Nextracker Inc. (NASDAQ:NXT) Position Increased by US Bancorp DE

US Bancorp DE boosted its holdings in Nextracker Inc. (NASDAQ:NXT) by 79.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,312 shares of the company’s stock after acquiring an additional 1,903 shares during the quarter. US Bancorp DE’s holdings in Nextracker were worth $182,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Russell Investments Group Ltd. boosted its stake in shares of Nextracker by 53.0% during the 4th quarter. Russell Investments Group Ltd. now owns 61,111 shares of the company’s stock worth $2,232,000 after acquiring an additional 21,164 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Nextracker in the fourth quarter worth about $4,711,000. Sterling Capital Management LLC increased its stake in shares of 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 purchasing an additional 1,055 shares during the period. Barclays PLC increased its stake in shares of Nextracker by 28.6% in the fourth quarter. Barclays PLC now owns 334,188 shares of the company’s stock worth $12,208,000 after purchasing an additional 74,388 shares during the period. Finally, Mariner LLC increased its stake in Nextracker by 4.3% during the fourth quarter. Mariner LLC now owns 11,328 shares of the company’s stock valued at $414,000 after acquiring an additional 469 shares during the period. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Bruce Ledesma sold 83,561 shares of the business’s stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $55.71, for a total transaction of $4,655,183.31. Following the completion of the sale, the insider directly owned 195,790 shares of the company’s stock, valued at $10,907,460.90. The trade was a 29.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Nicholas Marco Miller sold 69,774 shares of the business’s stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $59.65, for a total transaction of $4,162,019.10. Following the sale, the chief operating officer directly 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 disclosure for this sale can be found here. Insiders have sold 184,136 shares of company stock worth $10,605,803 in the last three months. Corporate insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on NXT. Robert W. Baird increased their price target on Nextracker from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 8th. Truist Financial upped their target price on shares of Nextracker from $49.00 to $65.00 and gave the company an “overweight” rating in a research report on Thursday, May 15th. Northland Capmk cut shares of Nextracker from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 30th. Fox Advisors cut Nextracker from an “overweight” rating to an “equal weight” rating in a report on Thursday, May 15th. Finally, The Goldman Sachs Group increased their price objective on shares of Nextracker from $61.00 to $68.00 and gave the stock a “buy” rating in a research note on Thursday, May 15th. Ten investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $64.37.

Nextracker Stock Performance

Shares of NASDAQ:NXT opened at $60.58 on Friday. The firm has a market cap of $8.96 billion, a PE ratio of 16.51, a price-to-earnings-growth ratio of 1.26 and a beta of 2.25. The firm’s fifty day moving average is $59.75 and its 200-day moving average is $51.03. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $67.87.

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.