BlackBarn Capital Partners LP Buys Shares of 360,000 Nextracker Inc. $NXT

BlackBarn Capital Partners LP bought a new stake in Nextracker Inc. (NASDAQ:NXT) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 360,000 shares of the company’s stock, valued at approximately $15,170,000. Nextracker makes up about 1.0% of BlackBarn Capital Partners LP’s investment portfolio, making the stock its 8th largest position. BlackBarn Capital Partners LP owned about 0.25% of Nextracker at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Summit Securities Group LLC lifted 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 in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Nextracker in the 1st quarter valued at about $40,000. Fifth Third Bancorp lifted its holdings in Nextracker by 27.5% in the 1st quarter. Fifth Third Bancorp now owns 1,204 shares of the company’s stock valued at $51,000 after purchasing an additional 260 shares in the last quarter. Sterling Capital Management LLC lifted its holdings in Nextracker by 448.9% in the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock valued at $47,000 after purchasing an additional 1,055 shares in the last quarter. Finally, Virtus Fund Advisers LLC purchased a new position in Nextracker in the 4th quarter valued at about $47,000. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

NXT has been the topic of a number of recent research reports. UBS Group upped their target price on shares of Nextracker from $71.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, July 31st. Robert W. Baird upped their target price on shares of Nextracker from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, July 8th. Roth Capital reaffirmed a “buy” rating and set a $80.00 price objective (up previously from $70.00) on shares of Nextracker in a research note on Tuesday, July 29th. Piper Sandler reaffirmed an “overweight” rating on shares of Nextracker in a research note on Thursday, May 15th. Finally, Susquehanna upped their price objective on shares of Nextracker from $66.00 to $76.00 and gave the company a “positive” rating in a research note on Monday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Nextracker has a consensus rating of “Moderate Buy” and a consensus price target of $65.00.

Insider Buying and Selling at Nextracker

In related news, COO Nicholas Marco Miller sold 5,588 shares of the stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $57.32, for a total transaction of $320,304.16. Following the completion of the sale, the chief operating officer owned 170,000 shares of the company’s stock, valued at approximately $9,744,400. This represents a 3.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William D. Watkins sold 10,000 shares of the stock in a transaction that occurred 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 sale, the director directly owned 7,666 shares of the company’s stock, valued at approximately $435,352.14. This trade represents a 56.61% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 186,822 shares of company stock worth $10,836,212 in the last quarter. Company insiders own 0.56% of the company’s stock.

Nextracker Price Performance

NASDAQ NXT opened at $68.77 on Friday. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $70.14. The company has a 50-day moving average of $60.45 and a 200-day moving average of $51.61. The company has a market cap of $10.18 billion, a P/E ratio of 18.74, a P/E/G ratio of 1.49 and a beta of 2.25.

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.