Goodlander Investment Management LLC Takes $19 Million Position in Nextracker Inc. (NASDAQ:NXT)

Goodlander Investment Management LLC bought a new stake in Nextracker Inc. (NASDAQ:NXT) in the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 520,000 shares of the company’s stock, valued at approximately $18,996,000. Nextracker accounts for 14.3% of Goodlander Investment Management LLC’s holdings, making the stock its 3rd largest holding. Goodlander Investment Management LLC owned 0.36% of Nextracker at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Gotham Asset Management LLC acquired a new position in Nextracker during the fourth quarter worth $3,082,000. Graham Capital Management L.P. bought a new stake in shares of Nextracker during the fourth quarter worth about $230,000. Encompass Capital Advisors LLC acquired a new stake in shares of Nextracker in the 4th quarter worth about $55,690,000. Deutsche Bank AG lifted its position in Nextracker by 12.8% in the 4th quarter. Deutsche Bank AG now owns 2,152,084 shares of the company’s stock valued at $78,616,000 after acquiring an additional 244,725 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new position in Nextracker during the 4th quarter valued at about $227,000. 67.41% of the stock is owned by institutional investors.

Insider Activity

In related news, insider Bruce Ledesma sold 9,891 shares of the 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 sale, the insider now owns 132,374 shares of the company’s stock, valued at approximately $6,095,822.70. This represents a 6.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.27% of the company’s stock.

Wall Street Analysts Forecast Growth

NXT has been the topic of a number of recent research reports. Guggenheim raised their target price on Nextracker from $50.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. Barclays dropped their price objective on Nextracker from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. Piper Sandler set a $49.00 target price on shares of Nextracker in a research note on Monday, April 21st. BNP Paribas raised shares of Nextracker to a “strong-buy” rating in a research report on Wednesday, January 29th. Finally, The Goldman Sachs Group upped their price objective on shares of Nextracker from $54.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $55.70.

Nextracker Price Performance

NASDAQ NXT opened at $46.51 on Friday. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. The company has a market cap of $6.77 billion, a PE ratio of 11.83 and a beta of 2.03. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $62.31. The firm’s 50-day simple moving average is $42.09 and its two-hundred day simple moving average is $41.18.

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.