Renaissance Capital LLC Sells 8,578 Shares of Nextracker Inc. (NASDAQ:NXT)

Renaissance Capital LLC reduced its stake in Nextracker Inc. (NASDAQ:NXT) by 5.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 151,201 shares of the company’s stock after selling 8,578 shares during the period. Nextracker comprises approximately 4.9% of Renaissance Capital LLC’s investment portfolio, making the stock its 7th largest position. Renaissance Capital LLC owned 0.10% of Nextracker worth $6,372,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in Nextracker by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 13,843,997 shares of the company’s stock worth $505,721,000 after buying an additional 243,635 shares during the period. Invesco Ltd. lifted its position in shares of Nextracker by 52.2% in the 4th quarter. Invesco Ltd. now owns 3,874,875 shares of the company’s stock worth $141,549,000 after purchasing an additional 1,329,456 shares during the period. Sachem Head Capital Management LP lifted its position in shares of Nextracker by 4.3% in the 4th quarter. Sachem Head Capital Management LP now owns 2,977,500 shares of the company’s stock worth $108,768,000 after purchasing an additional 122,500 shares during the period. Norges Bank acquired a new position in shares of Nextracker in the 4th quarter worth approximately $106,166,000. Finally, Handelsbanken Fonder AB lifted its position in shares of Nextracker by 36.0% in the 4th quarter. Handelsbanken Fonder AB now owns 2,278,217 shares of the company’s stock worth $83,223,000 after purchasing an additional 602,600 shares during the period. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Nextracker

In related news, CAO David P. Bennett sold 9,801 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 $539,055.00. Following the transaction, the chief accounting officer now directly owns 124,615 shares of the company’s stock, valued at approximately $6,853,825. The trade was a 7.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 transaction, 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 sold a total of 129,898 shares of company stock worth $7,348,516 in the last three months. 0.27% of the stock is currently owned by company insiders.

Nextracker Price Performance

Shares of NASDAQ:NXT opened at $58.92 on Friday. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $63.19. The business has a 50-day simple moving average of $47.24 and a two-hundred day simple moving average of $43.86. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. The firm has a market cap of $8.62 billion, a price-to-earnings ratio of 14.99 and a beta of 2.39.

Analyst Ratings Changes

A number of research analysts have recently issued reports on NXT shares. TD Cowen boosted their price target on shares of Nextracker from $47.00 to $55.00 and gave the stock a “hold” rating in a research report on Thursday, May 15th. Royal Bank of Canada started coverage on shares of Nextracker in a research report on Monday, March 17th. They issued an “outperform” rating and a $55.00 price target on the stock. Roth Capital restated a “buy” rating and issued a $70.00 price target (up previously from $55.00) on shares of Nextracker in a research report on Thursday, May 15th. Truist Financial boosted their target price on shares of Nextracker from $49.00 to $65.00 and gave the company an “overweight” rating in a research report on Thursday, May 15th. Finally, Fox Advisors downgraded shares of Nextracker from an “overweight” rating to an “equal weight” rating in a research report on Thursday, May 15th. Five analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Nextracker has a consensus rating of “Moderate Buy” and a consensus price target of $60.33.

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.