Napatree Capital LLC Buys Shares of 13,266 Nextracker Inc. (NASDAQ:NXT)

Napatree Capital LLC bought a new stake in Nextracker Inc. (NASDAQ:NXT - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 13,266 shares of the company's stock, valued at approximately $559,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC purchased a new position in shares of Nextracker during the 4th quarter worth about $961,000. Raymond James Financial Inc. acquired a new stake in Nextracker during the 4th quarter worth approximately $4,711,000. HighTower Advisors LLC increased its position in Nextracker by 9.1% during the 4th quarter. HighTower Advisors LLC now owns 32,478 shares of the company's stock worth $1,186,000 after purchasing an additional 2,701 shares in the last quarter. Swiss National Bank increased its position in Nextracker by 6.2% during the 4th quarter. Swiss National Bank now owns 282,120 shares of the company's stock worth $10,306,000 after purchasing an additional 16,500 shares in the last quarter. Finally, Commonwealth Equity Services LLC increased its position in Nextracker by 30.5% during the 4th quarter. Commonwealth Equity Services LLC now owns 10,623 shares of the company's stock worth $388,000 after purchasing an additional 2,483 shares in the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Nextracker Stock Down 1.7%

Nextracker stock traded down $1.10 during trading hours on Wednesday, hitting $61.83. 1,624,878 shares of the company traded hands, compared to its average volume of 2,664,861. The firm has a market cap of $9.04 billion, a P/E ratio of 17.43, a P/E/G ratio of 1.61 and a beta of 2.25. The firm's 50-day simple moving average is $57.97 and its two-hundred day simple moving average is $48.24. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $67.87.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Robert W. Baird lifted their price objective on shares of Nextracker from $67.00 to $76.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Fox Advisors downgraded shares of Nextracker from an "overweight" rating to an "equal weight" rating in a report on Thursday, May 15th. Truist Financial lifted their price objective on shares of Nextracker from $49.00 to $65.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Wells Fargo & Company lifted their price objective on shares of Nextracker from $69.00 to $71.00 and gave the stock an "overweight" rating in a report on Monday, May 19th. Finally, Bank of America lifted their price objective on shares of Nextracker from $55.00 to $65.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Six research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Nextracker presently has an average rating of "Moderate Buy" and a consensus price target of $61.57.

Insider Activity at Nextracker

In other Nextracker news, President Howard Wenger sold 6,066 shares of the business's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total transaction of $333,630.00. Following the sale, the president owned 219,389 shares in the company, valued at approximately $12,066,395. The trade was a 2.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Nicholas Marco Miller sold 69,774 shares of the business's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $59.65, for a total value of $4,162,019.10. Following the sale, the chief operating officer owned 175,216 shares in the company, valued at approximately $10,451,634.40. The trade was a 28.48% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 210,476 shares of company stock worth $12,169,880 in the last 90 days. Corporate insiders own 0.56% of the company's stock.

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.