Graham Capital Management L.P. Has $968,000 Holdings in Nextracker Inc. $NXT

Graham Capital Management L.P. boosted its position in Nextracker Inc. (NASDAQ:NXT) by 265.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 22,981 shares of the company’s stock after buying an additional 16,686 shares during the quarter. Graham Capital Management L.P.’s holdings in Nextracker were worth $968,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Northwestern Mutual Wealth Management Co. grew its stake in Nextracker by 703.7% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company’s stock valued at $28,000 after buying an additional 577 shares during the last quarter. Summit Securities Group LLC grew its stake 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 buying an additional 804 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Nextracker in the 1st quarter valued at $40,000. Virtus Fund Advisers LLC acquired a new position in Nextracker in the 4th quarter valued at $47,000. Finally, Fifth Third Bancorp grew its stake 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 buying an additional 260 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Wells Fargo & Company raised their target price on shares of Nextracker from $71.00 to $72.00 and gave the company an “overweight” rating in a research note on Wednesday, July 30th. Truist Financial increased their price target on shares of Nextracker from $49.00 to $65.00 and gave the company an “overweight” rating in a report on Thursday, May 15th. Cowen reissued a “hold” rating on shares of Nextracker in a report on Wednesday, July 30th. Zacks Research raised shares of Nextracker to a “hold” rating in a report on Tuesday, August 12th. Finally, Barclays reissued an “overweight” rating and issued a $69.00 price target (up from $64.00) on shares of Nextracker in a report on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $65.00.

Insider Buying and Selling at Nextracker

In other news, COO Nicholas Marco Miller sold 69,774 shares of the firm’s stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $59.65, for a total transaction of $4,162,019.10. Following the completion of the transaction, the chief operating officer directly owned 175,216 shares of the company’s stock, valued at approximately $10,451,634.40. This trade represents a 28.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bruce Ledesma sold 6,980 shares of the firm’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $56.24, for a total transaction of $392,555.20. Following the transaction, the insider directly owned 195,790 shares of the company’s stock, valued at $11,011,229.60. The trade was a 3.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 103,261 shares of company stock valued at $6,181,028 over the last quarter. 0.56% of the stock is currently owned by insiders.

Nextracker Stock Performance

NASDAQ:NXT opened at $66.80 on Thursday. The company has a 50-day moving average of $61.91 and a 200-day moving average of $52.78. The company has a market capitalization of $9.88 billion, a price-to-earnings ratio of 18.20, a PEG ratio of 1.56 and a beta of 2.26. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $70.14.

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.