Edgestream Partners L.P. Has $2.38 Million Stock Position in Nextracker Inc. (NASDAQ:NXT)

Edgestream Partners L.P. increased its position in shares of Nextracker Inc. (NASDAQ:NXT) by 21.8% in the first quarter, Holdings Channel.com reports. The institutional investor owned 56,382 shares of the company’s stock after buying an additional 10,094 shares during the period. Edgestream Partners L.P.’s holdings in Nextracker were worth $2,376,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. CWM LLC raised its position in shares of Nextracker by 456.9% in the first quarter. CWM LLC now owns 5,497 shares of the company’s stock valued at $232,000 after purchasing an additional 4,510 shares during the period. Louisiana State Employees Retirement System increased its holdings in shares of Nextracker by 1.0% in the 1st quarter. Louisiana State Employees Retirement System now owns 40,300 shares of the company’s stock worth $1,698,000 after buying an additional 400 shares during the last quarter. Xponance Inc. grew its holdings in shares of Nextracker by 5.2% during the 1st quarter. Xponance Inc. now owns 21,962 shares of the company’s stock valued at $925,000 after purchasing an additional 1,090 shares during the last quarter. Sage Rhino Capital LLC purchased a new stake in Nextracker during the 1st quarter valued at $212,000. Finally, Robeco Schweiz AG boosted its position in Nextracker by 63.7% during the 1st quarter. Robeco Schweiz AG now owns 990,591 shares of the company’s stock valued at $41,744,000 after buying an additional 385,291 shares during the period. 67.41% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on NXT. Roth Capital reissued a “buy” rating and set a $70.00 price target (up from $55.00) on shares of Nextracker in a research report on Thursday, May 15th. BMO Capital Markets lifted their price target on shares of Nextracker from $51.00 to $59.00 and gave the company a “market perform” rating in a report on Thursday, May 15th. Robert W. Baird boosted their target price on shares of Nextracker from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, July 8th. Truist Financial boosted their price target on shares of Nextracker from $49.00 to $65.00 and gave the stock an “overweight” rating in a research report on Thursday, May 15th. Finally, Susquehanna boosted their price objective on shares of Nextracker from $54.00 to $66.00 and gave the company a “positive” rating in a research report on Thursday, May 15th. Six 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 company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $61.57.

Insider Transactions at Nextracker

In related news, insider Bruce Ledesma sold 83,561 shares of Nextracker stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $55.71, for a total transaction of $4,655,183.31. Following the transaction, the insider owned 195,790 shares in the company, valued at approximately $10,907,460.90. The trade was a 29.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Nicholas Marco Miller sold 69,774 shares of the business’s stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $59.65, for a total transaction of $4,162,019.10. Following the completion of the sale, the chief operating officer owned 175,216 shares in the company, valued at approximately $10,451,634.40. This trade represents a 28.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 210,476 shares of company stock worth $12,169,880 in the last three months. Insiders own 0.56% of the company’s stock.

Nextracker Stock Performance

Shares of NXT opened at $60.48 on Friday. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $67.87. The stock has a 50 day moving average price of $58.65 and a two-hundred day moving average price of $48.49. The firm has a market capitalization of $8.85 billion, a P/E ratio of 17.43, a P/E/G ratio of 1.58 and a beta of 2.25.

Nextracker Company Profile

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.