Bryce Point Capital LLC Acquires Shares of 18,358 Nextracker Inc. $NXT

Bryce Point Capital LLC acquired a new stake in Nextracker Inc. (NASDAQ:NXT) during the second quarter, Holdings Channel reports. The fund acquired 18,358 shares of the company’s stock, valued at approximately $998,000. Nextracker accounts for approximately 0.8% of Bryce Point Capital LLC’s investment portfolio, making the stock its 12th largest position.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its holdings in Nextracker by 3.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,138,496 shares of the company’s stock valued at $61,900,000 after purchasing an additional 35,642 shares in the last quarter. State of Michigan Retirement System lifted its holdings in Nextracker by 0.6% in the 2nd quarter. State of Michigan Retirement System now owns 34,600 shares of the company’s stock valued at $1,881,000 after purchasing an additional 200 shares in the last quarter. Tredje AP fonden lifted its holdings in Nextracker by 4.9% in the 2nd quarter. Tredje AP fonden now owns 11,351 shares of the company’s stock valued at $617,000 after purchasing an additional 533 shares in the last quarter. Versor Investments LP purchased a new position in Nextracker in the 2nd quarter valued at $1,398,000. Finally, Virtus Family Office LLC purchased a new position in Nextracker in the 2nd quarter valued at $1,650,000. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextracker Stock Up 0.3%

NASDAQ NXT opened at $101.50 on Tuesday. The business’s fifty day simple moving average is $78.70 and its 200-day simple moving average is $64.32. The firm has a market cap of $15.02 billion, a PE ratio of 26.36, a P/E/G ratio of 2.52 and a beta of 2.30. Nextracker Inc. has a 52 week low of $33.29 and a 52 week high of $106.90.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on NXT. Robert W. Baird set a $100.00 price objective on Nextracker in a report on Friday. BMO Capital Markets raised their price objective on Nextracker from $89.00 to $93.00 and gave the company a “market perform” rating in a report on Friday, October 24th. Northland Securities reiterated a “market perform” rating on shares of Nextracker in a report on Wednesday, July 30th. Mizuho set a $76.00 price target on Nextracker in a report on Monday, October 20th. Finally, Jefferies Financial Group lifted their price target on Nextracker from $84.00 to $104.00 and gave the stock a “buy” rating in a report on Friday, October 24th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Nextracker has a consensus rating of “Moderate Buy” and an average target price of $94.05.

Insider Buying and Selling

In related news, insider Bruce Ledesma sold 6,980 shares of the firm’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $56.24, for a total transaction of $392,555.20. Following the completion of the sale, the insider directly owned 195,790 shares of the company’s stock, valued at approximately $11,011,229.60. This trade represents a 3.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Charles D. Boynton sold 4,500 shares of the firm’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $67.21, for a total value of $302,445.00. Following the sale, the chief financial officer directly owned 295,059 shares of the company’s stock, valued at $19,830,915.39. The trade was a 1.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 22,400 shares of company stock valued at $1,485,485. 0.56% of the stock is currently owned by insiders.

Nextracker 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.