Asset Management One Co. Ltd. Decreases Stake in Nextracker Inc. $NXT

Asset Management One Co. Ltd. reduced its stake in Nextracker Inc. (NASDAQ:NXT) by 13.7% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 74,296 shares of the company’s stock after selling 11,809 shares during the quarter. Asset Management One Co. Ltd. owned about 0.05% of Nextracker worth $4,039,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of NXT. GAMMA Investing LLC increased its holdings in Nextracker by 189.8% in the 1st quarter. GAMMA Investing LLC now owns 2,736 shares of the company’s stock worth $115,000 after buying an additional 1,792 shares during the period. Cambridge Investment Research Advisors Inc. acquired a new position in Nextracker in the 1st quarter worth approximately $210,000. Robeco Institutional Asset Management B.V. acquired a new position in Nextracker in the 1st quarter worth approximately $5,931,000. Allspring Global Investments Holdings LLC increased its holdings in Nextracker by 51.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 19,735 shares of the company’s stock worth $850,000 after buying an additional 6,693 shares during the period. Finally, KBC Group NV grew its stake in shares of 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 period. Institutional investors and hedge funds own 67.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Citigroup raised shares of Nextracker from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $66.00 to $114.00 in a research note on Tuesday, October 21st. Royal Bank Of Canada lifted their price target on shares of Nextracker from $92.00 to $93.00 and gave the company an “outperform” rating in a research note on Friday. Bank of America raised their price objective on Nextracker from $66.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, July 30th. Roth Capital set a $120.00 price objective on Nextracker in a report on Friday. Finally, Deutsche Bank Aktiengesellschaft set a $99.00 price target on Nextracker and gave the stock a “buy” rating in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, Nextracker presently has an average rating of “Moderate Buy” and a consensus target price of $92.14.

Insider Buying and Selling at Nextracker

In other news, President Howard Wenger sold 5,703 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $28,997,920. This trade represents a 1.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Bruce Ledesma sold 6,980 shares of the business’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $56.24, for a total value of $392,555.20. Following 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 32,400 shares of company stock worth $2,053,385. 0.56% of the stock is owned by company insiders.

Nextracker Trading Down 1.6%

Shares of NASDAQ:NXT opened at $97.00 on Wednesday. The business has a 50-day moving average price of $75.94 and a 200 day moving average price of $62.45. The company has a market capitalization of $14.35 billion, a price-to-earnings ratio of 25.19, a PEG ratio of 2.46 and a beta of 2.27. Nextracker Inc. has a 12-month low of $31.18 and a 12-month high of $101.98.

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.