Tenzing Global Management LLC Has $7.67 Million Position in Nextracker Inc. (NASDAQ:NXT)

Tenzing Global Management LLC lifted its position in Nextracker Inc. (NASDAQ:NXT) by 600.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 210,000 shares of the company’s stock after purchasing an additional 180,000 shares during the quarter. Nextracker comprises approximately 5.7% of Tenzing Global Management LLC’s portfolio, making the stock its 7th largest holding. Tenzing Global Management LLC owned approximately 0.14% of Nextracker worth $7,671,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Allworth Financial LP raised its stake in shares of Nextracker by 52.4% during the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after acquiring an additional 276 shares in the last quarter. Sterling Capital Management LLC grew its stake in shares of Nextracker by 448.9% during the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock valued at $47,000 after buying an additional 1,055 shares during the last quarter. Millstone Evans Group LLC purchased a new position in shares of Nextracker in the fourth quarter worth about $48,000. Principal Securities Inc. grew its position in Nextracker by 41.8% during the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock worth $51,000 after acquiring an additional 410 shares during the last quarter. Finally, Quadrant Capital Group LLC increased its stake in Nextracker by 92.5% in the 4th quarter. Quadrant Capital Group LLC now owns 1,817 shares of the company’s stock worth $66,000 after purchasing an additional 873 shares during the period. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Insider Buying and Selling

In other news, insider Bruce Ledesma sold 27,453 shares of Nextracker 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 transaction, the insider now directly owns 120,972 shares in the company, valued at approximately $7,278,885.24. This trade represents a 18.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Howard Wenger sold 6,066 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $333,630.00. Following the completion of the sale, the president now directly owns 219,389 shares in the company, valued at approximately $12,066,395. This represents a 2.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 43,320 shares of company stock valued at $2,524,532 over the last quarter. Corporate insiders own 0.27% of the company’s stock.

Nextracker Stock Down 3.7%

Shares of Nextracker stock opened at $59.31 on Friday. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $63.19. The firm has a market cap of $8.64 billion, a price-to-earnings ratio of 15.09 and a beta of 2.03. The company has a 50-day moving average of $43.44 and a 200 day moving average of $42.08. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. JPMorgan Chase & Co. increased their price objective on Nextracker from $58.00 to $61.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. UBS Group increased their price target on shares of Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. Piper Sandler set a $49.00 price target on shares of Nextracker in a report on Monday, April 21st. Northland Securities reaffirmed an “outperform” rating and set a $55.00 price objective (up from $48.00) on shares of Nextracker in a research note on Wednesday, January 29th. Finally, Barclays increased their target price on shares of Nextracker from $58.00 to $64.00 and gave the stock an “overweight” rating in a report on Friday. Five analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $59.90.

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.