significant increase of 7.4% recently, with a market capitalization of $10.18 billion and a current trading price of $68.77, showcasing its robust market performance.
• Insider transactions reflect selling trends, with a total of 186,822 shares valued at $10.84 million sold by insiders in the past 90 days, indicating a notable decrease in insider ownership.

Hotchkis & Wiley Capital Management LLC bought a new position in Nextracker Inc. (NASDAQ:NXT - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm bought 521,730 shares of the company's stock, valued at approximately $21,986,000. Hotchkis & Wiley Capital Management LLC owned about 0.36% of Nextracker as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Raymond James Financial Inc. purchased a new stake in shares of Nextracker in the fourth quarter valued at about $4,711,000. Mariner LLC boosted its holdings in Nextracker by 4.3% in the 4th quarter. Mariner LLC now owns 11,328 shares of the company's stock valued at $414,000 after purchasing an additional 469 shares during the last quarter. XTX Topco Ltd acquired a new position in Nextracker in the 4th quarter valued at about $237,000. Canada Pension Plan Investment Board purchased a new stake in shares of Nextracker in the 4th quarter valued at approximately $237,000. Finally, Dimensional Fund Advisors LP grew its stake in shares of Nextracker by 33.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,916,233 shares of the company's stock valued at $70,005,000 after buying an additional 483,483 shares during the period. Hedge funds and other institutional investors own 67.41% of the company's stock.

Nextracker Stock Up 7.4%

NASDAQ:NXT opened at $68.77 on Friday. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $70.14. The stock's fifty day moving average is $60.45 and its two-hundred day moving average is $51.65. The stock has a market capitalization of $10.18 billion, a price-to-earnings ratio of 18.74, a price-to-earnings-growth ratio of 1.60 and a beta of 2.25.

Insider Transactions at Nextracker

In other Nextracker news, insider Bruce Ledesma sold 83,561 shares of Nextracker stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $55.71, for a total value of $4,655,183.31. Following the completion of the transaction, the insider directly owned 195,790 shares of the company's stock, valued at $10,907,460.90. The trade was a 29.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William D. Watkins sold 10,000 shares of the business's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total transaction of $567,900.00. Following the sale, the director owned 7,666 shares in the company, valued at $435,352.14. This trade represents a 56.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 186,822 shares of company stock worth $10,836,212 in the last 90 days. Insiders own 0.56% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Zacks Research raised shares of Nextracker to a "hold" rating in a research report on Tuesday, August 12th. Truist Financial raised their target price on Nextracker from $49.00 to $65.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. Fox Advisors downgraded Nextracker from an "overweight" rating to an "equal weight" rating in a research report on Thursday, May 15th. BMO Capital Markets increased their price target on Nextracker from $51.00 to $59.00 and gave the stock a "market perform" rating in a report on Thursday, May 15th. Finally, TD Cowen raised their price objective on Nextracker from $55.00 to $65.00 and gave the stock a "hold" rating in a research report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, Nextracker presently has a consensus rating of "Moderate Buy" and an average price target of $65.00.

Nextracker 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.