Westfield Capital Management Co. LP Increases Stake in Nextracker Inc. (NASDAQ:NXT)

Key Points

• Westfield Capital Management Co. LP increased its holdings in Nextracker Inc. by 2.8% in the first quarter, owning approximately $52.39 million worth of stock.
• Institutional investors collectively own 67.41% of Nextracker's stock, with several firms significantly increasing their positions in recent quarters.
• Nextracker's stock has experienced a price-to-earnings ratio of 15.34 and is currently trading at $56.31, showing potential volatility with a beta of 2.25.

Westfield Capital Management Co. LP grew its position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 2.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,243,151 shares of the company's stock after purchasing an additional 33,537 shares during the quarter. Westfield Capital Management Co. LP owned approximately 0.85% of Nextracker worth $52,386,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in NXT. Fifth Third Bancorp lifted its stake in shares of Nextracker by 27.5% in the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock worth $51,000 after buying an additional 260 shares in the last quarter. Sterling Capital Management LLC boosted its holdings in shares of Nextracker by 448.9% during the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock worth $47,000 after purchasing an additional 1,055 shares during the last quarter. Virtus Fund Advisers LLC purchased a new stake in shares of Nextracker in the fourth quarter valued at approximately $47,000. UMB Bank n.a. increased its holdings in shares of Nextracker by 127.2% in the first quarter. UMB Bank n.a. now owns 1,504 shares of the company's stock valued at $63,000 after purchasing an additional 842 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its stake in Nextracker by 819.5% during the first quarter. Farther Finance Advisors LLC now owns 1,554 shares of the company's stock worth $67,000 after buying an additional 1,385 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Nextracker Trading Down 2.5%

NXT stock traded down $1.40 during mid-day trading on Wednesday, reaching $54.62. The company's stock had a trading volume of 1,610,981 shares, compared to its average volume of 2,382,784. The company has a market cap of $7.99 billion, a price-to-earnings ratio of 14.88, a price-to-earnings-growth ratio of 1.30 and a beta of 2.25. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $67.87. The business's 50 day moving average price is $59.95 and its 200 day moving average price is $50.31.

Analyst Upgrades and Downgrades

NXT has been the topic of a number of analyst reports. Piper Sandler reaffirmed an "overweight" rating on shares of Nextracker in a research note on Thursday, May 15th. Wells Fargo & Company upped their price objective on Nextracker from $71.00 to $72.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. Susquehanna increased their price objective on Nextracker from $66.00 to $76.00 and gave the stock a "positive" rating in a research report on Monday, July 21st. Northland Securities reaffirmed a "market perform" rating on shares of Nextracker in a research note on Wednesday, July 30th. Finally, Roth Capital restated a "buy" rating and issued a $80.00 price objective (up from $70.00) on shares of Nextracker in a report on Tuesday, July 29th. Nine investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $64.37.

Insider Transactions at Nextracker

In other news, President Howard Wenger sold 6,066 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total transaction of $333,630.00. Following the completion of the sale, the president owned 219,389 shares in the company, valued at $12,066,395. This trade represents a 2.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Bruce Ledesma sold 83,561 shares of the company's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $55.71, for a total transaction of $4,655,183.31. Following the sale, the insider owned 195,790 shares in the company, valued at $10,907,460.90. The trade was a 29.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 220,476 shares of company stock valued at $12,737,780. Corporate insiders own 0.56% of the company's stock.

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.