SCP Investment LP Purchases New Position in Nextracker Inc. (NASDAQ:NXT)

Key Points

• SCP Investment LP has made a new investment of approximately $826,000 in Nextracker Inc., acquiring 19,600 shares during the first quarter, which now constitutes about 0.7% of their investment portfolio.
• Insider sales have been notable, with CAO David P. Bennett and another insider selling a combined 93,362 shares in recent transactions, reflecting changes in ownership dynamics among insiders.
• Nextracker's stock received diverse responses from analysts; while Bank of America raised its target price and maintained a "buy" rating, other firms like Guggenheim downgraded their outlook, resulting in a consensus target price of $64.37.

SCP Investment LP acquired a new stake in Nextracker Inc. (NASDAQ:NXT - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 19,600 shares of the company's stock, valued at approximately $826,000. Nextracker comprises about 0.7% of SCP Investment LP's portfolio, making the stock its 24th biggest position.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Fifth Third Bancorp increased its stake in shares of Nextracker by 27.5% during the 1st quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock worth $51,000 after purchasing an additional 260 shares during the last quarter. Sterling Capital Management LLC boosted its holdings in shares of Nextracker by 448.9% during the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock worth $47,000 after buying an additional 1,055 shares during the period. Virtus Fund Advisers LLC bought a new stake in shares of Nextracker during the 4th quarter worth about $47,000. UMB Bank n.a. boosted its holdings in shares of Nextracker by 127.2% during the 1st quarter. UMB Bank n.a. now owns 1,504 shares of the company's stock worth $63,000 after buying an additional 842 shares during the period. Finally, Farther Finance Advisors LLC boosted its holdings in shares of Nextracker by 819.5% during the 1st quarter. Farther Finance Advisors LLC now owns 1,554 shares of the company's stock worth $67,000 after buying an additional 1,385 shares during the period. 67.41% of the stock is owned by institutional investors.

Nextracker Trading Up 0.5%

NXT traded up $0.26 during trading hours on Tuesday, hitting $56.57. The company's stock had a trading volume of 254,166 shares, compared to its average volume of 2,532,298. The firm has a market capitalization of $8.27 billion, a PE ratio of 15.36, a PEG ratio of 1.31 and a beta of 2.25. The company has a 50-day simple moving average of $59.95 and a 200 day simple moving average of $50.27. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $67.87.

Insider Transactions at Nextracker

In related news, CAO David P. Bennett sold 9,801 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total value of $539,055.00. Following the completion of the sale, the chief accounting officer directly owned 124,615 shares in the company, valued at approximately $6,853,825. This trade represents a 7.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Howard Wenger sold 5,216 shares of the business's stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $65.00, for a total transaction of $339,040.00. Following the sale, the president directly owned 419,959 shares in the company, valued at approximately $27,297,335. The trade was a 1.23% decrease in their position. The disclosure for this sale can be found here. Insiders sold 210,476 shares of company stock valued at $12,169,880 in the last ninety days. 0.56% of the stock is owned by corporate insiders.

Analyst Ratings Changes

NXT has been the subject of a number of recent research reports. Wall Street Zen raised shares of Nextracker from a "buy" rating to a "strong-buy" rating in a report on Sunday. BMO Capital Markets upped their price target on shares of Nextracker from $51.00 to $59.00 and gave the stock a "market perform" rating in a report on Thursday, May 15th. Susquehanna upped their price target on shares of Nextracker from $66.00 to $76.00 and gave the stock a "positive" rating in a report on Monday, July 21st. The Goldman Sachs Group upped their price objective on shares of Nextracker from $61.00 to $68.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Finally, Barclays restated an "overweight" rating and issued a $69.00 price target (up from $64.00) on shares of Nextracker in a research report on Thursday, July 31st. Nine equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $64.37.

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.