Natixis Advisors LLC Invests $458,000 in Nextracker Inc. (NASDAQ:NXT)

Key Points

• Natixis Advisors LLC acquired 10,862 shares of Nextracker Inc. worth approximately $458,000 during the 1st quarter.
• Recent insider trading included President Howard Wenger selling 5,216 shares for a total of $339,040, decreasing his position by 1.23%.
• Analysts maintain a mostly positive outlook on Nextracker, with nine analysts rating it as a hold and thirteen giving it a buy rating, while the average target price stands at $64.37.

Natixis Advisors LLC purchased a new position in Nextracker Inc. (NASDAQ:NXT - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 10,862 shares of the company's stock, valued at approximately $458,000.

Several other large investors have also recently modified their holdings of NXT. Fifth Third Bancorp increased its position in shares of Nextracker by 27.5% during the 1st quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock valued at $51,000 after purchasing an additional 260 shares during the last quarter. Sterling Capital Management LLC increased its position in shares of Nextracker by 448.9% during the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock valued at $47,000 after purchasing an additional 1,055 shares during the last quarter. Virtus Fund Advisers LLC purchased a new stake in shares of Nextracker during the 4th quarter valued at about $47,000. UMB Bank n.a. increased its position 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 valued at $63,000 after purchasing an additional 842 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its position in shares of Nextracker by 819.5% during the 1st quarter. Farther Finance Advisors LLC now owns 1,554 shares of the company's stock valued at $67,000 after purchasing an additional 1,385 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Insider Buying and Selling

In related news, President Howard Wenger sold 5,216 shares of the firm's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $65.00, for a total value of $339,040.00. Following the completion of the transaction, the president directly owned 419,959 shares of the company's stock, valued at $27,297,335. This trade represents a 1.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Bruce Ledesma sold 6,980 shares of the firm's stock in a transaction 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 $11,011,229.60. The trade was a 3.44% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 211,589 shares of company stock valued at $12,257,650 over the last 90 days. Insiders own 0.56% of the company's stock.

Wall Street Analyst Weigh In

NXT has been the topic of several recent research reports. Barclays restated an "overweight" rating and set a $69.00 price target (up previously from $64.00) on shares of Nextracker in a report on Thursday, July 31st. Northland Securities restated a "market perform" rating on shares of Nextracker in a research note on Wednesday, July 30th. Guggenheim downgraded Nextracker from a "buy" rating to a "neutral" rating in a research report on Wednesday, May 14th. Piper Sandler reissued an "overweight" rating on shares of Nextracker in a report on Thursday, May 15th. Finally, Truist Financial raised their price target on Nextracker from $49.00 to $65.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Nine research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $64.37.

Nextracker Stock Down 2.4%

NASDAQ:NXT traded down $1.30 during mid-day trading on Thursday, reaching $53.99. 1,862,200 shares of the stock were exchanged, compared to its average volume of 2,514,007. The company has a 50 day simple moving average of $59.79 and a 200-day simple moving average of $50.79. The stock has a market capitalization of $7.99 billion, a P/E ratio of 14.71, a P/E/G ratio of 1.27 and a beta of 2.25. Nextracker Inc. has a 1 year low of $30.93 and a 1 year 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.