American Century Companies Inc. Boosts Stake in Nextracker Inc. $NXT

Key Points

• American Century Companies Inc. significantly increased its stake in Nextracker Inc. by 193%, owning approximately 0.15% of the company worth $9.43 million after purchasing an additional 147,459 shares.
• Institutional investors currently hold 67.41% of Nextracker's stock, with notable firms like Boston Partners and Nuveen LLC also adjusting their positions during the first quarter.
• Wall Street analysts are optimistic about Nextracker's future, with target prices reaching as high as $76, although ratings range from "Strong Buy" to "Hold" across different firms.

American Century Companies Inc. boosted its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 193.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 223,873 shares of the company's stock after purchasing an additional 147,459 shares during the period. American Century Companies Inc. owned about 0.15% of Nextracker worth $9,434,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. New York State Teachers Retirement System lifted its position in Nextracker by 18.2% during the first quarter. New York State Teachers Retirement System now owns 125,005 shares of the company's stock valued at $5,268,000 after purchasing an additional 19,247 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Nextracker in the first quarter valued at about $210,000. Allspring Global Investments Holdings LLC lifted its position in shares of Nextracker by 51.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 19,735 shares of the company's stock valued at $850,000 after acquiring an additional 6,693 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Nextracker by 189.8% in the first quarter. GAMMA Investing LLC now owns 2,736 shares of the company's stock valued at $115,000 after acquiring an additional 1,792 shares in the last quarter. Finally, KBC Group NV lifted its position in shares of Nextracker by 719.8% in the first quarter. KBC Group NV now owns 49,908 shares of the company's stock valued at $2,103,000 after acquiring an additional 43,820 shares in the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Nextracker Price Performance

Shares of NXT traded down $0.85 during mid-day trading on Friday, reaching $67.26. 1,399,160 shares of the company's stock traded hands, compared to its average volume of 2,513,438. The stock has a market cap of $9.95 billion, a P/E ratio of 17.88, a P/E/G ratio of 1.58 and a beta of 2.25. The stock's 50-day moving average is $61.31 and its two-hundred day moving average is $52.35. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $70.14.

Wall Street Analyst Weigh In

Several brokerages have recently commented on NXT. Zacks Research upgraded Nextracker to a "hold" rating in a research report on Tuesday, August 12th. Susquehanna boosted their price objective on Nextracker from $66.00 to $76.00 and gave the company a "positive" rating in a research report on Monday, July 21st. The Goldman Sachs Group boosted their price objective on Nextracker from $61.00 to $68.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. TD Cowen boosted their price objective on Nextracker from $55.00 to $65.00 and gave the company a "hold" rating in a research report on Wednesday, July 30th. Finally, Roth Capital restated a "buy" rating and issued a $80.00 price objective (up from $70.00) on shares of Nextracker in a research report on Tuesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat.com, Nextracker has a consensus rating of "Moderate Buy" and a consensus target price of $65.00.

Insiders Place Their Bets

In related news, insider Bruce Ledesma sold 6,980 shares of the business's stock in a transaction that occurred on Friday, August 8th. The stock was 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 in the company, valued at approximately $11,011,229.60. The trade was a 3.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Howard Wenger sold 5,703 shares of the business's stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $70.00, for a total value of $399,210.00. Following the completion of the sale, the president owned 414,256 shares of the company's stock, valued at $28,997,920. The trade was a 1.36% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 103,261 shares of company stock worth $6,181,028. Corporate insiders own 0.56% of the company's stock.

About Nextracker

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.