KLP Kapitalforvaltning AS Buys 1,700 Shares of Nextracker Inc. $NXT

KLP Kapitalforvaltning AS raised its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 6.0% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 30,095 shares of the company’s stock after purchasing an additional 1,700 shares during the period. KLP Kapitalforvaltning AS’s holdings in Nextracker were worth $1,636,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. New York State Teachers Retirement System raised its position in Nextracker by 18.2% during the 1st quarter. New York State Teachers Retirement System now owns 125,005 shares of the company’s stock worth $5,268,000 after purchasing an additional 19,247 shares during the last quarter. Cambridge Investment Research Advisors Inc. bought a new position in Nextracker during the 1st quarter worth $210,000. Allspring Global Investments Holdings LLC raised its position in Nextracker by 51.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 19,735 shares of the company’s stock worth $850,000 after purchasing an additional 6,693 shares during the last quarter. GAMMA Investing LLC raised its position in Nextracker by 189.8% during the 1st quarter. GAMMA Investing LLC now owns 2,736 shares of the company’s stock worth $115,000 after purchasing an additional 1,792 shares during the last quarter. Finally, KBC Group NV raised its position in Nextracker by 719.8% during the 1st quarter. KBC Group NV now owns 49,908 shares of the company’s stock worth $2,103,000 after purchasing an additional 43,820 shares during the last quarter. 67.41% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on NXT shares. Bank of America increased their price target on Nextracker from $66.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, July 30th. Wells Fargo & Company increased their price target on Nextracker from $71.00 to $72.00 and gave the stock an “overweight” rating in a report on Wednesday, July 30th. Mizuho set a $66.00 price target on Nextracker in a report on Wednesday, July 30th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Nextracker in a report on Wednesday, October 8th. Finally, Wall Street Zen downgraded Nextracker from a “strong-buy” rating to a “buy” rating in a report on Monday, October 6th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $69.15.

Nextracker Price Performance

Shares of NXT opened at $82.80 on Monday. The stock has a 50-day moving average of $67.93 and a 200-day moving average of $58.16. The company has a market cap of $12.25 billion, a PE ratio of 22.56, a P/E/G ratio of 2.57 and a beta of 2.27. Nextracker Inc. has a one year low of $30.93 and a one year high of $86.39.

Insider Transactions at Nextracker

In other Nextracker news, insider Bruce Ledesma sold 6,980 shares of Nextracker 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 owned 195,790 shares in the company, valued at approximately $11,011,229.60. The trade was a 3.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Charles D. Boynton sold 4,500 shares of Nextracker stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $67.21, for a total value of $302,445.00. Following the transaction, the chief financial officer owned 295,059 shares of the company’s stock, valued at $19,830,915.39. This trade represents a 1.50% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,400 shares of company stock valued at $2,053,385. 0.56% of the stock is currently owned by corporate insiders.

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.