Redwood Investment Management LLC Invests $210,000 in Nextracker Inc. $NXT

Redwood Investment Management LLC acquired a new stake in Nextracker Inc. (NASDAQ:NXT) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 4,973 shares of the company’s stock, valued at approximately $210,000.

Several other hedge funds have also recently bought and sold shares of NXT. Northwestern Mutual Wealth Management Co. boosted its holdings in Nextracker by 703.7% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company’s stock valued at $28,000 after acquiring an additional 577 shares during the period. Summit Securities Group LLC increased its stake in Nextracker by 796.0% during the first quarter. Summit Securities Group LLC now owns 905 shares of the company’s stock worth $38,000 after purchasing an additional 804 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Nextracker during the first quarter worth about $40,000. Fifth Third Bancorp lifted its position in shares of Nextracker by 27.5% during the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company’s stock worth $51,000 after purchasing an additional 260 shares in the last quarter. Finally, Virtus Fund Advisers LLC purchased a new position in shares of Nextracker in the fourth quarter valued at approximately $47,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Trading Down 1.3%

Shares of NXT opened at $67.69 on Thursday. The firm has a market capitalization of $10.02 billion, a price-to-earnings ratio of 18.44, a PEG ratio of 1.59 and a beta of 2.25. The firm’s fifty day simple moving average is $60.94 and its 200-day simple moving average is $52.05. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $70.14.

Analyst Ratings Changes

Several brokerages recently weighed in on NXT. Guggenheim raised shares of Nextracker from a “neutral” rating to a “buy” rating and set a $74.00 target price on the stock in a research note on Monday, August 18th. UBS Group boosted their price target on shares of Nextracker from $71.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, July 31st. Fox Advisors lowered Nextracker from an “overweight” rating to an “equal weight” rating in a research report on Thursday, May 15th. BMO Capital Markets increased their price objective on Nextracker from $51.00 to $59.00 and gave the company a “market perform” rating in a research note on Thursday, May 15th. Finally, TD Cowen lifted their target price on Nextracker from $55.00 to $65.00 and gave the company a “hold” rating in a report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Nextracker presently has an average rating of “Moderate Buy” and an average price target of $65.00.

Insiders Place Their Bets

In other news, insider Bruce Ledesma sold 6,980 shares of the company’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 transaction, the insider directly owned 195,790 shares of the company’s stock, valued at approximately $11,011,229.60. This represents a 3.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Howard Wenger sold 5,703 shares of the stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $70.00, for a total value of $399,210.00. Following the completion of the transaction, the president owned 414,256 shares in the company, valued at approximately $28,997,920. The trade was a 1.36% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 103,261 shares of company stock worth $6,181,028. 0.56% of the stock is owned by corporate 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.