Convergence Investment Partners LLC Makes New $864,000 Investment in Nextracker Inc. $NXT

Convergence Investment Partners LLC acquired a new position in shares of Nextracker Inc. (NASDAQ:NXT) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 15,898 shares of the company’s stock, valued at approximately $864,000.

Several other large investors also recently bought and sold shares of the company. Nisa Investment Advisors LLC increased its stake in Nextracker by 101.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 5,579 shares of the company’s stock worth $303,000 after buying an additional 2,811 shares in the last quarter. Pinnacle Wealth Management Group Inc. purchased a new stake in shares of Nextracker in the second quarter valued at approximately $335,000. Lazard Freres Gestion S.A.S. grew its position in shares of Nextracker by 41.5% in the second quarter. Lazard Freres Gestion S.A.S. now owns 9,550 shares of the company’s stock valued at $519,000 after purchasing an additional 2,800 shares in the last quarter. First Citizens Bank & Trust Co. purchased a new stake in shares of Nextracker in the second quarter valued at approximately $474,000. Finally, Ethic Inc. grew its position in shares of Nextracker by 65.1% in the second quarter. Ethic Inc. now owns 8,469 shares of the company’s stock valued at $494,000 after purchasing an additional 3,339 shares in the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Nextracker Stock Performance

NXT opened at $98.55 on Tuesday. Nextracker Inc. has a one year low of $31.18 and a one year high of $101.98. The stock has a market capitalization of $14.58 billion, a PE ratio of 25.60, a P/E/G ratio of 2.45 and a beta of 2.27. The business’s 50 day moving average price is $75.33 and its 200 day moving average price is $62.03.

Insider Transactions at Nextracker

In other Nextracker news, President Howard Wenger sold 5,703 shares of the company’s stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $70.00, for a total transaction of $399,210.00. Following the transaction, the president directly owned 414,256 shares in the company, valued at $28,997,920. This represents a 1.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bruce Ledesma sold 6,980 shares of the company’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $56.24, for a total value of $392,555.20. Following the transaction, the insider owned 195,790 shares in the company, valued at $11,011,229.60. This trade represents a 3.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,400 shares of company stock valued at $2,053,385 over the last three months. 0.56% of the stock is currently owned by company insiders.

Analyst Ratings Changes

NXT has been the subject of a number of analyst reports. Susquehanna upped their price target on Nextracker from $76.00 to $100.00 and gave the company a “positive” rating in a research report on Monday, October 13th. Northland Capmk lowered Nextracker from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 30th. Deutsche Bank Aktiengesellschaft set a $99.00 price target on Nextracker and gave the company a “buy” rating in a research report on Friday. Zacks Research upgraded Nextracker to a “hold” rating in a research report on Tuesday, August 12th. Finally, Guggenheim set a $74.00 price objective on Nextracker in a report on Wednesday, October 22nd. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $90.38.

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.