Algert Global LLC Has $5.61 Million Holdings in Nextracker Inc. $NXT

Key Points

• Algert Global LLC decreased its holdings in Nextracker Inc. by 9.4%, now owning 133,198 shares valued at approximately $5.61 million.
• Several institutional investors have altered their stakes in Nextracker, with 67.41% of the company's stock now owned by institutional investors and hedge funds.
• Insiders have sold significant amounts of stock recently, with a total of 184,136 shares worth over $10.6 million sold in the last 90 days.

Algert Global LLC lessened its holdings in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 9.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 133,198 shares of the company's stock after selling 13,788 shares during the period. Algert Global LLC owned about 0.09% of Nextracker worth $5,613,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd bought a new position in Nextracker in the 1st quarter valued at approximately $40,000. Sterling Capital Management LLC lifted its stake in Nextracker by 448.9% in 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 bought a new position in shares of Nextracker during the fourth quarter valued at $47,000. Fifth Third Bancorp raised its stake in shares of Nextracker by 27.5% during the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock valued at $51,000 after acquiring an additional 260 shares during the last quarter. Finally, UMB Bank n.a. raised its stake in shares of Nextracker by 127.2% during the first quarter. UMB Bank n.a. now owns 1,504 shares of the company's stock valued at $63,000 after acquiring an additional 842 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company's stock.

Insider Buying and Selling at Nextracker

In other news, insider Bruce Ledesma sold 6,980 shares of the company's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $56.24, for a total value of $392,555.20. Following the completion of the sale, the insider owned 195,790 shares of the company's stock, valued at approximately $11,011,229.60. This represents a 3.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Howard Wenger sold 5,216 shares of the company's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $65.00, for a total transaction of $339,040.00. Following the completion of the sale, 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 disclosure for this sale can be found here. Insiders sold a total of 184,136 shares of company stock worth $10,605,803 over the last 90 days. Company insiders own 0.56% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on NXT. Mizuho set a $66.00 price target on shares of Nextracker in a research note on Wednesday, July 30th. Truist Financial raised their price target on shares of Nextracker from $49.00 to $65.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. Robert W. Baird raised their price target on shares of Nextracker from $67.00 to $76.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Piper Sandler reaffirmed an "overweight" rating on shares of Nextracker in a research note on Thursday, May 15th. Finally, Roth Capital reissued a "buy" rating and set a $80.00 target price (up previously from $70.00) on shares of Nextracker in a research note on Tuesday, July 29th. Nine analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $65.00.

Nextracker Price Performance

Shares of NASDAQ:NXT opened at $67.70 on Tuesday. The company's fifty day moving average price is $59.92 and its 200-day moving average price is $51.17. The firm has a market capitalization of $10.02 billion, a price-to-earnings ratio of 18.45, a PEG ratio of 1.41 and a beta of 2.25. Nextracker Inc. has a one year low of $30.93 and a one year high of $68.75.

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.

Want to see what other hedge funds are holding NXT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Nextracker Inc. (NASDAQ:NXT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.