Aberdeen Group plc Trims Position in Nextracker Inc. $NXT

Key Points

• Aberdeen Group plc has reduced its stake in Nextracker Inc. by 13.8% in the second quarter, now holding approximately 0.05% of the company, valued at $4.2 million.
• Multiple institutional investors have significantly increased their positions in Nextracker, with Northwestern Mutual Wealth Management Co. boosting its shares by 703.7% during the first quarter.
• Equity analysts have raised their target prices for Nextracker, with UBS Group setting a new target of $75.00, reflecting a prevailing positive sentiment about the stock.

Aberdeen Group plc cut its position in Nextracker Inc. (NASDAQ:NXT - Free Report) by 13.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 77,748 shares of the company's stock after selling 12,462 shares during the period. Aberdeen Group plc owned about 0.05% of Nextracker worth $4,227,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of NXT. Northwestern Mutual Wealth Management Co. boosted its position in shares of Nextracker by 703.7% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company's stock worth $28,000 after acquiring an additional 577 shares during the last quarter. Summit Securities Group LLC boosted its position in shares of Nextracker by 796.0% during the first 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 bought a new position in shares of Nextracker during the first quarter worth $40,000. Fifth Third Bancorp boosted its position in shares of Nextracker by 27.5% during the first 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, Farther Finance Advisors LLC boosted its position in shares of Nextracker by 819.5% during the first quarter. Farther Finance Advisors LLC now owns 1,554 shares of the company's stock worth $67,000 after acquiring an additional 1,385 shares during the last quarter. Institutional investors own 67.41% of the company's stock.

Insider Activity

In other news, President Howard Wenger sold 5,217 shares of the stock in a transaction on Monday, September 29th. The shares were sold at an average price of $75.00, for a total value of $391,275.00. Following the sale, the president owned 409,039 shares of the company's stock, valued at approximately $30,677,925. This represents a 1.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director William D. Watkins sold 10,000 shares of the stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $56.79, for a total transaction of $567,900.00. Following the completion of the sale, the director directly owned 7,666 shares in the company, valued at approximately $435,352.14. This represents a 56.61% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,400 shares of company stock worth $2,053,385. Insiders own 0.56% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on NXT shares. UBS Group upped their target price on shares of Nextracker from $71.00 to $75.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Bank of America upped their target price on shares of Nextracker from $66.00 to $69.00 and gave the stock a "buy" rating in a research report on Wednesday, July 30th. TD Cowen upped their target price on shares of Nextracker from $55.00 to $65.00 and gave the stock a "hold" rating in a research report on Wednesday, July 30th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Nextracker in a research report on Tuesday, September 30th. They set a "buy" rating and a $88.00 target price for the company. Finally, Northland Securities reiterated a "market perform" rating on shares of Nextracker in a research report on Wednesday, July 30th. One equities 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. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $71.10.

Nextracker Stock Down 5.9%

NXT stock opened at $87.58 on Friday. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $93.90. The company has a fifty day simple moving average of $70.57 and a two-hundred day simple moving average of $59.22. The firm has a market capitalization of $12.96 billion, a P/E ratio of 23.86, a price-to-earnings-growth ratio of 2.31 and a beta of 2.27.

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.

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