Kingstone Capital Partners Texas LLC Buys Shares of 49,392 Nextracker Inc. $NXT

Key Points

• Kingstone Capital Partners Texas LLC has acquired 49,392 shares of Nextracker Inc. valued at approximately $2.685 million during the second quarter.
• Several institutional investors, including Tidal Investments LLC and UBS AM, have recently increased their stakes in Nextracker, contributing to 67.41% of the company's stock being held by institutional investors.
• Analysts have raised their price targets on Nextracker, with Susquehanna increasing its target from $66 to $76, reflecting strong outlooks for the company's stock.

Kingstone Capital Partners Texas LLC purchased a new stake in Nextracker Inc. (NASDAQ:NXT - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 49,392 shares of the company's stock, valued at approximately $2,685,000.

Other hedge funds also recently bought and sold shares of the company. Wellington Management Group LLP raised its holdings in shares of Nextracker by 56.5% in the 1st quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company's stock worth $220,722,000 after buying an additional 1,890,445 shares in the last quarter. Encompass Capital Advisors LLC lifted its holdings in shares of Nextracker by 72.5% in the first quarter. Encompass Capital Advisors LLC now owns 2,630,114 shares of the company's stock valued at $110,833,000 after purchasing an additional 1,105,617 shares in the last quarter. Earnest Partners LLC boosted its stake in shares of Nextracker by 4.4% during the 1st quarter. Earnest Partners LLC now owns 1,309,424 shares of the company's stock worth $55,179,000 after buying an additional 54,934 shares during the last quarter. Westfield Capital Management Co. LP increased its holdings in shares of Nextracker by 2.8% during the 1st quarter. Westfield Capital Management Co. LP now owns 1,243,151 shares of the company's stock worth $52,386,000 after acquiring an additional 33,537 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. boosted its position in shares of Nextracker by 30.9% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 1,011,767 shares of the company's stock valued at $42,636,000 after acquiring an additional 238,584 shares during the period. 67.41% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have commented on NXT shares. Barclays reaffirmed an "overweight" rating and set a $69.00 target price (up from $64.00) on shares of Nextracker in a report on Thursday, July 31st. Northland Securities restated a "market perform" rating on shares of Nextracker in a research note on Wednesday, July 30th. Northland Capmk downgraded Nextracker from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. Roth Capital reissued a "buy" rating and set a $80.00 price objective (up previously from $70.00) on shares of Nextracker in a research note on Tuesday, July 29th. Finally, Guggenheim upgraded shares of Nextracker from a "neutral" rating to a "buy" rating and set a $74.00 target price for the company in a research report on Monday, August 18th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $65.84.

Insider Transactions at Nextracker

In related news, CFO Charles D. Boynton sold 4,500 shares of the firm's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $67.21, for a total transaction of $302,445.00. Following the completion of the sale, the chief financial officer directly owned 295,059 shares in the company, valued at approximately $19,830,915.39. This trade represents a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Howard Wenger sold 5,703 shares of the company's stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $70.00, for a total value of $399,210.00. Following the completion of the transaction, the president directly owned 414,256 shares of the company's stock, valued at approximately $28,997,920. This trade represents a 1.36% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,987 shares of company stock worth $2,321,454 in the last three months. Insiders own 0.56% of the company's stock.

Nextracker Price Performance

Nextracker stock traded up $1.79 during trading hours on Monday, hitting $73.14. The stock had a trading volume of 1,595,044 shares, compared to its average volume of 1,819,766. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $73.23. The stock's fifty day moving average is $63.75 and its two-hundred day moving average is $55.01. The stock has a market capitalization of $10.82 billion, a price-to-earnings ratio of 18.73, a PEG ratio of 1.66 and a beta of 2.26.

Nextracker Company 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.