UMB Bank n.a. Buys 842 Shares of Nextracker Inc. (NASDAQ:NXT)

UMB Bank n.a. boosted its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 127.2% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,504 shares of the company’s stock after buying an additional 842 shares during the quarter. UMB Bank n.a.’s holdings in Nextracker were worth $63,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Allworth Financial LP boosted its position in Nextracker by 52.4% during the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after purchasing an additional 276 shares during the period. Sterling Capital Management LLC boosted its position in Nextracker by 448.9% during the fourth 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 period. Virtus Fund Advisers LLC bought a new position in Nextracker during the fourth quarter worth about $47,000. Millstone Evans Group LLC bought a new position in Nextracker during the fourth quarter worth about $48,000. Finally, Principal Securities Inc. boosted its position in Nextracker by 41.8% during the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock worth $51,000 after purchasing an additional 410 shares during the period. Institutional investors own 67.41% of the company’s stock.

Nextracker Trading Up 2.2%

Shares of NXT opened at $60.71 on Friday. The company has a market capitalization of $8.88 billion, a P/E ratio of 15.45 and a beta of 2.39. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $63.19. The firm’s 50 day simple moving average is $49.25 and its 200 day simple moving average is $44.59. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96.

Insiders Place Their Bets

In other Nextracker news, COO Nicholas Marco Miller sold 69,774 shares of Nextracker stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $59.65, for a total transaction of $4,162,019.10. Following the transaction, the chief operating officer now directly owns 175,216 shares of the company’s stock, valued at approximately $10,451,634.40. This trade represents a 28.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO David P. Bennett sold 9,801 shares of the firm’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total transaction of $539,055.00. Following the completion of the transaction, the chief accounting officer now owns 124,615 shares in the company, valued at $6,853,825. This represents a 7.29% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 199,672 shares of company stock valued at $11,510,536. 0.27% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on NXT shares. Wall Street Zen upgraded shares of Nextracker from a “hold” rating to a “buy” rating in a research report on Thursday, May 22nd. TD Cowen increased their target price on shares of Nextracker from $47.00 to $55.00 and gave the stock a “hold” rating in a research report on Thursday, May 15th. Fox Advisors downgraded shares of Nextracker from an “overweight” rating to an “equal weight” rating in a report on Thursday, May 15th. Roth Capital reissued a “buy” rating and issued a $70.00 price target (up from $55.00) on shares of Nextracker in a report on Thursday, May 15th. Finally, Piper Sandler reissued an “overweight” rating on shares of Nextracker in a report on Thursday, May 15th. Five research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Nextracker has an average rating of “Moderate Buy” and a consensus price target of $60.33.

About Nextracker

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.