Lisanti Capital Growth LLC Invests $2.56 Million in Nextracker Inc. (NASDAQ:NXT)

Lisanti Capital Growth LLC bought a new stake in Nextracker Inc. (NASDAQ:NXT - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 60,760 shares of the company's stock, valued at approximately $2,560,000.

Several other hedge funds have also recently added to or reduced their stakes in NXT. Sterling Capital Management LLC lifted 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 buying an additional 1,055 shares during the period. Virtus Fund Advisers LLC acquired a new position in Nextracker in the fourth quarter valued at about $47,000. Millstone Evans Group LLC acquired a new position in Nextracker in the fourth quarter valued at about $48,000. Fifth Third Bancorp lifted its stake in Nextracker by 27.5% in the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock valued at $51,000 after buying an additional 260 shares during the period. Finally, UMB Bank n.a. lifted its stake in Nextracker by 127.2% in the first quarter. UMB Bank n.a. now owns 1,504 shares of the company's stock valued at $63,000 after buying an additional 842 shares during the period. Institutional investors and hedge funds own 67.41% of the company's stock.

Nextracker Stock Down 0.4%

Shares of NASDAQ:NXT traded down $0.26 during mid-day trading on Friday, reaching $58.32. 2,219,608 shares of the stock were exchanged, compared to its average volume of 2,666,322. The company has a market cap of $8.53 billion, a P/E ratio of 16.81, a P/E/G ratio of 1.50 and a beta of 2.39. Nextracker Inc. has a one year low of $30.93 and a one year high of $63.19. The stock's 50 day simple moving average is $53.05 and its 200-day simple moving average is $46.04.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on NXT shares. Piper Sandler reissued an "overweight" rating on shares of Nextracker in a research note on Thursday, May 15th. Roth Capital reaffirmed a "buy" rating and set a $70.00 price target (up previously from $55.00) on shares of Nextracker in a research report on Thursday, May 15th. BMO Capital Markets raised their price target on Nextracker from $51.00 to $59.00 and gave the stock a "market perform" rating in a research report on Thursday, May 15th. Wells Fargo & Company raised their price target on Nextracker from $69.00 to $71.00 and gave the stock an "overweight" rating in a research report on Monday, May 19th. Finally, Robert W. Baird dropped their price target on Nextracker from $59.00 to $48.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. Five investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Nextracker presently has a consensus rating of "Moderate Buy" and a consensus target price of $60.33.

Insider Buying and Selling at Nextracker

In other Nextracker news, President Howard Wenger sold 6,066 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $333,630.00. Following the completion of the transaction, the president now directly owns 219,389 shares in the company, valued at $12,066,395. This trade represents a 2.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Nicholas Marco Miller sold 5,588 shares of the firm's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $57.32, for a total value of $320,304.16. Following the completion of the transaction, the chief operating officer now owns 170,000 shares of the company's stock, valued at approximately $9,744,400. This represents a 3.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 205,260 shares of company stock worth $11,830,840 over the last ninety days. 0.27% of the stock is currently owned by corporate insiders.

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.