Assenagon Asset Management S.A. Sells 1,147 Shares of Nextracker Inc. (NASDAQ:NXT)

Assenagon Asset Management S.A. decreased its holdings in Nextracker Inc. (NASDAQ:NXT) by 2.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 55,043 shares of the company’s stock after selling 1,147 shares during the period. Assenagon Asset Management S.A.’s holdings in Nextracker were worth $2,320,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank bought a new stake in Nextracker in the fourth quarter worth about $106,166,000. Encompass Capital Advisors LLC bought a new stake in Nextracker in the fourth quarter worth about $55,690,000. Invesco Ltd. lifted its stake in Nextracker by 52.2% in the fourth quarter. Invesco Ltd. now owns 3,874,875 shares of the company’s stock worth $141,549,000 after purchasing an additional 1,329,456 shares during the last quarter. Balyasny Asset Management L.P. lifted its stake in Nextracker by 8,408.5% in the fourth quarter. Balyasny Asset Management L.P. now owns 837,067 shares of the company’s stock worth $30,578,000 after purchasing an additional 827,229 shares during the last quarter. Finally, Robeco Schweiz AG bought a new stake in Nextracker in the fourth quarter worth about $22,112,000. Institutional investors own 67.41% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on NXT. Barclays raised their target price on shares of Nextracker from $58.00 to $64.00 and gave the stock an “overweight” rating in a research report on Friday, May 16th. Roth Capital reaffirmed a “buy” rating and set a $70.00 target price (up from $55.00) on shares of Nextracker in a research report on Thursday, May 15th. Bank of America lifted their price objective on shares of Nextracker from $55.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, May 15th. Truist Financial lifted their price objective on shares of Nextracker from $49.00 to $65.00 and gave the company an “overweight” rating in a report on Thursday, May 15th. Finally, Guggenheim lowered shares of Nextracker from a “buy” rating to a “neutral” rating in a report on Wednesday, May 14th. Five equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $60.33.

Nextracker Trading Up 0.1%

Shares of NXT stock opened at $60.75 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The company has a market cap of $8.89 billion, a price-to-earnings ratio of 15.46 and a beta of 2.39. The stock has a 50 day simple moving average of $49.73 and a 200-day simple moving average of $44.81. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $63.19.

Insider Activity at Nextracker

In other Nextracker news, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $333,630.00. Following the completion of the sale, the president now directly owns 219,389 shares in the company, valued at $12,066,395. This represents a 2.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO David P. Bennett sold 9,801 shares of the company’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total value of $539,055.00. Following the completion of the sale, the chief accounting officer now owns 124,615 shares of the company’s stock, valued at approximately $6,853,825. The trade was a 7.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 199,672 shares of company stock valued at $11,510,536. 0.27% of the stock is owned by insiders.

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.