Maven Securities LTD Makes New Investment in Nextracker Inc. $NXT

Key Points

• Maven Securities LTD has acquired a new position in Nextracker Inc., buying 25,418 shares valued at approximately $1,071,000 in the first quarter.
• Several institutional investors, including Wellington Management, have increased their holdings in Nextracker, resulting in 67.41% of the stock currently being owned by institutional investors.
• Wall Street analysts have raised their price targets for Nextracker, with a consensus average target now at $65.00, and the stock has received an overall rating of "Moderate Buy".

Maven Securities LTD purchased a new position in Nextracker Inc. (NASDAQ:NXT - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 25,418 shares of the company's stock, valued at approximately $1,071,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Wellington Management Group LLP grew its position in Nextracker by 56.5% in the first 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 during the last quarter. Sachem Head Capital Management LP grew its position in Nextracker by 4.3% during the 4th quarter. Sachem Head Capital Management LP now owns 2,977,500 shares of the company's stock worth $108,768,000 after purchasing an additional 122,500 shares in the last quarter. Deutsche Bank AG grew its position in Nextracker by 12.8% during the 4th quarter. Deutsche Bank AG now owns 2,152,084 shares of the company's stock worth $78,616,000 after purchasing an additional 244,725 shares in the last quarter. Northern Trust Corp grew its position in Nextracker by 10.5% during the 4th quarter. Northern Trust Corp now owns 1,917,024 shares of the company's stock worth $70,029,000 after purchasing an additional 181,741 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Nextracker by 33.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,916,233 shares of the company's stock worth $70,005,000 after purchasing an additional 483,483 shares in the last quarter. Institutional investors and hedge funds own 67.41% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Fox Advisors cut shares of Nextracker from an "overweight" rating to an "equal weight" rating in a research report on Thursday, May 15th. Wells Fargo & Company lifted their target price on shares of Nextracker from $71.00 to $72.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Truist Financial lifted their target price on shares of Nextracker from $49.00 to $65.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. Bank of America lifted their target price on shares of Nextracker from $66.00 to $69.00 and gave the company a "buy" rating in a research note on Wednesday, July 30th. Finally, Cowen reissued a "hold" rating on shares of Nextracker in a research note 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 company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $65.00.

Nextracker Price Performance

Shares of NXT stock traded up $4.73 on Friday, hitting $68.77. The company's stock had a trading volume of 2,136,257 shares, compared to its average volume of 2,977,389. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $70.14. The firm's fifty day moving average price is $60.45 and its 200-day moving average price is $51.61. The stock has a market capitalization of $10.18 billion, a price-to-earnings ratio of 18.74, a P/E/G ratio of 1.49 and a beta of 2.25.

Insider Activity

In other Nextracker news, President Howard Wenger sold 5,703 shares of the business's stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $70.00, for a total transaction of $399,210.00. Following the completion of the transaction, the president owned 414,256 shares of the company's stock, valued at $28,997,920. The trade was a 1.36% 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, COO Nicholas Marco Miller sold 69,774 shares of the business's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $59.65, for a total transaction of $4,162,019.10. Following the transaction, the chief operating officer directly owned 175,216 shares of the company's stock, valued at approximately $10,451,634.40. This represents a 28.48% decrease in their position. The disclosure for this sale can be found here. Insiders sold 186,822 shares of company stock worth $10,836,212 in the last 90 days. Insiders own 0.56% of the company's stock.

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.