Allianz Asset Management GmbH Sells 96,399 Shares of Nextracker Inc. (NASDAQ:NXT)

Key Points

• Allianz Asset Management GmbH reduced its holdings in Nextracker Inc. by 62.9%, selling 96,399 shares and now owning 56,890 shares valued at approximately $2.4 million.
• Insider selling activity included COO Nicholas Marco Miller selling 69,774 shares for over $4.1 million, reflecting a 28.48% decrease in his ownership.
• Analysts have generally positive outlooks on Nextracker, with price targets raised by firms such as Bank of America and Susquehanna, suggesting an average target price of $63.29 and a "Moderate Buy" rating.

Allianz Asset Management GmbH reduced its position in Nextracker Inc. (NASDAQ:NXT - Free Report) by 62.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 56,890 shares of the company's stock after selling 96,399 shares during the period. Allianz Asset Management GmbH's holdings in Nextracker were worth $2,399,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Sterling Capital Management LLC boosted its stake in 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 period. Virtus Fund Advisers LLC acquired a new stake in Nextracker during the 4th quarter valued at $47,000. 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 valued at $51,000 after buying an additional 260 shares during the period. UMB Bank n.a. increased its stake 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 valued at $63,000 after buying an additional 842 shares during the period. Finally, Quadrant Capital Group LLC increased its stake in shares of Nextracker by 92.5% in the 4th quarter. Quadrant Capital Group LLC now owns 1,817 shares of the company's stock valued at $66,000 after buying an additional 873 shares during the period. 67.41% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, COO Nicholas Marco Miller sold 5,588 shares of the stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $57.32, for a total transaction of $320,304.16. Following the transaction, the chief operating officer owned 170,000 shares of the company's stock, valued at $9,744,400. This represents a 3.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO David P. Bennett sold 9,801 shares of the stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total transaction of $539,055.00. Following the transaction, the chief accounting officer directly owned 124,615 shares in the company, valued at $6,853,825. This trade represents a 7.29% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 210,476 shares of company stock worth $12,169,880. 0.56% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on NXT shares. Mizuho set a $66.00 price target on Nextracker in a research report on Wednesday. Wells Fargo & Company upped their target price on Nextracker from $71.00 to $72.00 and gave the stock an "overweight" rating in a report on Wednesday. Barclays boosted their price target on Nextracker from $64.00 to $69.00 and gave the stock an "overweight" rating in a research report on Thursday. The Goldman Sachs Group boosted their price objective on Nextracker from $61.00 to $68.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Finally, Wall Street Zen cut Nextracker from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 26th. Nine investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $63.95.

Nextracker Price Performance

NASDAQ NXT traded down $1.69 on Friday, reaching $56.57. The company had a trading volume of 2,175,333 shares, compared to its average volume of 2,436,135. The firm has a market cap of $8.27 billion, a price-to-earnings ratio of 15.41, a P/E/G ratio of 1.41 and a beta of 2.25. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $67.87. The business has a 50 day moving average of $59.94 and a two-hundred day moving average of $50.10.

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.