Nicola Wealth Management LTD. Has $1.05 Million Position in Nextracker Inc. $NXT

Key Points

• Nicola Wealth Management LTD. reduced its stake in Nextracker Inc. by 47.9% in Q1, leaving it with a position worth approximately $1.05 million.
• Institutional ownership of Nextracker stands at 67.41%, with several large investors significantly increasing their positions during the same period.
• Nextracker's stock has recently received mixed analyst ratings, with upgrades to a "strong-buy" from one firm, while others adjusted their price targets up to $68.00.

Nicola Wealth Management LTD. decreased its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 47.9% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 25,000 shares of the company's stock after selling 23,000 shares during the quarter. Nicola Wealth Management LTD.'s holdings in Nextracker were worth $1,054,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Wellington Management Group LLP lifted 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 worth $220,722,000 after acquiring an additional 1,890,445 shares during the period. Sachem Head Capital Management LP increased its position in shares of Nextracker by 4.3% during the 4th quarter. Sachem Head Capital Management LP now owns 2,977,500 shares of the company's stock valued at $108,768,000 after purchasing an additional 122,500 shares during the period. Encompass Capital Advisors LLC raised its stake in shares of Nextracker by 72.5% in 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. Earnest Partners LLC lifted its holdings in shares of Nextracker by 4.4% in the first quarter. Earnest Partners LLC now owns 1,309,424 shares of the company's stock valued at $55,179,000 after buying an additional 54,934 shares during the period. Finally, Westfield Capital Management Co. LP boosted its stake in Nextracker by 2.8% during the first quarter. Westfield Capital Management Co. LP now owns 1,243,151 shares of the company's stock valued at $52,386,000 after buying an additional 33,537 shares in the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director William D. Watkins sold 10,000 shares of the company's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $56.79, for a total value of $567,900.00. Following the completion of the sale, the director owned 7,666 shares in the company, valued at $435,352.14. This represents a 56.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Bruce Ledesma sold 6,980 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $56.24, for a total value of $392,555.20. Following the sale, the insider directly owned 195,790 shares in the company, valued at approximately $11,011,229.60. This represents a 3.44% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 37,987 shares of company stock worth $2,321,454 over the last ninety days. Company insiders own 0.56% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. UBS Group boosted their price target on shares of Nextracker from $71.00 to $75.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Northland Capmk cut Nextracker from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. Bank of America lifted their target price on Nextracker from $66.00 to $69.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. Guggenheim raised Nextracker from a "neutral" rating to a "buy" rating and set a $74.00 target price on the stock in a research report on Monday, August 18th. Finally, TD Cowen increased 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. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $65.00.

Nextracker Stock Performance

NXT traded up $1.20 during midday trading on Wednesday, hitting $68.05. The company had a trading volume of 573,009 shares, compared to its average volume of 2,478,123. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $71.44. The company has a market capitalization of $10.07 billion, a PE ratio of 18.52, a P/E/G ratio of 1.57 and a beta of 2.26. The firm's 50-day simple moving average is $63.04 and its 200-day simple moving average is $54.13.

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.