Wealth Enhancement Advisory Services LLC Sells 97,507 Shares of Nextracker Inc. (NASDAQ:NXT)

Wealth Enhancement Advisory Services LLC decreased its stake in Nextracker Inc. (NASDAQ:NXT) by 89.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,115 shares of the company’s stock after selling 97,507 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Nextracker were worth $468,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Oppenheimer & Co. Inc. acquired a new position in Nextracker in the 4th quarter valued at approximately $286,000. Proficio Capital Partners LLC acquired a new position in Nextracker in the 4th quarter valued at approximately $961,000. Jones Financial Companies Lllp increased its position in Nextracker by 115.1% in the 4th quarter. Jones Financial Companies Lllp now owns 13,186 shares of the company’s stock valued at $482,000 after acquiring an additional 7,056 shares during the period. Charles Schwab Investment Management Inc. increased its position in Nextracker by 0.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,331,078 shares of the company’s stock valued at $48,624,000 after acquiring an additional 10,162 shares during the period. Finally, Arizona State Retirement System increased its position in Nextracker by 6.1% in the 4th quarter. Arizona State Retirement System now owns 41,590 shares of the company’s stock valued at $1,519,000 after acquiring an additional 2,406 shares during the period. Institutional investors own 67.41% of the company’s stock.

Insider Buying and Selling at Nextracker

In related news, COO Nicholas Marco Miller sold 69,774 shares of the business’s 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 completion of the transaction, the chief operating officer owned 175,216 shares of the company’s stock, valued at approximately $10,451,634.40. The trade was a 28.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Howard Wenger sold 6,066 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total transaction of $333,630.00. Following the transaction, the president directly owned 219,389 shares of the company’s stock, valued at approximately $12,066,395. This represents a 2.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 210,476 shares of company stock worth $12,169,880 over the last three months. Company insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on NXT. Royal Bank Of Canada began coverage on shares of Nextracker in a research report on Monday, March 17th. They issued an “outperform” rating and a $55.00 price target for the company. Barclays upped their price target on shares of Nextracker from $58.00 to $64.00 and gave the company an “overweight” rating in a research report on Friday, May 16th. Bank of America increased their price objective on shares of Nextracker from $55.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, May 15th. Robert W. Baird decreased their price objective on shares of Nextracker from $59.00 to $48.00 and set an “outperform” rating for the company in a research report on Tuesday, April 15th. Finally, Wells Fargo & Company increased their price objective on shares of Nextracker from $69.00 to $71.00 and gave the stock an “overweight” rating in a research report on Monday, May 19th. Five research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $60.33.

Nextracker Stock Up 8.6%

NXT opened at $66.27 on Friday. The company has a market capitalization of $9.69 billion, a price-to-earnings ratio of 19.10, a PEG ratio of 1.71 and a beta of 2.25. The firm has a 50-day moving average price of $55.04 and a 200-day moving average price of $46.93. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $66.54.

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.