Sourcerock Group LLC Makes New Investment in Nextracker Inc. (NASDAQ:NXT)

Sourcerock Group LLC acquired a new stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 510,568 shares of the company's stock, valued at approximately $18,651,000. Nextracker comprises 1.3% of Sourcerock Group LLC's portfolio, making the stock its 16th biggest holding. Sourcerock Group LLC owned 0.35% of Nextracker at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Nextracker by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 13,843,997 shares of the company's stock valued at $505,721,000 after acquiring an additional 243,635 shares during the last quarter. Invesco Ltd. grew its holdings in Nextracker by 52.2% during the fourth quarter. Invesco Ltd. now owns 3,874,875 shares of the company's stock valued at $141,549,000 after purchasing an additional 1,329,456 shares during the period. Sachem Head Capital Management LP grew its holdings in Nextracker by 4.3% during the fourth quarter. Sachem Head Capital Management LP now owns 2,977,500 shares of the company's stock valued at $108,768,000 after purchasing an additional 122,500 shares during the period. Norges Bank bought a new stake in Nextracker during the fourth quarter valued at about $106,166,000. Finally, Handelsbanken Fonder AB grew its holdings in Nextracker by 36.0% during the fourth quarter. Handelsbanken Fonder AB now owns 2,278,217 shares of the company's stock valued at $83,223,000 after purchasing an additional 602,600 shares during the period. Hedge funds and other institutional investors own 67.41% of the company's stock.

Insider Transactions at Nextracker

In related news, President Howard Wenger sold 6,066 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $333,630.00. Following the transaction, the president now owns 219,389 shares of the company's stock, valued at $12,066,395. This represents a 2.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bruce Ledesma sold 27,453 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $60.17, for a total value of $1,651,847.01. Following the completion of the transaction, the insider now directly owns 120,972 shares in the company, valued at approximately $7,278,885.24. This trade represents a 18.50% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 43,320 shares of company stock worth $2,524,532. 0.27% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on NXT. Mizuho set a $60.00 price target on Nextracker in a report on Thursday, May 15th. UBS Group boosted their price target on Nextracker from $60.00 to $66.00 and gave the company a "buy" rating in a report on Wednesday, January 29th. Wall Street Zen raised Nextracker from a "hold" rating to a "buy" rating in a report on Thursday. Bank of America upped their price objective on Nextracker from $55.00 to $65.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Finally, Royal Bank of Canada started coverage on Nextracker in a research note on Monday, March 17th. They issued an "outperform" rating and a $55.00 price objective for the company. Five analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Nextracker currently has a consensus rating of "Moderate Buy" and a consensus target price of $60.00.

Nextracker Trading Down 3.1%

Shares of NASDAQ NXT traded down $1.81 during midday trading on Thursday, hitting $56.05. The company's stock had a trading volume of 6,806,493 shares, compared to its average volume of 2,926,962. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. The business's 50 day moving average is $44.27 and its two-hundred day moving average is $42.45. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $63.19. The firm has a market cap of $8.16 billion, a P/E ratio of 14.26 and a beta of 2.03.

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.