Alps Advisors Inc. Decreases Stock Position in Nextracker Inc. (NASDAQ:NXT)

Alps Advisors Inc. decreased its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 35.7% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 113,515 shares of the company's stock after selling 63,108 shares during the quarter. Alps Advisors Inc. owned 0.08% of Nextracker worth $4,784,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Nextracker by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 13,843,997 shares of the company's stock valued at $505,721,000 after purchasing an additional 243,635 shares during the last quarter. Invesco Ltd. increased its position in shares of Nextracker by 52.2% during the 4th quarter. Invesco Ltd. now owns 3,874,875 shares of the company's stock valued at $141,549,000 after purchasing an additional 1,329,456 shares during the last quarter. Sachem Head Capital Management LP increased its position in shares of Nextracker by 4.3% during the 4th quarter. Sachem Head Capital Management LP now owns 2,977,500 shares of the company's stock valued at $108,768,000 after purchasing an additional 122,500 shares during the last quarter. Norges Bank purchased a new stake in shares of Nextracker during the 4th quarter valued at about $106,166,000. Finally, Deutsche Bank AG increased its position in shares of Nextracker by 12.8% during the 4th quarter. Deutsche Bank AG now owns 2,152,084 shares of the company's stock valued at $78,616,000 after purchasing an additional 244,725 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Insider Transactions at Nextracker

In other news, President Howard Wenger sold 6,066 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total transaction of $333,630.00. Following the completion of the transaction, the president directly owned 219,389 shares in the company, valued at approximately $12,066,395. This represents a 2.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Nicholas Marco Miller sold 69,774 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $59.65, for a total value of $4,162,019.10. Following the transaction, the chief operating officer owned 175,216 shares of the company's stock, valued at $10,451,634.40. This represents a 28.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 210,476 shares of company stock valued at $12,169,880 over the last quarter. 0.56% of the stock is owned by insiders.

Analysts Set New Price Targets

NXT has been the subject of several research reports. Mizuho upped their price target on shares of Nextracker from $60.00 to $67.00 and gave the company an "outperform" rating in a research report on Monday, June 2nd. Truist Financial increased their target price on shares of Nextracker from $49.00 to $65.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Robert W. Baird increased their target price on shares of Nextracker from $67.00 to $76.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. The Goldman Sachs Group increased their target price on shares of Nextracker from $61.00 to $68.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Finally, Barclays increased their target price on shares of Nextracker from $58.00 to $64.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Five investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $61.67.

Nextracker Price Performance

Shares of NASDAQ NXT traded down $0.92 during midday trading on Friday, reaching $61.70. 2,196,117 shares of the stock traded hands, compared to its average volume of 2,675,457. The stock has a market capitalization of $9.02 billion, a PE ratio of 17.78, a P/E/G ratio of 1.58 and a beta of 2.25. Nextracker Inc. has a one year low of $30.93 and a one year high of $67.87. The company's 50 day moving average is $57.20 and its 200 day moving average is $47.90.

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.