Lisanti Capital Growth LLC Decreases Stock Holdings in Nextracker Inc. (NASDAQ:NXT)

Lisanti Capital Growth LLC reduced its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 38.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 78,900 shares of the company’s stock after selling 49,160 shares during the quarter. Lisanti Capital Growth LLC’s holdings in Nextracker were worth $3,696,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in NXT. Moody Aldrich Partners LLC increased its position in Nextracker by 117.0% during the 4th quarter. Moody Aldrich Partners LLC now owns 134,357 shares of the company’s stock valued at $6,295,000 after buying an additional 72,441 shares in the last quarter. Federated Hermes Inc. boosted its position in Nextracker by 113.9% during the fourth quarter. Federated Hermes Inc. now owns 230,186 shares of the company’s stock worth $10,784,000 after purchasing an additional 122,554 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in Nextracker by 330.2% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 388,364 shares of the company’s stock worth $18,195,000 after purchasing an additional 298,088 shares in the last quarter. Alps Advisors Inc. increased its stake in Nextracker by 43.8% during the third quarter. Alps Advisors Inc. now owns 188,457 shares of the company’s stock worth $7,568,000 after acquiring an additional 57,371 shares during the last quarter. Finally, Rhumbline Advisers increased its stake in Nextracker by 61.6% during the third quarter. Rhumbline Advisers now owns 68,440 shares of the company’s stock worth $2,749,000 after acquiring an additional 26,092 shares during the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Leah Schlesinger sold 2,149 shares of the company’s stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total value of $111,554.59. Following the sale, the insider now owns 11,910 shares in the company, valued at approximately $618,248.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, COO Nicholas Marco Miller sold 8,355 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total value of $440,057.85. Following the sale, the chief operating officer now owns 11,114 shares of the company’s stock, valued at approximately $585,374.38. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Leah Schlesinger sold 2,149 shares of the company’s stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $51.91, for a total value of $111,554.59. Following the completion of the sale, the insider now directly owns 11,910 shares in the company, valued at approximately $618,248.10. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on NXT shares. Guggenheim cut their target price on Nextracker from $73.00 to $60.00 and set a “buy” rating for the company in a research note on Tuesday, April 23rd. Wells Fargo & Company lifted their price objective on Nextracker from $57.00 to $68.00 and gave the company an “overweight” rating in a research note on Thursday, February 1st. Mizuho dropped their price objective on Nextracker from $64.00 to $59.00 and set a “buy” rating for the company in a research note on Friday, April 19th. Bank of America lifted their price objective on Nextracker from $53.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. Finally, Barclays cut Nextracker from an “overweight” rating to an “equal weight” rating and lifted their price objective for the company from $55.00 to $63.00 in a research note on Tuesday, April 2nd. Four equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.17.

Nextracker Trading Up 1.7 %

Shares of NXT traded up $0.79 during mid-day trading on Monday, hitting $46.89. The company’s stock had a trading volume of 1,852,686 shares, compared to its average volume of 4,058,541. The firm has a 50-day simple moving average of $52.35 and a 200 day simple moving average of $47.37. Nextracker Inc. has a 1-year low of $30.69 and a 1-year high of $62.14. The firm has a market capitalization of $6.40 billion, a P/E ratio of 25.07, a P/E/G ratio of 0.40 and a beta of 2.42.

Nextracker Company Profile

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.