Nextracker Inc. (NASDAQ:NXT) is Sachem Head Capital Management LP's 6th Largest Position

Sachem Head Capital Management LP grew its position in Nextracker Inc. (NASDAQ:NXT - Free Report) by 4.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,977,500 shares of the company's stock after buying an additional 122,500 shares during the quarter. Nextracker accounts for approximately 6.0% of Sachem Head Capital Management LP's holdings, making the stock its 6th biggest holding. Sachem Head Capital Management LP owned 2.04% of Nextracker worth $108,768,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Nextracker by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 13,843,997 shares of the company's stock worth $505,721,000 after buying an additional 243,635 shares during the last quarter. Invesco Ltd. boosted its stake in Nextracker by 52.2% in the 4th quarter. Invesco Ltd. now owns 3,874,875 shares of the company's stock worth $141,549,000 after buying an additional 1,329,456 shares during the last quarter. Norges Bank acquired a new stake in Nextracker in the 4th quarter worth about $106,166,000. Handelsbanken Fonder AB boosted its stake in Nextracker by 36.0% in the 4th quarter. Handelsbanken Fonder AB now owns 2,278,217 shares of the company's stock worth $83,223,000 after buying an additional 602,600 shares during the last quarter. Finally, Deutsche Bank AG boosted its stake in Nextracker by 12.8% in the 4th quarter. Deutsche Bank AG now owns 2,152,084 shares of the company's stock worth $78,616,000 after buying an additional 244,725 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Nextracker Trading Down 3.7%

NASDAQ NXT opened at $59.31 on Friday. The stock has a 50 day moving average of $43.44 and a 200-day moving average of $42.01. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $63.19. The company has a market cap of $8.64 billion, a PE ratio of 15.09 and a beta of 2.03. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on NXT shares. BMO Capital Markets lifted their price objective on Nextracker from $51.00 to $59.00 and gave the company a "market perform" rating in a research note on Thursday. TD Cowen boosted their price target on Nextracker from $47.00 to $55.00 and gave the stock a "hold" rating in a research note on Thursday. Roth Capital restated a "buy" rating and set a $70.00 price objective (up previously from $55.00) on shares of Nextracker in a research note on Thursday. BNP Paribas upgraded Nextracker to a "strong-buy" rating in a report on Wednesday, January 29th. Finally, Northland Securities reiterated an "outperform" rating and set a $55.00 target price (up from $48.00) on shares of Nextracker in a research note on Wednesday, January 29th. Five equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $59.90.

Insider Buying and Selling at Nextracker

In other Nextracker news, President Howard Wenger sold 6,066 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $333,630.00. Following the transaction, the president now directly owns 219,389 shares of the company's stock, valued at approximately $12,066,395. The trade was a 2.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Bruce Ledesma sold 27,453 shares of the company's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $60.17, for a total value of $1,651,847.01. Following the sale, the insider now owns 120,972 shares of the company's stock, valued at $7,278,885.24. This trade represents a 18.50% decrease in their position. The disclosure for this sale can be found here. Insiders sold 43,320 shares of company stock valued at $2,524,532 in the last quarter. 0.27% of the stock is currently owned by insiders.

Nextracker Company 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.

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