Asset Management One Co. Ltd. Purchases New Shares in Nextracker Inc. (NASDAQ:NXT)

Asset Management One Co. Ltd. acquired a new stake in Nextracker Inc. (NASDAQ:NXT - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 86,105 shares of the company's stock, valued at approximately $3,628,000. Asset Management One Co. Ltd. owned about 0.06% of Nextracker at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Sterling Capital Management LLC boosted its holdings in shares of 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 acquired a new stake in shares of Nextracker in the 4th quarter worth $47,000. Millstone Evans Group LLC acquired a new stake in shares of Nextracker in the 4th quarter worth $48,000. Fifth Third Bancorp grew its stake in Nextracker by 27.5% during the 1st quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock worth $51,000 after buying an additional 260 shares during the last quarter. Finally, UMB Bank n.a. increased its position in Nextracker by 127.2% during 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 currently owned by institutional investors.

Insider Buying and Selling

In related news, President Howard Wenger sold 6,066 shares of the company's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total transaction of $333,630.00. Following the completion of the transaction, the president now owns 219,389 shares in the company, valued at $12,066,395. This represents a 2.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Nicholas Marco Miller sold 5,588 shares of the firm's 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 completion of the transaction, the chief operating officer now directly owns 170,000 shares in the company, valued at $9,744,400. This represents a 3.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 205,260 shares of company stock valued at $11,830,840. 0.27% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. TD Cowen raised their price target on Nextracker from $47.00 to $55.00 and gave the stock a "hold" rating in a report on Thursday, May 15th. Barclays increased their price objective on shares of Nextracker from $58.00 to $64.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Wall Street Zen upgraded shares of Nextracker from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Wells Fargo & Company raised their price target on shares of Nextracker from $69.00 to $71.00 and gave the stock an "overweight" rating in a report on Monday, May 19th. Finally, The Goldman Sachs Group lifted their price objective on shares of Nextracker from $61.00 to $68.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Five research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $60.33.

Nextracker Stock Performance

Shares of Nextracker stock opened at $58.32 on Monday. The firm has a 50-day simple moving average of $53.05 and a two-hundred day simple moving average of $46.11. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $63.19. The company has a market cap of $8.53 billion, a P/E ratio of 16.81, a price-to-earnings-growth ratio of 1.50 and a beta of 2.39.

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.

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