Sandler Capital Management Makes New $2.46 Million Investment in Nextracker Inc. $NXT

Key Points

• Sandler Capital Management has invested approximately $2.46 million in Nextracker Inc. by acquiring 58,374 shares in the first quarter.
• Multiple hedge funds have significantly increased their stakes in Nextracker, with AQR Capital Management raising its holdings by an impressive 647.1%.
• Analysts have varying outlooks on Nextracker stock, with a consensus rating of "Moderate Buy" and an average price target of $65.00.

Sandler Capital Management bought a new position in Nextracker Inc. (NASDAQ:NXT - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 58,374 shares of the company's stock, valued at approximately $2,460,000.

A number of other hedge funds have also modified their holdings of the stock. Northwestern Mutual Wealth Management Co. increased its holdings in Nextracker by 703.7% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company's stock valued at $28,000 after purchasing an additional 577 shares in the last quarter. Summit Securities Group LLC increased its holdings in Nextracker by 796.0% during the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company's stock valued at $38,000 after purchasing an additional 804 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Nextracker during the 1st quarter valued at $40,000. Virtus Fund Advisers LLC acquired a new stake in Nextracker during the 4th quarter valued at $47,000. Finally, Fifth Third Bancorp increased its holdings in Nextracker by 27.5% during the 1st quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock valued at $51,000 after purchasing an additional 260 shares in the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, COO Nicholas Marco Miller sold 69,774 shares of the firm's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $59.65, for a total value of $4,162,019.10. Following the transaction, the chief operating officer directly owned 175,216 shares in the company, valued at $10,451,634.40. This trade represents a 28.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William D. Watkins sold 10,000 shares of the firm's stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total value of $567,900.00. Following the completion of the transaction, the director owned 7,666 shares in the company, valued at $435,352.14. This represents a 56.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 103,261 shares of company stock valued at $6,181,028 over the last 90 days. Company insiders own 0.56% of the company's stock.

Nextracker Trading Down 7.8%

Shares of NASDAQ:NXT traded down $5.43 during midday trading on Tuesday, hitting $64.33. The company had a trading volume of 2,233,534 shares, compared to its average volume of 2,383,429. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $71.44. The stock has a market cap of $9.52 billion, a price-to-earnings ratio of 17.53, a PEG ratio of 1.62 and a beta of 2.26. The firm has a fifty day simple moving average of $62.79 and a 200 day simple moving average of $53.39.

Analyst Upgrades and Downgrades

NXT has been the subject of a number of recent analyst reports. Roth Capital reaffirmed a "buy" rating and set a $80.00 price target (up from $70.00) on shares of Nextracker in a report on Tuesday, July 29th. Fox Advisors lowered Nextracker from an "overweight" rating to an "equal weight" rating in a research report on Thursday, May 15th. Cowen reiterated a "hold" rating on shares of Nextracker in a research report on Wednesday, July 30th. TD Cowen increased their price objective on Nextracker from $55.00 to $65.00 and gave the company a "hold" rating in a research report on Wednesday, July 30th. Finally, Piper Sandler reiterated an "overweight" rating on shares of Nextracker in a research report on Thursday, May 15th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $65.00.

About Nextracker

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.