Nextracker Inc. (NASDAQ:NXT) Shares Bought by Trium Capital LLP

Trium Capital LLP increased its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 4.0% in the 1st quarter, HoldingsChannel reports. The firm owned 7,969 shares of the company’s stock after purchasing an additional 303 shares during the period. Trium Capital LLP’s holdings in Nextracker were worth $336,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. Norges Bank purchased a new position in shares of Nextracker in the 4th quarter worth $106,166,000. Encompass Capital Advisors LLC acquired a new position in shares of Nextracker during the fourth quarter worth approximately $55,690,000. Invesco Ltd. lifted its position in Nextracker by 52.2% in the fourth quarter. Invesco Ltd. now owns 3,874,875 shares of the company’s stock worth $141,549,000 after purchasing an additional 1,329,456 shares during the period. Balyasny Asset Management L.P. raised its stake in Nextracker by 8,408.5% during the 4th quarter. Balyasny Asset Management L.P. now owns 837,067 shares of the company’s stock valued at $30,578,000 after purchasing an additional 827,229 shares during the period. Finally, Goodlander Investment Management LLC acquired a new position in shares of Nextracker in the fourth quarter worth $18,996,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Nextracker

In other Nextracker news, insider Bruce Ledesma sold 83,561 shares of the firm’s stock in a transaction dated 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 completion of the sale, the insider directly owned 195,790 shares in the company, valued at approximately $10,907,460.90. This trade represents a 29.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO David P. Bennett sold 9,801 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total transaction of $539,055.00. Following the sale, the chief accounting officer owned 124,615 shares of the company’s stock, valued at approximately $6,853,825. This represents a 7.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 210,476 shares of company stock valued at $12,169,880. Insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Royal Bank Of Canada began coverage on shares of Nextracker in a research note on Monday, March 17th. They issued an “outperform” rating and a $55.00 target price for the company. TD Cowen lifted their target price on shares of Nextracker from $47.00 to $55.00 and gave the stock a “hold” rating in a report on Thursday, May 15th. Susquehanna lifted their target price on shares of Nextracker from $54.00 to $66.00 and gave the stock a “positive” rating in a report on Thursday, May 15th. Wall Street Zen raised shares of Nextracker from a “hold” rating to a “buy” rating in a report on Thursday, May 22nd. Finally, Truist Financial lifted their target price on shares of Nextracker from $49.00 to $65.00 and gave the stock an “overweight” rating in a report on Thursday, May 15th. Five analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $61.67.

Nextracker Trading Down 3.8%

NASDAQ:NXT opened at $63.94 on Wednesday. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $67.87. The stock has a market cap of $9.35 billion, a price-to-earnings ratio of 18.43, a P/E/G ratio of 1.71 and a beta of 2.25. The company has a 50-day moving average price of $55.93 and a 200-day moving average price of $47.36.

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.