BI Asset Management Fondsmaeglerselskab A S Sells 10,686 Shares of Nextracker Inc. $NXT

Key Points

• BI Asset Management Fondsmaeglerselskab A S significantly reduced its holdings in Nextracker Inc. by 86.7% during the first quarter, now owning just 1,645 shares valued at $69,000.
• Hsbc Holdings PLC increased its Nextracker shares by 323.7%, acquiring over 56,500 shares, while other institutional investors also made substantial investments in the company.
• Insider trading activity includes Director William D. Watkins selling 10,000 shares at an average price of $56.79, indicating a notable 56.61% decrease in their stake.

BI Asset Management Fondsmaeglerselskab A S reduced its position in Nextracker Inc. (NASDAQ:NXT - Free Report) by 86.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,645 shares of the company's stock after selling 10,686 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S's holdings in Nextracker were worth $69,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of NXT. Hsbc Holdings PLC increased its stake in shares of Nextracker by 323.7% in the first quarter. Hsbc Holdings PLC now owns 74,038 shares of the company's stock valued at $3,118,000 after buying an additional 56,564 shares in the last quarter. Maven Securities LTD bought a new position in Nextracker during the first quarter worth about $1,071,000. HITE Hedge Asset Management LLC bought a new position in Nextracker during the first quarter worth about $698,000. Fuller & Thaler Asset Management Inc. boosted its holdings in Nextracker by 30.9% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 1,011,767 shares of the company's stock worth $42,636,000 after buying an additional 238,584 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in Nextracker by 56.5% during the first quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company's stock worth $220,722,000 after buying an additional 1,890,445 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NXT has been the topic of several recent analyst reports. Fox Advisors cut Nextracker from an "overweight" rating to an "equal weight" rating in a report on Thursday, May 15th. Wall Street Zen raised Nextracker from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 3rd. Guggenheim raised Nextracker from a "neutral" rating to a "buy" rating and set a $74.00 target price on the stock in a report on Monday, August 18th. Barclays reissued an "overweight" rating and set a $69.00 target price (up from $64.00) on shares of Nextracker in a report on Thursday, July 31st. Finally, TD Cowen boosted their price target on Nextracker from $55.00 to $65.00 and gave the company a "hold" rating in a research note on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $65.00.

Nextracker Trading Up 0.6%

NXT traded up $0.42 on Thursday, reaching $68.11. The stock had a trading volume of 1,786,361 shares, compared to its average volume of 2,547,765. The company has a market capitalization of $10.08 billion, a price-to-earnings ratio of 18.56, a price-to-earnings-growth ratio of 1.59 and a beta of 2.25. The firm has a 50-day moving average of $60.94 and a 200-day moving average of $52.05. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $70.14.

Insider Buying and Selling

In other news, COO Nicholas Marco Miller sold 5,588 shares of the stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $57.32, for a total value of $320,304.16. Following the completion of the sale, the chief operating officer owned 170,000 shares of the company's stock, valued at approximately $9,744,400. This represents a 3.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director William D. Watkins sold 10,000 shares of the company's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $56.79, for a total value of $567,900.00. Following the sale, the director owned 7,666 shares in the company, valued at approximately $435,352.14. The trade was a 56.61% 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.

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.