Caitong International Asset Management Co. Ltd Makes New $40,000 Investment in Nextracker Inc. $NXT

Caitong International Asset Management Co. Ltd acquired a new position in Nextracker Inc. (NASDAQ:NXT) in the first quarter, Holdings Channel.com reports. The firm acquired 947 shares of the company’s stock, valued at approximately $40,000.

Several other institutional investors have also recently modified their holdings of NXT. New York State Teachers Retirement System raised its holdings in shares of Nextracker by 18.2% during the 1st quarter. New York State Teachers Retirement System now owns 125,005 shares of the company’s stock valued at $5,268,000 after buying an additional 19,247 shares in the last quarter. Cambridge Investment Research Advisors Inc. bought a new stake in shares of Nextracker in the 1st quarter valued at about $210,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Nextracker by 51.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 19,735 shares of the company’s stock valued at $850,000 after acquiring an additional 6,693 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Nextracker by 189.8% in the 1st quarter. GAMMA Investing LLC now owns 2,736 shares of the company’s stock valued at $115,000 after acquiring an additional 1,792 shares during the last quarter. Finally, KBC Group NV lifted its stake in shares of Nextracker by 719.8% in the 1st quarter. KBC Group NV now owns 49,908 shares of the company’s stock valued at $2,103,000 after acquiring an additional 43,820 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

NXT has been the subject of a number of recent research reports. Wall Street Zen raised Nextracker from a “buy” rating to a “strong-buy” rating in a research note on Sunday, August 3rd. Piper Sandler reissued an “overweight” rating on shares of Nextracker in a research note on Thursday, May 15th. Truist Financial boosted their target price on Nextracker from $49.00 to $65.00 and gave the company an “overweight” rating in a research note on Thursday, May 15th. Northland Securities reaffirmed a “market perform” rating on shares of Nextracker in a research report on Wednesday, July 30th. Finally, The Goldman Sachs Group upped their price target on Nextracker from $61.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday, May 15th. Ten research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $64.37.

Insider Buying and Selling

In related news, Director William D. Watkins sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total value of $567,900.00. Following the sale, the director owned 7,666 shares in the company, valued at $435,352.14. This represents a 56.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Nicholas Marco Miller sold 5,588 shares of the company’s stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $57.32, for a total value of $320,304.16. Following the completion of the sale, the chief operating officer owned 170,000 shares in the company, valued at $9,744,400. The trade was a 3.18% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 184,136 shares of company stock worth $10,605,803. 0.56% of the stock is currently owned by corporate insiders.

Nextracker Stock Up 12.2%

Nextracker stock opened at $60.58 on Monday. The company has a market capitalization of $8.96 billion, a P/E ratio of 16.51, a PEG ratio of 1.41 and a beta of 2.25. The stock’s 50 day moving average is $59.75 and its 200 day moving average is $51.05. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $67.87.

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.