Northwestern Mutual Wealth Management Co. Has $28,000 Stock Position in Nextracker Inc. $NXT

Northwestern Mutual Wealth Management Co. lifted its stake in Nextracker Inc. (NASDAQ:NXT) by 703.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 659 shares of the company’s stock after purchasing an additional 577 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Nextracker were worth $28,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of NXT. Wellington Management Group LLP boosted its position in shares of Nextracker by 56.5% in the 1st quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company’s stock valued at $220,722,000 after purchasing an additional 1,890,445 shares during the period. Nuveen LLC acquired a new stake in Nextracker during the 1st quarter worth about $40,356,000. T. Rowe Price Investment Management Inc. acquired a new stake in Nextracker during the 1st quarter worth about $38,699,000. Pacer Advisors Inc. boosted its position in Nextracker by 3,773.2% during the 1st quarter. Pacer Advisors Inc. now owns 829,367 shares of the company’s stock worth $34,950,000 after acquiring an additional 807,954 shares during the period. Finally, Sourcerock Group LLC acquired a new stake in Nextracker during the 4th quarter worth about $18,651,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Price Performance

NXT opened at $70.12 on Monday. The business has a 50-day moving average of $62.35 and a 200-day moving average of $53.15. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $71.27. The company has a market capitalization of $10.37 billion, a PE ratio of 19.11, a price-to-earnings-growth ratio of 1.63 and a beta of 2.26.

Insider Buying and Selling

In related news, insider Bruce Ledesma sold 6,980 shares of the firm’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $56.24, for a total value of $392,555.20. Following the transaction, the insider directly owned 195,790 shares of the company’s stock, valued at approximately $11,011,229.60. This trade represents a 3.44% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director William D. Watkins sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $56.79, for a total value of $567,900.00. Following the completion of the transaction, the director directly owned 7,666 shares in the company, valued at $435,352.14. The trade was a 56.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 103,261 shares of company stock valued at $6,181,028 over the last 90 days. 0.56% of the stock is currently owned by insiders.

Analysts Set New Price Targets

NXT has been the subject of a number of research reports. Wall Street Zen upgraded Nextracker from a “buy” rating to a “strong-buy” rating in a research report on Sunday, August 3rd. Zacks Research upgraded Nextracker to a “hold” rating in a research report on Tuesday, August 12th. BMO Capital Markets raised their price objective on Nextracker from $51.00 to $59.00 and gave the stock a “market perform” rating in a research report on Thursday, May 15th. UBS Group raised their price objective on Nextracker from $71.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, July 31st. Finally, Susquehanna raised their price objective on Nextracker from $66.00 to $76.00 and gave the stock a “positive” rating in a research report on Monday, July 21st. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $65.00.

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.