Picton Mahoney Asset Management Takes Position in Nextracker Inc. (NASDAQ:NXT)

Key Points

• Picton Mahoney Asset Management has established a new position in Nextracker Inc. by acquiring 10,035 shares valued at approximately $423,000 during the first quarter.
• A significant increase in positions by institutional investors was observed, with Pacer Advisors Inc. increasing its holdings by 3,773.2%, owning over 829,000 shares worth nearly $35 million.
• Insiders have sold a total of 210,476 shares of Nextracker stock worth approximately $12.17 million in the last ninety days, indicating potential shifts in insider sentiment.

Picton Mahoney Asset Management bought a new stake in Nextracker Inc. (NASDAQ:NXT - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 10,035 shares of the company's stock, valued at approximately $423,000.

Several other hedge funds also recently modified their holdings of the business. Shell Asset Management Co. boosted its stake in shares of Nextracker by 0.4% in the 4th quarter. Shell Asset Management Co. now owns 57,329 shares of the company's stock valued at $2,094,000 after purchasing an additional 228 shares during the last quarter. Signaturefd LLC raised its position in shares of Nextracker by 10.2% in 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 during the period. Trust Investment Advisors raised its position in shares of Nextracker by 2.8% in 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 during the period. Fifth Third Bancorp raised its position in shares of Nextracker by 27.5% in 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 during the period. Finally, Trium Capital LLP raised its position in shares of Nextracker by 4.0% in the 1st quarter. Trium Capital LLP now owns 7,969 shares of the company's stock valued at $336,000 after acquiring an additional 303 shares during the period. Institutional investors own 67.41% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. The Goldman Sachs Group increased their price target on shares of Nextracker from $61.00 to $68.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Robert W. Baird increased their price target on shares of Nextracker from $67.00 to $76.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Wells Fargo & Company increased their price target on shares of Nextracker from $71.00 to $72.00 and gave the company an "overweight" rating in a research report on Wednesday. Truist Financial raised their target price on shares of Nextracker from $49.00 to $65.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Finally, Northland Capmk downgraded shares of Nextracker from a "strong-buy" rating to a "hold" rating in a report on Wednesday. Nine analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Nextracker currently has an average rating of "Moderate Buy" and an average target price of $63.95.

Insider Activity at Nextracker

In other Nextracker news, COO Nicholas Marco Miller sold 69,774 shares of Nextracker stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $59.65, for a total transaction of $4,162,019.10. Following the completion of the transaction, the chief operating officer directly owned 175,216 shares of the company's stock, valued at $10,451,634.40. The trade was a 28.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $333,630.00. Following the sale, the president directly owned 219,389 shares of the company's stock, valued at $12,066,395. This represents a 2.69% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 210,476 shares of company stock valued at $12,169,880. 0.56% of the stock is owned by company insiders.

Nextracker Stock Down 2.9%

Shares of NASDAQ:NXT traded down $1.69 during midday trading on Friday, hitting $56.57. The stock had a trading volume of 2,175,333 shares, compared to its average volume of 2,436,135. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $67.87. The business's 50-day simple moving average is $59.94 and its 200-day simple moving average is $50.10. The company has a market cap of $8.27 billion, a P/E ratio of 15.41, a PEG ratio of 1.41 and a beta of 2.25.

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.