Nextracker Inc. $NXT Holdings Lifted by Encompass Capital Advisors LLC

Key Points

• Encompass Capital Advisors LLC has significantly increased its stake in Nextracker Inc., raising its holdings by 72.5% to become the largest position in their portfolio, worth approximately $110.8 million.
• Multiple institutional investors are actively adjusting their positions in Nextracker; for example, Wellington Management boosted its holdings by 56.5%, now owning over $220 million worth of shares.
• Nextracker recently received various analyst upgrades, with TD Cowen increasing its price target from $55 to $65 and Susquehanna raising it from $66 to $76, reflecting positive sentiment in the market.

Encompass Capital Advisors LLC raised its holdings in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 72.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,630,114 shares of the company's stock after acquiring an additional 1,105,617 shares during the period. Nextracker makes up 4.2% of Encompass Capital Advisors LLC's holdings, making the stock its largest position. Encompass Capital Advisors LLC owned approximately 1.81% of Nextracker worth $110,833,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Flputnam Investment Management Co. raised its stake in Nextracker by 2.4% during the 1st quarter. Flputnam Investment Management Co. now owns 8,621 shares of the company's stock valued at $363,000 after acquiring an additional 201 shares in the last quarter. Shell Asset Management Co. raised its stake in Nextracker by 0.4% during the 4th quarter. Shell Asset Management Co. now owns 57,329 shares of the company's stock valued at $2,094,000 after acquiring an additional 228 shares in the last quarter. Signaturefd LLC raised its stake in Nextracker by 10.2% during the 1st quarter. Signaturefd LLC now owns 2,583 shares of the company's stock valued at $109,000 after acquiring an additional 239 shares in the last quarter. Trust Investment Advisors raised its stake in Nextracker by 2.8% during the 1st quarter. Trust Investment Advisors now owns 9,609 shares of the company's stock valued at $405,000 after acquiring an additional 258 shares in the last quarter. Finally, Fifth Third Bancorp raised its stake in Nextracker by 27.5% during the 1st quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock valued at $51,000 after acquiring an additional 260 shares in the last quarter. Institutional investors own 67.41% of the company's stock.

Nextracker Trading Up 1.8%

Shares of NASDAQ NXT traded up $1.27 during mid-day trading on Friday, reaching $70.12. The company had a trading volume of 1,951,147 shares, compared to its average volume of 2,365,671. The stock has a market cap of $10.37 billion, a PE ratio of 19.11, a P/E/G ratio of 1.63 and a beta of 2.26. The company has a 50-day moving average price of $62.35 and a two-hundred day moving average price of $53.11. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $71.27.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on NXT. UBS Group lifted their price target on Nextracker from $71.00 to $75.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. TD Cowen lifted their price target on Nextracker from $55.00 to $65.00 and gave the company a "hold" rating in a research report on Wednesday, July 30th. Truist Financial lifted their price target on Nextracker from $49.00 to $65.00 and gave the company an "overweight" rating in a research report on Thursday, May 15th. Barclays reiterated an "overweight" rating and set a $69.00 price target (up from $64.00) on shares of Nextracker in a research report on Thursday, July 31st. Finally, Bank of America lifted their price target on Nextracker from $66.00 to $69.00 and gave the company a "buy" rating in a research report on Wednesday, July 30th. One investment 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 a consensus rating of "Moderate Buy" and an average price target of $65.00.

Insider Buying and Selling

In related news, President Howard Wenger sold 5,703 shares of Nextracker stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $70.00, for a total value of $399,210.00. Following the transaction, the president directly owned 414,256 shares in the company, valued at $28,997,920. The trade was a 1.36% decrease in their position. 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 Nextracker stock in a transaction 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 transaction, the director owned 7,666 shares in the company, valued at $435,352.14. The trade was a 56.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 103,261 shares of company stock valued at $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.