Wealth Enhancement Advisory Services LLC Grows Stock Position in Nextracker Inc. $NXT

Wealth Enhancement Advisory Services LLC lifted its stake in Nextracker Inc. (NASDAQ:NXT) by 25.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,936 shares of the company’s stock after purchasing an additional 2,821 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Nextracker were worth $758,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in NXT. Northwestern Mutual Wealth Management Co. boosted its position in shares of Nextracker by 703.7% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company’s stock worth $28,000 after purchasing an additional 577 shares in the last quarter. Summit Securities Group LLC boosted its position 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 purchasing an additional 804 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Nextracker in the 1st quarter worth approximately $40,000. Fifth Third Bancorp boosted its position 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 purchasing an additional 260 shares in the last quarter. Finally, UMB Bank n.a. boosted its position in shares of Nextracker by 127.2% in 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 in the last quarter. 67.41% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Nextracker news, President Howard Wenger sold 5,217 shares of the stock in a transaction on Monday, September 29th. The stock was sold at an average price of $75.00, for a total value of $391,275.00. Following the completion of the sale, the president owned 409,039 shares in the company, valued at approximately $30,677,925. This represents a 1.26% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director William D. Watkins sold 10,000 shares of the stock in a transaction 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 completion of the sale, the director owned 7,666 shares of the company’s stock, valued at $435,352.14. The trade was a 56.61% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,400 shares of company stock worth $2,053,385. 0.56% of the stock is currently owned by corporate insiders.

Nextracker Price Performance

NASDAQ:NXT opened at $77.13 on Friday. The firm has a market capitalization 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. Nextracker Inc. has a one year low of $30.93 and a one year high of $80.83. The business has a fifty day moving average price of $65.99 and a 200-day moving average price of $56.74.

Wall Street Analyst Weigh In

NXT has been the topic of several analyst reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Nextracker in a research report on Saturday, September 27th. TD Cowen upped their price objective on Nextracker from $55.00 to $65.00 and gave the company a “hold” rating in a research report on Wednesday, July 30th. Roth Capital reaffirmed a “buy” rating and issued a $80.00 price objective (up from $70.00) on shares of Nextracker in a research report on Tuesday, July 29th. Susquehanna upped their price objective on Nextracker from $66.00 to $76.00 and gave the company a “positive” rating in a research report on Monday, July 21st. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Nextracker in a research report on Tuesday. They issued a “buy” rating and a $88.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, Nextracker has an average rating of “Moderate Buy” and an average target price of $68.10.

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.