T. Rowe Price Investment Management Inc. Buys New Holdings in Nextracker Inc. $NXT

Key Points

• T. Rowe Price Investment Management Inc. acquired 918,336 shares of Nextracker Inc. for around $38.7 million, representing a 0.63% stake in the company.
• Insider selling has been notable, with COO Nicholas Marco Miller and insider Bruce Ledesma selling shares, resulting in decreases in their respective positions.
• Analysts have increased their target prices for Nextracker, with UBS Group raising its target from $71 to $75, and the stock currently holds a consensus rating of "Moderate Buy."

T. Rowe Price Investment Management Inc. bought a new position in Nextracker Inc. (NASDAQ:NXT - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 918,336 shares of the company's stock, valued at approximately $38,699,000. T. Rowe Price Investment Management Inc. owned 0.63% of Nextracker as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in NXT. Raymond James Financial Inc. bought a new position in Nextracker in the 4th quarter worth about $4,711,000. Mariner LLC increased its stake in Nextracker by 4.3% in the 4th quarter. Mariner LLC now owns 11,328 shares of the company's stock worth $414,000 after acquiring an additional 469 shares during the last quarter. XTX Topco Ltd bought a new position in Nextracker in the 4th quarter worth about $237,000. Canada Pension Plan Investment Board bought a new position in Nextracker in the 4th quarter worth about $237,000. Finally, Dimensional Fund Advisors LP increased its stake in Nextracker by 33.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,916,233 shares of the company's stock worth $70,005,000 after acquiring an additional 483,483 shares during the last quarter. Institutional investors own 67.41% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Guggenheim upgraded Nextracker from a "neutral" rating to a "buy" rating and set a $74.00 target price on the stock in a research note on Monday, August 18th. Fox Advisors lowered Nextracker from an "overweight" rating to an "equal weight" rating in a research note on Thursday, May 15th. Wells Fargo & Company upped their target price on Nextracker from $71.00 to $72.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. The Goldman Sachs Group upped their target price on Nextracker from $61.00 to $68.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Finally, Northland Securities restated a "market perform" rating on shares of Nextracker in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $65.00.

Insider Buying and Selling

In related news, President Howard Wenger sold 5,703 shares of the stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $70.00, for a total transaction of $399,210.00. Following the completion of the sale, the president directly owned 414,256 shares in the company, valued at $28,997,920. This represents a 1.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Nicholas Marco Miller sold 5,588 shares of the stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $57.32, for a total value of $320,304.16. Following the sale, the chief operating officer owned 170,000 shares of the company's stock, valued at $9,744,400. This represents a 3.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 186,822 shares of company stock valued at $10,836,212. 0.56% of the stock is owned by insiders.

Nextracker Stock Down 1.3%

Shares of Nextracker stock traded down $0.89 during trading on Wednesday, hitting $67.69. 1,486,407 shares of the stock traded hands, compared to its average volume of 2,552,540. The stock has a market cap of $10.02 billion, a price-to-earnings ratio of 18.44, a PEG ratio of 1.57 and a beta of 2.25. The firm's fifty day moving average is $60.94 and its 200-day moving average is $52.05. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $70.14.

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.