Vanguard Group Inc. Reduces Stake in Nextracker Inc. (NASDAQ:NXT)

Vanguard Group Inc. lowered its stake in Nextracker Inc. (NASDAQ:NXT) by 0.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,766,206 shares of the company’s stock after selling 77,791 shares during the period. Vanguard Group Inc. owned approximately 9.45% of Nextracker worth $580,108,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fifth Third Bancorp grew its position in Nextracker by 27.5% in the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company’s stock worth $51,000 after acquiring an additional 260 shares in the last quarter. Sterling Capital Management LLC grew its position in Nextracker by 448.9% in the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock worth $47,000 after acquiring an additional 1,055 shares in the last quarter. Virtus Fund Advisers LLC purchased a new position in Nextracker in the fourth quarter worth about $47,000. UMB Bank n.a. grew its position in Nextracker by 127.2% in the first quarter. UMB Bank n.a. now owns 1,504 shares of the company’s stock worth $63,000 after acquiring an additional 842 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its position in Nextracker by 819.5% in the first quarter. Farther Finance Advisors LLC now owns 1,554 shares of the company’s stock worth $67,000 after acquiring an additional 1,385 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Analysts Set New Price Targets

NXT has been the subject of several recent research reports. Northland Securities reiterated a “market perform” rating on shares of Nextracker in a research report on Wednesday, July 30th. TD Cowen boosted their target price on Nextracker from $55.00 to $65.00 and gave the company a “hold” rating in a research report on Wednesday, July 30th. Susquehanna boosted their target price on Nextracker from $66.00 to $76.00 and gave the company a “positive” rating in a research report on Monday, July 21st. BMO Capital Markets boosted their target price on Nextracker from $51.00 to $59.00 and gave the company a “market perform” rating in a research report on Thursday, May 15th. Finally, Barclays restated an “overweight” rating and set a $69.00 target price (up previously from $64.00) on shares of Nextracker in a research report on Thursday, July 31st. Nine investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $64.37.

Insider Transactions at Nextracker

In related news, COO Nicholas Marco Miller sold 5,588 shares of the business’s stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $57.32, for a total value of $320,304.16. Following the completion of the sale, the chief operating officer owned 170,000 shares in the company, valued at approximately $9,744,400. The trade was a 3.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William D. Watkins sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total transaction of $567,900.00. Following the completion of the transaction, the director directly 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. Insiders have sold a total of 211,589 shares of company stock worth $12,257,650 over the last three months. Company insiders own 0.56% of the company’s stock.

Nextracker Stock Performance

Shares of NASDAQ NXT opened at $55.29 on Thursday. The firm has a market capitalization of $8.18 billion, a price-to-earnings ratio of 15.07, a PEG ratio of 1.27 and a beta of 2.25. The stock has a 50 day moving average price of $59.79 and a 200 day moving average price of $50.79. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $67.87.

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.