Farther Finance Advisors LLC Grows Position in Nextracker Inc. $NXT

Farther Finance Advisors LLC grew its stake in Nextracker Inc. (NASDAQ:NXT) by 53.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,387 shares of the company’s stock after purchasing an additional 833 shares during the period. Farther Finance Advisors LLC’s holdings in Nextracker were worth $130,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Northwestern Mutual Wealth Management Co. raised its stake in shares of Nextracker by 703.7% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company’s stock worth $28,000 after buying an additional 577 shares during the period. Summit Securities Group LLC increased its stake in shares of Nextracker by 796.0% in the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company’s stock worth $38,000 after acquiring an additional 804 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Nextracker in the 1st quarter worth $40,000. Fifth Third Bancorp increased its stake in shares of Nextracker by 27.5% in the 1st quarter. Fifth Third Bancorp now owns 1,204 shares of the company’s stock worth $51,000 after acquiring an additional 260 shares during the last quarter. Finally, UMB Bank n.a. grew its holdings in shares of Nextracker by 127.2% during the 1st quarter. UMB Bank n.a. now owns 1,504 shares of the company’s stock worth $63,000 after purchasing an additional 842 shares during the period. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextracker Stock Down 2.8%

NXT opened at $77.13 on Friday. The business’s 50 day moving average is $65.99 and its two-hundred day moving average is $56.74. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $80.83. The firm has a market cap of $11.41 billion, a price-to-earnings ratio of 21.02, a price-to-earnings-growth ratio of 2.50 and a beta of 2.27.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on NXT. Wall Street Zen upgraded Nextracker from a “buy” rating to a “strong-buy” rating in a report on Sunday, September 28th. Bank of America increased their price target on Nextracker from $66.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, July 30th. UBS Group increased their price target on Nextracker from $71.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, July 31st. Barclays restated an “overweight” rating and set a $92.00 target price on shares of Nextracker in a report on Thursday. Finally, Wells Fargo & Company increased their price target on Nextracker from $71.00 to $72.00 and gave the company an “overweight” rating in a research report on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $68.10.

Insider Buying and Selling

In related news, Director William D. Watkins sold 10,000 shares of Nextracker stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total value of $567,900.00. Following the sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, President Howard Wenger sold 5,703 shares of Nextracker stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $70.00, for a total value of $399,210.00. Following the completion of the sale, the president owned 414,256 shares in the company, valued at approximately $28,997,920. This trade represents a 1.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,400 shares of company stock valued at $2,053,385. Company insiders own 0.56% of the company’s stock.

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.