Palo Duro Investment Partners LP Acquires Shares of 84,545 Nextracker Inc. $NXT

Key Points

• Palo Duro Investment Partners LP invested approximately $3.56 million in Nextracker Inc., acquiring 84,545 shares, which now constitute about 1.1% of its portfolio.
• Nextracker's stock has seen various analyst upgrades, with UBS raising its price target from $71.00 to $75.00 and Guggenheim upgrading it from "neutral" to "buy."
• Insider trading activity includes COO Nicholas Marco Miller selling 69,774 shares for over $4 million, reducing his ownership by 28.48%.

Palo Duro Investment Partners LP acquired a new stake in Nextracker Inc. (NASDAQ:NXT - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 84,545 shares of the company's stock, valued at approximately $3,563,000. Nextracker makes up about 1.1% of Palo Duro Investment Partners LP's portfolio, making the stock its 10th biggest position. Palo Duro Investment Partners LP owned 0.06% of Nextracker at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Wellington Management Group LLP lifted its holdings in shares of Nextracker by 56.5% during the first 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. Sachem Head Capital Management LP raised its position in Nextracker by 4.3% in the 4th quarter. Sachem Head Capital Management LP now owns 2,977,500 shares of the company's stock worth $108,768,000 after buying an additional 122,500 shares during the last quarter. Encompass Capital Advisors LLC raised its position in 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 during the last quarter. Deutsche Bank AG boosted its holdings in shares of Nextracker by 12.8% during the 4th quarter. Deutsche Bank AG now owns 2,152,084 shares of the company's stock valued at $78,616,000 after acquiring an additional 244,725 shares during the last quarter. Finally, Janus Henderson Group PLC grew its stake in shares of Nextracker by 1.0% in the fourth quarter. Janus Henderson Group PLC now owns 1,545,143 shares of the company's stock worth $56,488,000 after acquiring an additional 15,942 shares during the period. Institutional investors own 67.41% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Fox Advisors cut shares of Nextracker from an "overweight" rating to an "equal weight" rating in a report on Thursday, May 15th. Bank of America raised their target price on Nextracker from $66.00 to $69.00 and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Wall Street Zen raised shares of Nextracker from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 3rd. Piper Sandler reiterated an "overweight" rating on shares of Nextracker in a research note on Thursday, May 15th. Finally, BMO Capital Markets boosted their target price on shares of Nextracker from $51.00 to $59.00 and gave the company a "market perform" rating in a research report on Thursday, May 15th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, Nextracker presently has an average rating of "Moderate Buy" and an average target price of $65.00.

Nextracker Price Performance

Shares of NASDAQ:NXT traded down $5.43 during mid-day trading on Tuesday, reaching $64.33. 2,233,534 shares of the company traded hands, compared to its average volume of 2,383,429. The company's 50 day moving average price is $62.79 and its 200-day moving average price is $53.39. The firm has a market cap of $9.52 billion, a PE ratio of 17.53, a PEG ratio of 1.62 and a beta of 2.26. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $71.44.

Insider Activity

In related news, insider Bruce Ledesma sold 6,980 shares of the company's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $56.24, for a total value of $392,555.20. Following the completion of the transaction, the insider owned 195,790 shares of the company's stock, valued at approximately $11,011,229.60. This represents a 3.44% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Nicholas Marco Miller sold 69,774 shares of the firm's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $59.65, for a total value of $4,162,019.10. Following the sale, the chief operating officer directly owned 175,216 shares in the company, valued at approximately $10,451,634.40. This represents a 28.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, 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 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.