Sage Rhino Capital LLC Buys New Position in Nextracker Inc. (NASDAQ:NXT)

Sage Rhino Capital LLC bought a new stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 5,022 shares of the company's stock, valued at approximately $212,000.

Other hedge funds also recently modified their holdings of the company. Norges Bank purchased a new position in Nextracker in the fourth quarter worth $106,166,000. Encompass Capital Advisors LLC purchased a new position in Nextracker in the fourth quarter worth $55,690,000. Invesco Ltd. boosted its position in Nextracker by 52.2% in the fourth quarter. Invesco Ltd. now owns 3,874,875 shares of the company's stock worth $141,549,000 after purchasing an additional 1,329,456 shares during the last quarter. Balyasny Asset Management L.P. boosted its position in Nextracker by 8,408.5% in the fourth quarter. Balyasny Asset Management L.P. now owns 837,067 shares of the company's stock worth $30,578,000 after purchasing an additional 827,229 shares during the last quarter. Finally, Goodlander Investment Management LLC purchased a new position in Nextracker in the fourth quarter worth $18,996,000. Hedge funds and other institutional investors own 67.41% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Fox Advisors cut Nextracker from an "overweight" rating to an "equal weight" rating in a research report on Thursday, May 15th. Bank of America boosted their price objective on Nextracker from $55.00 to $65.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Barclays boosted their price objective on Nextracker from $58.00 to $64.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. Roth Capital reissued a "buy" rating and issued a $70.00 price objective (up previously from $55.00) on shares of Nextracker in a research report on Thursday, May 15th. Finally, Wall Street Zen raised Nextracker from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Five research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $61.67.

Nextracker Stock Performance

Shares of NXT opened at $61.70 on Friday. The stock's 50-day simple moving average is $57.20 and its 200 day simple moving average is $47.82. The stock has a market capitalization of $9.02 billion, a price-to-earnings ratio of 17.78, a price-to-earnings-growth ratio of 1.60 and a beta of 2.25. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $67.87.

Insider Buying and Selling

In other Nextracker news, CAO David P. Bennett sold 9,801 shares of the company's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $539,055.00. Following the transaction, the chief accounting officer directly owned 124,615 shares in the company, valued at $6,853,825. This represents a 7.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Bruce Ledesma sold 83,561 shares of the company's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $55.71, for a total value of $4,655,183.31. Following the completion of the transaction, the insider owned 195,790 shares in the company, valued at $10,907,460.90. This represents a 29.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 210,476 shares of company stock worth $12,169,880. Company insiders own 0.56% of the company's stock.

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.

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