Nextracker Inc. $NXT Position Lifted by Graham Capital Management L.P.

Key Points

• Graham Capital Management L.P. significantly increased its position in Nextracker Inc. by 265.1% in the first quarter, owning 22,981 shares valued at approximately $968,000.
• Several hedge funds have dramatically lifted their positions in Nextracker, with Northwestern Mutual Wealth Management Co. increasing its stake by 703.7% and Summit Securities Group LLC by 796.0%.
• Wall Street analysts have responded positively to Nextracker, with Guggenheim upgrading the stock to a "buy" rating and a target price of $74, alongside several other rating upgrades.

Graham Capital Management L.P. boosted its holdings in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 265.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,981 shares of the company's stock after purchasing an additional 16,686 shares during the period. Graham Capital Management L.P.'s holdings in Nextracker were worth $968,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. AQR Capital Management LLC raised its position in Nextracker by 647.1% during the 4th quarter. AQR Capital Management LLC now owns 133,867 shares of the company's stock worth $4,890,000 after purchasing an additional 115,948 shares during the last quarter. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Nextracker in the 4th quarter valued at about $807,000. Mercer Global Advisors Inc. ADV acquired a new position in Nextracker during the 4th quarter valued at about $490,000. Ameriprise Financial Inc. boosted its stake in Nextracker by 88.1% during the 4th quarter. Ameriprise Financial Inc. now owns 558,683 shares of the company's stock valued at $20,409,000 after purchasing an additional 261,648 shares during the last quarter. Finally, BNP Paribas Financial Markets purchased a new position in shares of Nextracker in the 4th quarter worth approximately $3,035,000. 67.41% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on NXT shares. Wall Street Zen upgraded Nextracker from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 3rd. Barclays reissued an "overweight" rating and issued a $69.00 target price (up from $64.00) on shares of Nextracker in a research note on Thursday, July 31st. Robert W. Baird lifted their price objective on Nextracker from $67.00 to $76.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Piper Sandler reaffirmed an "overweight" rating on shares of Nextracker in a research report on Thursday, May 15th. Finally, Guggenheim raised Nextracker from a "neutral" rating to a "buy" rating and set a $74.00 price target on the stock in a report on Monday, August 18th. One 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's stock. According to data from MarketBeat.com, Nextracker presently has a consensus rating of "Moderate Buy" and a consensus price target of $65.00.

Insider Activity

In other Nextracker news, Director William D. Watkins sold 10,000 shares of the business's stock in a transaction dated Tuesday, August 5th. The shares were 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 in the company, valued at $435,352.14. The trade was a 56.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, President Howard Wenger sold 5,703 shares of the stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $70.00, for a total transaction of $399,210.00. Following the sale, the president owned 414,256 shares in the company, valued at approximately $28,997,920. This trade represents a 1.36% 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. Company insiders own 0.56% of the company's stock.

Nextracker Trading Up 1.8%

NXT traded up $1.27 on Friday, reaching $70.12. The stock had a trading volume of 1,951,147 shares, compared to its average volume of 2,365,671. The company has a market cap of $10.37 billion, a P/E ratio of 19.11, a price-to-earnings-growth ratio of 1.63 and a beta of 2.26. The business's 50-day moving average price is $62.35 and its two-hundred day moving average price is $53.11. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $71.27.

About Nextracker

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.