Allspring Global Investments Holdings LLC lifted its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 51.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,735 shares of the company's stock after acquiring an additional 6,693 shares during the period. Allspring Global Investments Holdings LLC's holdings in Nextracker were worth $850,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also recently made changes to their positions in the business. Sterling Capital Management LLC increased its position 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 buying an additional 1,055 shares in the last quarter. Virtus Fund Advisers LLC bought a new stake in Nextracker in the 4th quarter valued at about $47,000. Millstone Evans Group LLC bought a new stake in Nextracker in the 4th quarter valued at about $48,000. Fifth Third Bancorp increased its position in 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 in the last quarter. Finally, UMB Bank n.a. increased its position in 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 in the last quarter. 67.41% of the stock is owned by institutional investors.
Nextracker Trading Down 3.8%
Nextracker stock opened at $63.94 on Wednesday. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $67.87. The business's 50 day simple moving average is $55.93 and its 200 day simple moving average is $47.36. The company has a market cap of $9.35 billion, a price-to-earnings ratio of 18.43, a PEG ratio of 1.71 and a beta of 2.25.
Insider Transactions at Nextracker
In related news, insider Bruce Ledesma sold 83,561 shares of the company's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $55.71, for a total value of $4,655,183.31. Following the transaction, the insider owned 195,790 shares in the company, valued at approximately $10,907,460.90. This represents a 29.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Howard Wenger sold 6,066 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total value of $333,630.00. Following the completion of the transaction, the president owned 219,389 shares in the company, valued at approximately $12,066,395. The trade was a 2.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 210,476 shares of company stock worth $12,169,880 in the last ninety days. Company insiders own 0.56% of the company's stock.
Analyst Ratings Changes
A number of brokerages recently commented on NXT. BMO Capital Markets boosted their target price on Nextracker from $51.00 to $59.00 and gave the company a "market perform" rating in a research report on Thursday, May 15th. Piper Sandler reaffirmed an "overweight" rating on shares of Nextracker in a research report on Thursday, May 15th. Guggenheim downgraded Nextracker from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 14th. Royal Bank Of Canada initiated coverage on Nextracker in a research note on Monday, March 17th. They set an "outperform" rating and a $55.00 price target for the company. Finally, The Goldman Sachs Group lifted their price target on Nextracker from $61.00 to $68.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. Five analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $61.67.
Check Out Our Latest Stock Report on Nextracker
About Nextracker
(
Free Report)
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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