Nextracker Inc. $NXT Shares Sold by Jennison Associates LLC

Jennison Associates LLC lessened its stake in Nextracker Inc. (NASDAQ:NXT) by 61.8% during the second quarter, HoldingsChannel.com reports. The firm owned 9,278 shares of the company’s stock after selling 15,029 shares during the period. Jennison Associates LLC’s holdings in Nextracker were worth $504,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Cullen Frost Bankers Inc. raised its stake in Nextracker by 122.3% during the second quarter. Cullen Frost Bankers Inc. now owns 589 shares of the company’s stock worth $32,000 after acquiring an additional 324 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in shares of Nextracker by 703.7% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company’s stock valued at $28,000 after purchasing an additional 577 shares during the period. Summit Securities Group LLC increased its stake in shares of Nextracker by 796.0% in the first quarter. Summit Securities Group LLC now owns 905 shares of the company’s stock valued at $38,000 after purchasing an additional 804 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Nextracker in the first quarter valued at approximately $40,000. Finally, Quarry LP increased its stake in shares of Nextracker by 438.5% in the first quarter. Quarry LP now owns 1,917 shares of the company’s stock valued at $81,000 after purchasing an additional 1,561 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Stock Performance

Nextracker stock opened at $101.22 on Friday. The firm has a market cap of $14.98 billion, a price-to-earnings ratio of 26.29, a price-to-earnings-growth ratio of 2.52 and a beta of 2.27. Nextracker Inc. has a 1 year low of $33.29 and a 1 year high of $104.41. The firm’s 50 day moving average price is $78.02 and its two-hundred day moving average price is $63.72.

Analysts Set New Price Targets

Several brokerages have commented on NXT. Deutsche Bank Aktiengesellschaft set a $99.00 price target on shares of Nextracker and gave the company a “buy” rating in a research note on Friday, October 24th. Roth Capital set a $120.00 price objective on shares of Nextracker in a research note on Friday, October 24th. Mizuho set a $76.00 price objective on shares of Nextracker in a research note on Monday, October 20th. Northland Securities reiterated a “market perform” rating on shares of Nextracker in a research note on Wednesday, July 30th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Nextracker in a research note on Wednesday, October 8th. One investment 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 stock. Based on data from MarketBeat, Nextracker has an average rating of “Moderate Buy” and a consensus price target of $94.05.

Insider Buying and Selling at Nextracker

In other Nextracker news, CFO Charles D. Boynton sold 4,500 shares of Nextracker stock in a transaction that occurred on 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 in the company, valued at approximately $19,830,915.39. The trade was a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Bruce Ledesma sold 6,980 shares of Nextracker stock in a transaction that occurred on 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. This trade represents a 3.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 32,400 shares of company stock worth $2,053,385. 0.56% of the stock is owned by corporate insiders.

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.