Wedge Capital Management L L P NC Acquires Shares of 1,069,012 Nextracker Inc. $NXT

Key Points

• Wedge Capital Management L L P NC has acquired a significant stake in Nextracker Inc., purchasing 1,069,012 shares valued at approximately $58.1 million during the second quarter.
• Institutional investors now own 67.41% of Nextracker, with several firms increasing their stakes by over 700% in the first quarter.
• Insider transactions included sales by CFO Charles D. Boynton and President Howard Wenger, resulting in decreases in their respective shareholdings.

Wedge Capital Management L L P NC acquired a new position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,069,012 shares of the company's stock, valued at approximately $58,122,000. Nextracker comprises about 1.0% of Wedge Capital Management L L P NC's holdings, making the stock its 23rd biggest holding. Wedge Capital Management L L P NC owned approximately 0.73% of Nextracker as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in the company. Tidal Investments LLC lifted its position in shares of Nextracker by 81.5% during the fourth quarter. Tidal Investments LLC now owns 14,625 shares of the company's stock worth $534,000 after purchasing an additional 6,567 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Nextracker by 5.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 365,648 shares of the company's stock valued at $13,357,000 after purchasing an additional 20,430 shares during the last quarter. CSS LLC IL bought a new stake in shares of Nextracker during the fourth quarter valued at approximately $345,000. Vise Technologies Inc. bought a new stake in shares of Nextracker during the fourth quarter valued at approximately $271,000. Finally, Neo Ivy Capital Management grew its stake in shares of Nextracker by 175.9% during the fourth quarter. Neo Ivy Capital Management now owns 5,424 shares of the company's stock valued at $198,000 after purchasing an additional 3,458 shares during the last quarter. 67.41% of the stock is owned by institutional investors.

Insider Activity at Nextracker

In related news, CFO Charles D. Boynton sold 4,500 shares of the company's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $67.21, for a total value of $302,445.00. Following the transaction, the chief financial officer owned 295,059 shares in the company, valued at approximately $19,830,915.39. This represents a 1.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Howard Wenger sold 5,703 shares of the company's stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $70.00, for a total transaction of $399,210.00. Following the completion of the transaction, the president owned 414,256 shares in the company, valued at approximately $28,997,920. This trade represents a 1.36% decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,987 shares of company stock worth $2,321,454 over the last ninety days. Company insiders own 0.56% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on NXT shares. TD Cowen increased their price target on shares of Nextracker from $55.00 to $65.00 and gave the company a "hold" rating in a research note on Wednesday, July 30th. Bank of America raised their price objective on shares of Nextracker from $66.00 to $69.00 and gave the company a "buy" rating in a research note on Wednesday, July 30th. Robert W. Baird raised their price objective on shares of Nextracker from $67.00 to $76.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Wall Street Zen cut shares of Nextracker from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Finally, Barclays reaffirmed an "overweight" rating and issued a $69.00 price objective (up from $64.00) on shares of Nextracker in a research report on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $65.84.

Nextracker Trading Down 3.5%

Shares of Nextracker stock traded down $2.57 during trading on Tuesday, hitting $70.57. 1,135,501 shares of the stock were exchanged, compared to its average volume of 2,485,798. The stock has a market capitalization of $10.44 billion, a price-to-earnings ratio of 19.28, a price-to-earnings-growth ratio of 1.66 and a beta of 2.26. The company has a fifty day moving average price of $63.75 and a 200-day moving average price of $55.01. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $73.84.

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.