SCP Investment LP Makes New Investment in Nextracker Inc. (NASDAQ:NXT)

SCP Investment LP acquired a new stake in shares of Nextracker Inc. (NASDAQ:NXTFree Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 9,800 shares of the company’s stock, valued at approximately $424,000. Nextracker comprises 0.4% of SCP Investment LP’s investment portfolio, making the stock its 27th largest holding.

A number of other institutional investors have also recently made changes to their positions in NXT. Principal Financial Group Inc. purchased a new stake in Nextracker in the third quarter valued at about $208,000. Assenagon Asset Management S.A. purchased a new position in shares of Nextracker in the third quarter worth $328,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its stake in shares of Nextracker by 3.4% during the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 16,239 shares of the company’s stock worth $652,000 after buying an additional 541 shares during the period. Arizona State Retirement System grew its holdings in shares of Nextracker by 55.9% during the third quarter. Arizona State Retirement System now owns 14,065 shares of the company’s stock valued at $565,000 after buying an additional 5,046 shares during the last quarter. Finally, Barclays PLC increased its position in shares of Nextracker by 27.8% in the 3rd quarter. Barclays PLC now owns 17,750 shares of the company’s stock valued at $713,000 after acquiring an additional 3,860 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Price Performance

NASDAQ:NXT opened at $53.80 on Wednesday. The stock has a 50 day moving average of $48.49 and a two-hundred day moving average of $49.33. Nextracker Inc. has a 12 month low of $32.14 and a 12 month high of $62.14. The firm has a market cap of $7.35 billion, a P/E ratio of 16.01 and a beta of 2.65. The company has a current ratio of 1.98, a quick ratio of 1.76 and a debt-to-equity ratio of 0.15.

Analysts Set New Price Targets

A number of analysts have commented on NXT shares. Northland Securities cut Nextracker from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $60.00 to $44.00 in a research report on Friday, April 26th. Guggenheim reduced their price target on shares of Nextracker from $73.00 to $60.00 and set a “buy” rating for the company in a research report on Tuesday, April 23rd. JPMorgan Chase & Co. dropped their price objective on shares of Nextracker from $73.00 to $67.00 and set an “overweight” rating on the stock in a report on Thursday, February 29th. Robert W. Baird initiated coverage on shares of Nextracker in a report on Thursday, March 21st. They set an “outperform” rating and a $71.00 target price for the company. Finally, Wells Fargo & Company lowered their price target on shares of Nextracker from $68.00 to $64.00 and set an “overweight” rating on the stock in a report on Wednesday, May 15th. Four analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $58.52.

View Our Latest Analysis on Nextracker

Insider Transactions at Nextracker

In related news, insider Bruce Ledesma sold 12,135 shares of the stock in a transaction on Monday, May 20th. The stock was sold at an average price of $43.91, for a total value of $532,847.85. Following the completion of the transaction, the insider now directly owns 17,387 shares of the company’s stock, valued at approximately $763,463.17. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, COO Nicholas Marco Miller sold 8,355 shares of Nextracker stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total transaction of $440,057.85. Following the transaction, the chief operating officer now owns 11,114 shares in the company, valued at $585,374.38. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Bruce Ledesma sold 12,135 shares of the company’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $43.91, for a total value of $532,847.85. Following the completion of the sale, the insider now owns 17,387 shares of the company’s stock, valued at $763,463.17. The disclosure for this sale can be found here. Insiders have sold 22,639 shares of company stock valued at $1,084,460 over the last ninety days. Insiders own 0.09% of the company’s stock.

Nextracker Company Profile

(Free Report)

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.

Featured Stories

Institutional Ownership by Quarter for Nextracker (NASDAQ:NXT)

Receive News & Ratings for Nextracker Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Nextracker and related companies with MarketBeat.com's FREE daily email newsletter.