Encompass Capital Advisors LLC Makes New Investment in Nextracker Inc. (NASDAQ:NXT)

Encompass Capital Advisors LLC purchased a new stake in shares of Nextracker Inc. (NASDAQ:NXT) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 1,524,497 shares of the company’s stock, valued at approximately $55,690,000. Nextracker accounts for about 2.1% of Encompass Capital Advisors LLC’s portfolio, making the stock its 13th largest position.

Several other institutional investors have also modified their holdings of the company. Allworth Financial LP increased its holdings in Nextracker by 52.4% during the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after acquiring an additional 276 shares in the last quarter. Sterling Capital Management LLC increased its stake in shares of Nextracker by 448.9% during the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock worth $47,000 after purchasing an additional 1,055 shares in the last quarter. Millstone Evans Group LLC acquired a new position in shares of Nextracker during the 4th quarter worth approximately $48,000. Principal Securities Inc. raised its position in shares of Nextracker by 41.8% during the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock worth $51,000 after purchasing an additional 410 shares during the last quarter. Finally, Quadrant Capital Group LLC lifted its stake in Nextracker by 92.5% in the 4th quarter. Quadrant Capital Group LLC now owns 1,817 shares of the company’s stock valued at $66,000 after buying an additional 873 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Truist Financial cut their price target on Nextracker from $56.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, April 17th. BMO Capital Markets upped their target price on shares of Nextracker from $48.00 to $50.00 and gave the company a “market perform” rating in a report on Wednesday, January 29th. JPMorgan Chase & Co. raised their price target on shares of Nextracker from $58.00 to $61.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. BNP Paribas raised shares of Nextracker to a “strong-buy” rating in a research note on Wednesday, January 29th. Finally, Barclays lowered their target price on shares of Nextracker from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. Three research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $55.70.

Nextracker Price Performance

NXT opened at $44.60 on Friday. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $62.31. The company has a 50 day moving average of $42.02 and a two-hundred day moving average of $41.08. The company has a market cap of $6.49 billion, a P/E ratio of 11.35 and a beta of 2.03. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10.

Insider Buying and Selling

In other Nextracker news, insider Bruce Ledesma sold 9,891 shares of the business’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $46.05, for a total transaction of $455,480.55. Following the transaction, the insider now owns 132,374 shares in the company, valued at $6,095,822.70. The trade was a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.27% of the stock is owned by corporate insiders.

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.