Intech Investment Management LLC Buys 14,951 Shares of Nextracker Inc. $NXT

Key Points

• Intech Investment Management LLC increased its holdings in Nextracker Inc. by 19.8% in Q1, now owning 90,394 shares valued at approximately $3.8 million.
• Insider trades revealed that Bruce Ledesma sold 6,980 shares worth $392,555, reducing his ownership by 3.44%, while COO Nicholas Marco Miller sold 5,588 shares valued at $320,304, decreasing his holding by 3.18%.
• Nextracker stock has seen analyst upgrades, with price targets raised by firms like TD Cowen and Bank of America, reflecting a consensus rating of "Moderate Buy" with a target of $65.00.

Intech Investment Management LLC increased its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 19.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 90,394 shares of the company's stock after acquiring an additional 14,951 shares during the quarter. Intech Investment Management LLC owned about 0.06% of Nextracker worth $3,809,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Wellington Management Group LLP boosted its stake in shares of Nextracker by 56.5% in the 1st quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company's stock valued at $220,722,000 after purchasing an additional 1,890,445 shares in the last quarter. Encompass Capital Advisors LLC lifted its position in Nextracker by 72.5% during the 1st 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 in the last quarter. Nuveen LLC acquired a new position in Nextracker during the 1st quarter worth about $40,356,000. T. Rowe Price Investment Management Inc. acquired a new position in Nextracker during the 1st quarter worth about $38,699,000. Finally, Pacer Advisors Inc. lifted its position in Nextracker by 3,773.2% during the 1st quarter. Pacer Advisors Inc. now owns 829,367 shares of the company's stock worth $34,950,000 after buying an additional 807,954 shares in the last quarter. Institutional investors own 67.41% of the company's stock.

Nextracker Stock Up 2.6%

NXT traded up $1.77 during trading on Thursday, hitting $70.48. The company's stock had a trading volume of 1,464,570 shares, compared to its average volume of 1,658,868. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $71.44. The stock's fifty day moving average price is $63.29 and its 200-day moving average price is $54.42. The firm has a market capitalization of $10.43 billion, a P/E ratio of 19.20, a PEG ratio of 1.60 and a beta of 2.26.

Insider Transactions at Nextracker

In other Nextracker news, Director William D. Watkins sold 10,000 shares of the business'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 transaction, the director directly owned 7,666 shares of the company's stock, valued at approximately $435,352.14. The trade was a 56.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Charles D. Boynton sold 4,500 shares of the company's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $67.21, for a total value of $302,445.00. Following the transaction, the chief financial officer directly owned 295,059 shares in the company, valued at $19,830,915.39. The trade was a 1.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 37,987 shares of company stock valued at $2,321,454. 0.56% of the stock is owned by insiders.

Analysts Set New Price Targets

NXT has been the topic of several research reports. Wall Street Zen upgraded shares of Nextracker from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 3rd. Guggenheim upgraded shares of Nextracker from a "neutral" rating to a "buy" rating and set a $74.00 price target on the stock in a research report on Monday, August 18th. Zacks Research upgraded shares of Nextracker to a "hold" rating in a research report on Tuesday, August 12th. Northland Securities reiterated a "market perform" rating on shares of Nextracker in a research report on Wednesday, July 30th. Finally, Susquehanna upped their price target on shares of Nextracker from $66.00 to $76.00 and gave the stock a "positive" rating in a research report on Monday, July 21st. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat, Nextracker has a consensus rating of "Moderate Buy" and a consensus target price of $65.00.

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.