Sourcerock Group LLC Invests $18.65 Million in Nextracker Inc. (NASDAQ:NXT)

Sourcerock Group LLC bought a new stake in Nextracker Inc. (NASDAQ:NXT - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 510,568 shares of the company's stock, valued at approximately $18,651,000. Nextracker makes up about 1.3% of Sourcerock Group LLC's portfolio, making the stock its 16th largest holding. Sourcerock Group LLC owned about 0.35% of Nextracker at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in NXT. Allworth Financial LP raised its position in Nextracker by 52.4% in the fourth quarter. Allworth Financial LP now owns 803 shares of the company's stock worth $29,000 after acquiring an additional 276 shares in the last quarter. Sterling Capital Management LLC raised its position in Nextracker by 448.9% in the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock worth $47,000 after acquiring an additional 1,055 shares in the last quarter. Virtus Fund Advisers LLC purchased a new position in Nextracker in the fourth quarter worth $47,000. Millstone Evans Group LLC purchased a new position in Nextracker in the fourth quarter worth $48,000. Finally, Principal Securities Inc. raised its position in Nextracker by 41.8% in the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock worth $51,000 after acquiring an additional 410 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on NXT. Wells Fargo & Company boosted their price target on Nextracker from $69.00 to $71.00 and gave the stock an "overweight" rating in a research note on Monday, May 19th. Piper Sandler reissued an "overweight" rating on shares of Nextracker in a research note on Thursday, May 15th. Fox Advisors lowered Nextracker from an "overweight" rating to an "equal weight" rating in a research note on Thursday, May 15th. Truist Financial boosted their price target on Nextracker from $49.00 to $65.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. Finally, Susquehanna boosted their price target on Nextracker from $54.00 to $66.00 and gave the stock a "positive" rating in a research note on Thursday, May 15th. Five analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Nextracker presently has a consensus rating of "Moderate Buy" and a consensus target price of $60.00.

Insiders Place Their Bets

In other news, insider Bruce Ledesma sold 3,017 shares of the stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $55.95, for a total transaction of $168,801.15. Following the transaction, the insider now directly owns 110,564 shares in the company, valued at $6,186,055.80. This represents a 2.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, President Howard Wenger sold 6,066 shares of the stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total transaction of $333,630.00. Following the transaction, the president now owns 219,389 shares in the company, valued at approximately $12,066,395. The trade was a 2.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 46,337 shares of company stock valued at $2,693,333. Company insiders own 0.27% of the company's stock.

Nextracker Price Performance

NXT stock remained flat at $56.05 during midday trading on Friday. 1,882,388 shares of the company's stock traded hands, compared to its average volume of 2,912,475. The company has a market cap of $8.16 billion, a price-to-earnings ratio of 14.26 and a beta of 2.03. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $63.19. The business has a 50-day moving average price of $44.70 and a 200-day moving average price of $42.63.

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.