Earnest Partners LLC Has $55.18 Million Holdings in Nextracker Inc. $NXT

Key Points

• Earnest Partners LLC has increased its holdings in Nextracker Inc. by 4.4%, owning over 1.3 million shares valued at approximately $55.2 million.
• Institutional ownership of Nextracker is significant, with over 67.41% of the company's stock held by institutional investors, indicating strong market confidence.
• Several analysts have set target prices for Nextracker, with Guggenheim recently raising its price objective to $74.00 and others maintaining a "buy" or "strong-buy" rating.

Earnest Partners LLC raised its position in Nextracker Inc. (NASDAQ:NXT - Free Report) by 4.4% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 1,309,424 shares of the company's stock after purchasing an additional 54,934 shares during the period. Earnest Partners LLC owned about 0.90% of Nextracker worth $55,179,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Mariner LLC lifted its position in shares of Nextracker by 4.3% in the fourth quarter. Mariner LLC now owns 11,328 shares of the company's stock valued at $414,000 after acquiring an additional 469 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Nextracker by 33.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,916,233 shares of the company's stock valued at $70,005,000 after acquiring an additional 483,483 shares during the period. Tower Research Capital LLC TRC grew its position in Nextracker by 210.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 13,047 shares of the company's stock valued at $477,000 after acquiring an additional 8,847 shares during the period. Price T Rowe Associates Inc. MD grew its position in Nextracker by 6.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 328,640 shares of the company's stock valued at $12,006,000 after acquiring an additional 19,399 shares during the period. Finally, Integrated Wealth Concepts LLC grew its position in Nextracker by 14.7% during the fourth quarter. Integrated Wealth Concepts LLC now owns 7,949 shares of the company's stock valued at $290,000 after acquiring an additional 1,019 shares during the period. Institutional investors and hedge funds own 67.41% of the company's stock.

Nextracker Stock Performance

Shares of NASDAQ NXT traded down $0.85 during trading on Monday, reaching $67.26. The stock had a trading volume of 1,399,160 shares, compared to its average volume of 2,472,304. Nextracker Inc. has a one year low of $30.93 and a one year high of $70.14. The firm's 50 day moving average price is $61.31 and its two-hundred day moving average price is $52.45. The stock has a market cap of $9.95 billion, a PE ratio of 18.33, a P/E/G ratio of 1.56 and a beta of 2.26.

Wall Street Analyst Weigh In

NXT has been the topic of a number of recent research reports. Barclays restated an "overweight" rating and set a $69.00 price objective (up previously from $64.00) on shares of Nextracker in a research note on Thursday, July 31st. Roth Capital restated 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. Bank of America boosted their price objective on Nextracker from $66.00 to $69.00 and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Guggenheim upgraded Nextracker from a "neutral" rating to a "buy" rating and set a $74.00 price objective on the stock in a research note on Monday, August 18th. Finally, Truist Financial boosted their price objective on Nextracker from $49.00 to $65.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. One equities 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 company. According to data from MarketBeat, Nextracker has an average rating of "Moderate Buy" and an average target price of $65.00.

Insider Buying and Selling at Nextracker

In other Nextracker news, President Howard Wenger sold 5,703 shares of the firm's stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $70.00, for a total value of $399,210.00. Following the transaction, the president owned 414,256 shares of the company's stock, valued at $28,997,920. This trade represents a 1.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William D. Watkins sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total value of $567,900.00. Following the completion of the sale, the director directly owned 7,666 shares in the company, valued at approximately $435,352.14. This trade represents a 56.61% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 103,261 shares of company stock worth $6,181,028. 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.