Trexquant Investment LP Purchases New Stake in Nextracker Inc. $NXT

Key Points

• Trexquant Investment LP acquired 360,031 shares of Nextracker Inc., valued at approximately $15.2 million, during the first quarter, representing about 0.25% of the company's total shares.
• Several institutional investors reported changes in their holdings, with notable increases including Allspring Global Investments Holdings LLC (51.3% increase) and KBC Group NV (719.8% increase) during the same period.
• Wall Street analysts have shown positive sentiment, with Nextracker being upgraded to a "strong-buy" rating and an average price target of $65.00.

Trexquant Investment LP acquired a new stake 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 acquired 360,031 shares of the company's stock, valued at approximately $15,172,000. Trexquant Investment LP owned about 0.25% of Nextracker at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Mariner LLC raised its holdings in shares of Nextracker by 4.3% during the fourth quarter. Mariner LLC now owns 11,328 shares of the company's stock worth $414,000 after acquiring an additional 469 shares during the period. Dimensional Fund Advisors LP increased its holdings in Nextracker by 33.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,916,233 shares of the company's stock worth $70,005,000 after buying an additional 483,483 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Nextracker by 6.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 328,640 shares of the company's stock valued at $12,006,000 after acquiring an additional 19,399 shares during the period. Integrated Wealth Concepts LLC lifted its position in Nextracker by 14.7% during the fourth quarter. Integrated Wealth Concepts LLC now owns 7,949 shares of the company's stock valued at $290,000 after purchasing an additional 1,019 shares during the last quarter. Finally, Northern Trust Corp increased its stake in shares of Nextracker by 10.5% in the fourth quarter. Northern Trust Corp now owns 1,917,024 shares of the company's stock worth $70,029,000 after buying an additional 181,741 shares during the period. Institutional investors and hedge funds own 67.41% of the company's stock.

Insider Buying and Selling

In related news, Director William D. Watkins sold 10,000 shares of the firm's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total transaction of $567,900.00. Following the transaction, the director directly owned 7,666 shares of the company's stock, valued at approximately $435,352.14. This trade represents a 56.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Nicholas Marco Miller sold 5,588 shares of the business's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $57.32, for a total value of $320,304.16. Following the completion of the sale, the chief operating officer directly owned 170,000 shares in the company, valued at $9,744,400. This trade represents a 3.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 103,261 shares of company stock valued at $6,181,028. 0.56% of the stock is owned by insiders.

Nextracker Trading Down 0.6%

NXT stock traded down $0.39 during trading on Tuesday, hitting $66.87. 878,675 shares of the company's stock were exchanged, compared to its average volume of 2,530,461. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $70.14. The business has a 50-day moving average price of $61.53 and a two-hundred day moving average price of $52.59. The stock has a market capitalization of $9.89 billion, a price-to-earnings ratio of 18.24, a PEG ratio of 1.56 and a beta of 2.26.

Wall Street Analyst Weigh In

NXT has been the subject of several analyst reports. Piper Sandler reissued an "overweight" rating on shares of Nextracker in a report on Thursday, May 15th. Roth Capital restated a "buy" rating and issued a $80.00 price objective (up from $70.00) on shares of Nextracker in a research report on Tuesday, July 29th. TD Cowen upped their target price on Nextracker from $55.00 to $65.00 and gave the company a "hold" rating in a report on Wednesday, July 30th. Northland Securities reissued a "market perform" rating on shares of Nextracker in a research note on Wednesday, July 30th. Finally, Susquehanna increased their price objective on Nextracker from $66.00 to $76.00 and gave the company a "positive" rating in a report on Monday, July 21st. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Nextracker presently has a consensus rating of "Moderate Buy" and an average price target of $65.00.

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.