Wellington Management Group LLP Increases Position in Nextracker Inc. $NXT

Key Points

• Wellington Management Group LLP increased its stake in Nextracker Inc. by 56.5%, owning 5,237,833 shares worth approximately $220.72 million at the end of the reporting period.
• Multiple hedge funds have significantly boosted their positions in Nextracker, indicating strong institutional interest, with institutional investors now owning 67.41% of the company's stock.
• Several analysts have rated Nextracker with a consensus of "Moderate Buy" and have raised target prices, reflecting positive sentiment in the market.

Wellington Management Group LLP grew its stake in Nextracker Inc. (NASDAQ:NXT - Free Report) by 56.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,237,833 shares of the company's stock after purchasing an additional 1,890,445 shares during the quarter. Wellington Management Group LLP owned approximately 3.60% of Nextracker worth $220,722,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Summit Securities Group LLC boosted its holdings in Nextracker by 796.0% in the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company's stock valued at $38,000 after purchasing an additional 804 shares during the last quarter. Raymond James Financial Inc. increased its stake in Nextracker by 22.2% during the 1st quarter. Raymond James Financial Inc. now owns 157,634 shares of the company's stock worth $6,643,000 after buying an additional 28,683 shares during the period. Tocqueville Asset Management L.P. increased its stake in Nextracker by 49.6% during the 1st quarter. Tocqueville Asset Management L.P. now owns 67,533 shares of the company's stock worth $2,846,000 after buying an additional 22,378 shares during the period. American Century Companies Inc. increased its position in shares of Nextracker by 193.0% in the 1st quarter. American Century Companies Inc. now owns 223,873 shares of the company's stock valued at $9,434,000 after purchasing an additional 147,459 shares during the last quarter. Finally, Boston Partners increased its position in shares of Nextracker by 2.7% in the 1st quarter. Boston Partners now owns 10,494 shares of the company's stock valued at $442,000 after purchasing an additional 280 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on NXT. Wells Fargo & Company increased their price objective on shares of Nextracker from $71.00 to $72.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Guggenheim raised shares of Nextracker from a "neutral" rating to a "buy" rating and set a $74.00 price objective on the stock in a research report on Monday. TD Cowen increased their price objective on shares of Nextracker from $55.00 to $65.00 and gave the company a "hold" rating in a research report on Wednesday, July 30th. Mizuho set a $66.00 price objective on shares of Nextracker in a research report on Wednesday, July 30th. Finally, BMO Capital Markets upped their target price on shares of Nextracker from $51.00 to $59.00 and gave the company a "market perform" rating in a report on Thursday, May 15th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $65.00.

Nextracker Stock Up 7.4%

NASDAQ:NXT traded up $4.73 during trading hours on Friday, reaching $68.77. 2,136,257 shares of the company's stock were exchanged, compared to its average volume of 2,977,389. The firm has a market capitalization of $10.18 billion, a price-to-earnings ratio of 18.74, a P/E/G ratio of 1.49 and a beta of 2.25. The company has a 50-day moving average of $60.45 and a 200 day moving average of $51.61. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $70.14.

Insider Buying and Selling at Nextracker

In other Nextracker news, insider Bruce Ledesma sold 6,980 shares of the company's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $56.24, for a total transaction of $392,555.20. Following the completion of the transaction, the insider owned 195,790 shares in the company, valued at approximately $11,011,229.60. This represents a 3.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William D. Watkins sold 10,000 shares of the company's stock in a transaction on 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 owned 7,666 shares of the company's stock, valued at approximately $435,352.14. The trade was a 56.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 186,822 shares of company stock worth $10,836,212 in the last quarter. 0.56% of the stock is currently owned by company insiders.

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.