Aberdeen Group plc Has $3.80 Million Position in Nextracker Inc. $NXT

Aberdeen Group plc cut its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 6.6% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 90,210 shares of the company’s stock after selling 6,421 shares during the period. Aberdeen Group plc’s holdings in Nextracker were worth $3,801,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NXT. Caitong International Asset Management Co. Ltd acquired a new position in shares of Nextracker in the first quarter worth $40,000. Fifth Third Bancorp grew its stake in Nextracker by 27.5% in the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company’s stock valued at $51,000 after purchasing an additional 260 shares in the last quarter. Sterling Capital Management LLC increased its position in Nextracker by 448.9% in the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock worth $47,000 after purchasing an additional 1,055 shares during the last quarter. Virtus Fund Advisers LLC purchased a new stake in shares of Nextracker during the 4th quarter worth about $47,000. Finally, UMB Bank n.a. raised its stake in shares of Nextracker by 127.2% during the 1st quarter. UMB Bank n.a. now owns 1,504 shares of the company’s stock worth $63,000 after purchasing an additional 842 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Analyst Upgrades and Downgrades

NXT has been the subject of several recent research reports. Barclays reissued an “overweight” rating and issued a $69.00 price target (up previously from $64.00) on shares of Nextracker in a research note on Thursday, July 31st. Guggenheim upgraded shares of Nextracker from a “neutral” rating to a “buy” rating and set a $74.00 price target on the stock in a research note on Monday. Piper Sandler reaffirmed an “overweight” rating on shares of Nextracker in a research note on Thursday, May 15th. Zacks Research upgraded shares of Nextracker to a “hold” rating in a report on Tuesday, August 12th. Finally, Wall Street Zen upgraded Nextracker from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $65.00.

Insiders Place Their Bets

In other Nextracker news, Director William D. Watkins sold 10,000 shares of the firm’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 of the company’s stock, valued at $435,352.14. This trade represents a 56.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, President Howard Wenger sold 5,703 shares of Nextracker stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $70.00, for a total value of $399,210.00. Following the completion of the transaction, the president directly owned 414,256 shares in the company, valued at approximately $28,997,920. This represents a 1.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 189,839 shares of company stock worth $11,005,013 in the last 90 days. 0.56% of the stock is owned by company insiders.

Nextracker Price Performance

Nextracker stock opened at $66.13 on Thursday. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $70.14. The firm has a fifty day moving average price of $60.19 and a two-hundred day moving average price of $51.38. The firm has a market cap of $9.78 billion, a price-to-earnings ratio of 18.02, a P/E/G ratio of 1.55 and a beta of 2.25.

Nextracker Company 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.