Nextracker Inc. $NXT Shares Bought by Amundi

Key Points

• Amundi has increased its stake in Nextracker Inc. by 61.1%, acquiring an additional 359,223 shares, bringing its total to 947,470 shares valued at approximately $38.9 million.
• Nextracker stock is currently trading at $70.12, with a market capitalization of $10.37 billion and a twelve-month high of $71.27.
• Recent insider selling includes the COO offloading 5,588 shares at an average price of $57.32, representing a 3.18% decrease in his position.

Amundi lifted its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 61.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 947,470 shares of the company's stock after purchasing an additional 359,223 shares during the period. Amundi owned about 0.65% of Nextracker worth $38,920,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Wellington Management Group LLP increased its stake in shares of Nextracker by 56.5% in the 1st quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company's stock valued at $220,722,000 after purchasing an additional 1,890,445 shares in the last quarter. Sachem Head Capital Management LP increased its stake in shares of Nextracker by 4.3% in 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 in the last quarter. Deutsche Bank AG increased its stake in Nextracker by 12.8% during the 4th quarter. Deutsche Bank AG now owns 2,152,084 shares of the company's stock worth $78,616,000 after buying an additional 244,725 shares in the last quarter. Janus Henderson Group PLC increased its stake in Nextracker by 1.0% during the 4th quarter. Janus Henderson Group PLC now owns 1,545,143 shares of the company's stock worth $56,488,000 after buying an additional 15,942 shares in the last quarter. Finally, Earnest Partners LLC increased its stake in Nextracker by 4.4% during the 1st quarter. Earnest Partners LLC now owns 1,309,424 shares of the company's stock worth $55,179,000 after buying an additional 54,934 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Insider Buying and Selling

In other 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 transaction of $392,555.20. Following the transaction, the insider directly owned 195,790 shares in the company, valued at $11,011,229.60. The trade was a 3.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Howard Wenger sold 5,703 shares of the business's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $70.00, for a total value of $399,210.00. Following the transaction, the president owned 414,256 shares in the company, valued at approximately $28,997,920. This represents a 1.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 103,261 shares of company stock valued at $6,181,028. 0.56% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. UBS Group raised their target price on Nextracker from $71.00 to $75.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Cowen restated a "hold" rating on shares of Nextracker in a research report on Wednesday, July 30th. BMO Capital Markets raised 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. Mizuho set a $66.00 target price on Nextracker in a research report on Wednesday, July 30th. Finally, Truist Financial raised their target price on Nextracker from $49.00 to $65.00 and gave the company an "overweight" rating in a research report on Thursday, May 15th. One investment 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 stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $65.00.

Nextracker Stock Up 5.1%

Shares of Nextracker stock traded up $3.26 on Wednesday, hitting $67.59. 1,901,231 shares of the company were exchanged, compared to its average volume of 2,511,283. The stock has a market capitalization of $10.00 billion, a price-to-earnings ratio of 18.42, a price-to-earnings-growth ratio of 1.62 and a beta of 2.26. The company has a 50-day moving average price of $62.79 and a 200 day moving average price of $53.39. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $71.44.

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.