Nextracker Inc. $NXT Shares Sold by Point72 Europe London LLP

Key Points

• Point72 Europe London LLP has reduced its stake in Nextracker Inc. by 45.5%, now holding 74,539 shares valued at approximately $3.14 million.
• Several institutional investors increased their positions in Nextracker during the fourth quarter, with AQR Capital Management boosting its holdings by a staggering 647.1%.
• Nextracker's stock currently trades at $67.26, with a 52-week range of $30.93 to $70.14, and has received a consensus rating of Moderate Buy from various analysts.

Point72 Europe London LLP trimmed its position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 45.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 74,539 shares of the company's stock after selling 62,268 shares during the quarter. Point72 Europe London LLP owned approximately 0.05% of Nextracker worth $3,141,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Graham Capital Management L.P. increased its holdings in Nextracker by 265.1% in the 1st quarter. Graham Capital Management L.P. now owns 22,981 shares of the company's stock worth $968,000 after acquiring an additional 16,686 shares in the last quarter. Quarry LP boosted its position in shares of Nextracker by 438.5% during the 1st quarter. Quarry LP now owns 1,917 shares of the company's stock valued at $81,000 after acquiring an additional 1,561 shares during the last quarter. DRW Securities LLC acquired a new position in shares of Nextracker during the 1st quarter valued at about $1,193,000. Evergreen Capital Management LLC boosted its position in shares of Nextracker by 19.2% during the 1st quarter. Evergreen Capital Management LLC now owns 8,296 shares of the company's stock valued at $350,000 after acquiring an additional 1,337 shares during the last quarter. Finally, Driehaus Capital Management LLC acquired a new position in shares of Nextracker during the 1st quarter valued at about $32,225,000. Hedge funds and other institutional investors own 67.41% of the company's stock.

Insiders Place Their Bets

In other Nextracker news, President Howard Wenger sold 5,703 shares of the firm's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $70.00, for a total value of $399,210.00. Following the completion of the sale, the president owned 414,256 shares of the company's stock, valued at approximately $28,997,920. This trade represents a 1.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bruce Ledesma sold 6,980 shares of the firm'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 sale, the insider directly owned 195,790 shares of the company's stock, valued at approximately $11,011,229.60. This trade represents a 3.44% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 103,261 shares of company stock worth $6,181,028 in the last ninety days. 0.56% of the stock is owned by insiders.

Nextracker Stock Performance

Nextracker stock traded down $0.54 during midday trading on Tuesday, reaching $66.72. The company's stock had a trading volume of 1,509,272 shares, compared to its average volume of 2,361,054. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $70.14. The stock's 50 day simple moving average is $61.72 and its 200 day simple moving average is $52.69. The firm has a market capitalization of $9.87 billion, a PE ratio of 18.18, a P/E/G ratio of 1.56 and a beta of 2.26.

Analysts Set New Price Targets

A number of research analysts have commented on NXT shares. Fox Advisors cut shares of Nextracker from an "overweight" rating to an "equal weight" rating in a research report on Thursday, May 15th. The Goldman Sachs Group boosted their price target on shares of Nextracker from $61.00 to $68.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Northland Capmk lowered shares of Nextracker from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 30th. TD Cowen upped their target price on shares of Nextracker from $55.00 to $65.00 and gave the stock a "hold" rating in a research note on Wednesday, July 30th. Finally, Wells Fargo & Company upped their target price on shares of Nextracker from $71.00 to $72.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. One equities research 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's stock. According to data from MarketBeat, the company presently has an average 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.