Moran Wealth Management LLC Makes New Investment in Nextracker Inc. $NXT

Key Points

• Moran Wealth Management LLC has acquired 13,541 shares of Nextracker Inc. during the second quarter, with the investment valued at approximately $736,000.
• Major hedge funds are actively increasing their stakes in Nextracker, with Wellington Management Group boosting its holdings by 56.5% and Encompass Capital Advisors by 72.5% in the first quarter.
• Wall Street analysts have a consensus rating of "Moderate Buy" for Nextracker, with an average price target of $71.10, following various upgrades and ratings from firms like Bank of America and Barclays.

Moran Wealth Management LLC bought a new position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 13,541 shares of the company's stock, valued at approximately $736,000.

Several other hedge funds also recently bought and sold shares of the stock. Wellington Management Group LLP boosted its stake in Nextracker by 56.5% during 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 period. Encompass Capital Advisors LLC boosted its stake in Nextracker by 72.5% during the first quarter. Encompass Capital Advisors LLC now owns 2,630,114 shares of the company's stock worth $110,833,000 after buying an additional 1,105,617 shares during the period. Earnest Partners LLC boosted its stake in Nextracker by 4.4% during the first 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 period. Westfield Capital Management Co. LP boosted its stake in Nextracker by 2.8% during the first quarter. Westfield Capital Management Co. LP now owns 1,243,151 shares of the company's stock worth $52,386,000 after buying an additional 33,537 shares during the period. Finally, Wedge Capital Management L L P NC purchased a new position in Nextracker during the second quarter worth about $58,122,000. Hedge funds and other institutional investors own 67.41% of the company's stock.

Wall Street Analysts Forecast Growth

NXT has been the subject of several recent research reports. Bank of America raised their price objective 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. Barclays reissued an "overweight" rating and issued a $92.00 price objective on shares of Nextracker in a research note on Thursday, October 2nd. Northland Capmk lowered shares of Nextracker from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Nextracker in a research note on Tuesday, September 30th. They issued a "buy" rating and a $88.00 price objective for the company. Finally, Cowen reissued a "hold" rating on shares of Nextracker in a research note on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, Nextracker has a consensus rating of "Moderate Buy" and an average target price of $71.10.

Insider Activity

In other news, insider Bruce Ledesma sold 6,980 shares of the business's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $56.24, for a total transaction of $392,555.20. Following the transaction, the insider directly owned 195,790 shares in the company, valued at $11,011,229.60. The trade was a 3.44% decrease in their ownership of the stock. The sale 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 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 32,400 shares of company stock worth $2,053,385 in the last ninety days. 0.56% of the stock is currently owned by insiders.

Nextracker Price Performance

Shares of Nextracker stock opened at $87.58 on Friday. The firm's fifty day simple moving average is $70.57 and its 200-day simple moving average is $59.22. The stock has a market capitalization of $12.96 billion, a price-to-earnings ratio of 23.86, a PEG ratio of 2.31 and a beta of 2.27. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $93.90.

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.

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