Ballentine Partners LLC Acquires New Holdings in Nextracker Inc. $NXT

Key Points

• Ballentine Partners LLC has acquired a new stake in Nextracker Inc., purchasing 4,053 shares valued at approximately $220,000.
• Multiple hedge funds have significantly increased their positions in Nextracker, with Northwestern Mutual Wealth Management Co. raising its stake by 703.7%.
• JPMorgan Chase & Co. has raised its price target for Nextracker shares from $69.00 to $77.00, affirming an "overweight" rating.

Ballentine Partners LLC acquired a new stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 4,053 shares of the company's stock, valued at approximately $220,000.

A number of other hedge funds and other institutional investors have also modified their holdings of NXT. Northwestern Mutual Wealth Management Co. raised its position in Nextracker by 703.7% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company's stock worth $28,000 after acquiring an additional 577 shares in the last quarter. Summit Securities Group LLC raised its position in Nextracker by 796.0% in the first quarter. Summit Securities Group LLC now owns 905 shares of the company's stock worth $38,000 after acquiring an additional 804 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Nextracker in the first quarter worth about $40,000. Fifth Third Bancorp raised its position in Nextracker by 27.5% in the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock worth $51,000 after acquiring an additional 260 shares in the last quarter. Finally, UMB Bank n.a. raised its position in Nextracker by 127.2% in the first quarter. UMB Bank n.a. now owns 1,504 shares of the company's stock worth $63,000 after acquiring an additional 842 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors.

Insider Transactions at Nextracker

In related news, President Howard Wenger sold 5,703 shares of the 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director William D. Watkins sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total value of $567,900.00. Following the completion of the transaction, the director owned 7,666 shares in the company, valued at $435,352.14. This represents a 56.61% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 32,399 shares of company stock worth $2,001,150. Corporate insiders own 0.56% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. boosted their price target on shares of Nextracker from $69.00 to $77.00 and gave the stock an "overweight" rating in a research report on Friday, September 19th. Wall Street Zen upgraded Nextracker from a "buy" rating to a "strong-buy" rating in a report on Sunday. TD Cowen boosted their price objective on Nextracker from $55.00 to $65.00 and gave the stock a "hold" rating in a report on Wednesday, July 30th. Robert W. Baird boosted their price objective on Nextracker from $67.00 to $76.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Finally, Zacks Research upgraded Nextracker to a "hold" rating in a report on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $65.84.

Nextracker Stock Performance

Shares of NASDAQ NXT opened at $76.13 on Tuesday. The business has a 50 day simple moving average of $64.93 and a 200 day simple moving average of $56.03. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $76.81. The stock has a market cap of $11.26 billion, a price-to-earnings ratio of 20.74, a PEG ratio of 1.70 and a beta of 2.26.

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.

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