Banque Cantonale Vaudoise Invests $1.06 Million in Nextracker Inc. (NASDAQ:NXT)

Key Points

• Banque Cantonale Vaudoise made an investment of $1.06 million in Nextracker Inc. (NASDAQ:NXT) by acquiring 25,175 shares in the 1st quarter.
• Insider sales included COO Nicholas Marco Miller selling 69,774 shares, resulting in a 28.48% reduction of his ownership, while another insider, Bruce Ledesma, sold 83,561 shares, decreasing his position by 29.91%.
• Nextracker's stock has seen price target adjustments from analysts, with updates including a raise from Susquehanna to $76.00 and a revision from BMO Capital Markets to $59.00, reflecting varied market sentiment.

Banque Cantonale Vaudoise acquired a new stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 25,175 shares of the company's stock, valued at approximately $1,061,000.

A number of other institutional investors and hedge funds have also bought and sold shares of NXT. Commonwealth Equity Services LLC lifted its holdings in shares of Nextracker by 30.5% during the fourth quarter. Commonwealth Equity Services LLC now owns 10,623 shares of the company's stock valued at $388,000 after purchasing an additional 2,483 shares in the last quarter. American Century Companies Inc. raised its position in Nextracker by 52.2% in the 4th quarter. American Century Companies Inc. now owns 76,414 shares of the company's stock worth $2,791,000 after buying an additional 26,196 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Nextracker by 23.9% during the 4th quarter. JPMorgan Chase & Co. now owns 1,866,028 shares of the company's stock valued at $68,166,000 after acquiring an additional 360,214 shares during the period. Franklin Resources Inc. boosted its holdings in shares of Nextracker by 113.4% during the 4th quarter. Franklin Resources Inc. now owns 301,455 shares of the company's stock valued at $11,012,000 after acquiring an additional 160,206 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd grew its stake in shares of Nextracker by 78.3% in the fourth quarter. Dynamic Technology Lab Private Ltd now owns 23,395 shares of the company's stock worth $854,000 after acquiring an additional 10,275 shares during the period. 67.41% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, COO Nicholas Marco Miller sold 69,774 shares of the firm's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $59.65, for a total transaction of $4,162,019.10. Following the completion of the transaction, the chief operating officer directly owned 175,216 shares of the company's stock, valued at approximately $10,451,634.40. This trade represents a 28.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Bruce Ledesma sold 83,561 shares of the business's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $55.71, for a total transaction of $4,655,183.31. Following the completion of the sale, the insider owned 195,790 shares in the company, valued at approximately $10,907,460.90. The trade was a 29.91% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 210,476 shares of company stock valued at $12,169,880. 0.56% of the stock is owned by company insiders.

Nextracker Stock Down 1.1%

NASDAQ NXT opened at $58.26 on Friday. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $67.87. The business has a 50-day moving average price of $59.93 and a 200-day moving average price of $50.00. The firm has a market cap of $8.52 billion, a price-to-earnings ratio of 15.87, a price-to-earnings-growth ratio of 1.45 and a beta of 2.25.

Analysts Set New Price Targets

NXT has been the topic of a number of research analyst reports. Susquehanna increased their price objective on shares of Nextracker from $66.00 to $76.00 and gave the company a "positive" rating in a research report on Monday, July 21st. BMO Capital Markets increased their price target on Nextracker from $51.00 to $59.00 and gave the company a "market perform" rating in a report on Thursday, May 15th. Fox Advisors lowered Nextracker from an "overweight" rating to an "equal weight" rating in a report on Thursday, May 15th. The Goldman Sachs Group increased their target price on Nextracker from $61.00 to $68.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Finally, Guggenheim cut Nextracker from a "buy" rating to a "neutral" rating in a research report on Wednesday, May 14th. Nine analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $63.95.

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.

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