Nextracker Inc. $NXT Shares Sold by IFP Advisors Inc

IFP Advisors Inc cut its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 36.7% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 4,921 shares of the company’s stock after selling 2,856 shares during the period. IFP Advisors Inc’s holdings in Nextracker were worth $270,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Wellington Management Group LLP raised its holdings in shares of Nextracker by 56.5% in the 1st quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company’s stock valued at $220,722,000 after purchasing an additional 1,890,445 shares in the last quarter. Encompass Capital Advisors LLC increased its holdings in Nextracker by 72.5% in the first quarter. Encompass Capital Advisors LLC now owns 2,630,114 shares of the company’s stock valued at $110,833,000 after buying an additional 1,105,617 shares during the last quarter. Wedge Capital Management L L P NC acquired a new stake in Nextracker in the second quarter valued at $58,122,000. Nuveen LLC purchased a new stake in Nextracker during the 1st quarter worth about $40,356,000. Finally, T. Rowe Price Investment Management Inc. purchased a new stake in Nextracker during the 1st quarter worth about $38,699,000. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Nextracker

In other news, insider Bruce Ledesma sold 6,980 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $56.24, for a total value of $392,555.20. Following the completion of the sale, 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. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William D. Watkins sold 10,000 shares of the stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total transaction 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 disclosure for this sale can be found here. In the last three months, insiders have sold 32,400 shares of company stock valued at $2,053,385. Company insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Cowen reiterated a “hold” rating on shares of Nextracker in a report on Wednesday, July 30th. Northland Securities reiterated a “market perform” rating on shares of Nextracker in a research note on Wednesday, July 30th. JPMorgan Chase & Co. raised their price objective on shares of Nextracker from $77.00 to $92.00 and gave the stock an “overweight” rating in a report on Thursday. UBS Group upped their target price on shares of Nextracker from $71.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, July 31st. Finally, Northland Capmk lowered shares of Nextracker from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $71.10.

Nextracker Price Performance

NXT stock opened at $87.58 on Friday. The company has a fifty day moving average price of $70.57 and a 200 day moving average price of $59.22. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $93.90. The company has a market cap of $12.96 billion, a price-to-earnings ratio of 23.86, a price-to-earnings-growth ratio of 2.31 and a beta of 2.27.

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.