Graham Capital Management L.P. Makes New Investment in Nextracker Inc. (NASDAQ:NXT)

Graham Capital Management L.P. acquired a new position in shares of Nextracker Inc. (NASDAQ:NXT) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 6,295 shares of the company’s stock, valued at approximately $230,000.

Other large investors have also made changes to their positions in the company. Allworth Financial LP raised its stake in shares of Nextracker by 52.4% in the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after buying an additional 276 shares in the last quarter. Sterling Capital Management LLC increased its stake in Nextracker by 448.9% in the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock valued at $47,000 after acquiring an additional 1,055 shares during the period. Millstone Evans Group LLC acquired a new position in Nextracker in the fourth quarter worth about $48,000. Principal Securities Inc. lifted its stake in Nextracker by 41.8% during the fourth 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 period. Finally, Quadrant Capital Group LLC boosted its holdings in Nextracker by 92.5% during the fourth quarter. Quadrant Capital Group LLC now owns 1,817 shares of the company’s stock valued at $66,000 after purchasing an additional 873 shares in the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

Insider Activity

In related news, insider Bruce Ledesma sold 27,453 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $60.17, for a total transaction of $1,651,847.01. Following the completion of the sale, the insider now directly owns 120,972 shares of the company’s stock, valued at $7,278,885.24. The trade was a 18.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO David P. Bennett sold 9,801 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total transaction of $539,055.00. Following the completion of the transaction, the chief accounting officer now owns 124,615 shares in the company, valued at $6,853,825. This represents a 7.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 43,320 shares of company stock valued at $2,524,532. Company insiders own 0.27% of the company’s stock.

Nextracker Stock Performance

NXT stock opened at $59.31 on Monday. The company has a 50 day moving average price of $43.44 and a 200 day moving average price of $42.10. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $63.19. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The stock has a market capitalization of $8.64 billion, a PE ratio of 15.09 and a beta of 2.03.

Analyst Ratings Changes

NXT has been the subject of a number of recent research reports. Jefferies Financial Group raised Nextracker from a “hold” rating to a “buy” rating and increased their target price for the stock from $46.00 to $56.00 in a report on Wednesday, January 29th. UBS Group increased their price objective on Nextracker from $60.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. Susquehanna lifted their price objective on Nextracker from $54.00 to $66.00 and gave the company a “positive” rating in a report on Thursday. Guggenheim lowered shares of Nextracker from a “buy” rating to a “neutral” rating in a report on Wednesday, May 14th. Finally, BNP Paribas upgraded shares of Nextracker to a “strong-buy” rating in a research report on Wednesday, January 29th. Five equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $59.90.

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.