Candriam S.C.A. Purchases Shares of 49,426 Nextracker Inc. $NXT

Key Points

• Candriam S.C.A. has acquired 49,426 shares of Nextracker Inc. valued at approximately $2.08 million during the first quarter.
• Several institutional investors have significantly increased their positions in Nextracker, with over 67% of the company's stock owned by institutional investors.
• Analysts have raised price targets for Nextracker, with estimates now ranging from $68 to $76, reflecting a generally positive outlook on the stock.

Candriam S.C.A. purchased a new stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 49,426 shares of the company's stock, valued at approximately $2,083,000.

Other institutional investors have also bought and sold shares of the company. Summit Securities Group LLC boosted its position in Nextracker by 796.0% during the first quarter. Summit Securities Group LLC now owns 905 shares of the company's stock valued at $38,000 after acquiring an additional 804 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of Nextracker during the 1st quarter worth about $40,000. Virtus Fund Advisers LLC bought a new position in shares of Nextracker during the 4th quarter worth about $47,000. Fifth Third Bancorp boosted its position in shares of 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 purchasing an additional 260 shares in the last quarter. Finally, UMB Bank n.a. boosted its position in shares of Nextracker by 127.2% during the 1st quarter. UMB Bank n.a. now owns 1,504 shares of the company's stock worth $63,000 after purchasing an additional 842 shares in the last quarter. Institutional investors own 67.41% of the company's stock.

Nextracker Stock Performance

Shares of NASDAQ NXT opened at $68.77 on Friday. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $70.14. The stock has a market cap of $10.18 billion, a price-to-earnings ratio of 18.74, a PEG ratio of 1.60 and a beta of 2.25. The firm's 50-day simple moving average is $60.45 and its 200 day simple moving average is $51.65.

Analysts Set New Price Targets

A number of research firms have recently issued reports on NXT. Robert W. Baird increased their price objective on shares of Nextracker from $67.00 to $76.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Susquehanna increased their price objective on shares of Nextracker from $66.00 to $76.00 and gave the stock a "positive" rating in a research report on Monday, July 21st. Northland Securities reissued a "market perform" rating on shares of Nextracker in a research report on Wednesday, July 30th. Wells Fargo & Company increased their price objective on shares of Nextracker from $71.00 to $72.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Finally, The Goldman Sachs Group increased their price objective on shares of Nextracker from $61.00 to $68.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $65.00.

Insider Buying and Selling at Nextracker

In related news, insider Bruce Ledesma sold 83,561 shares of the firm's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $55.71, for a total value of $4,655,183.31. Following the transaction, the insider owned 195,790 shares of the company's stock, valued at approximately $10,907,460.90. This trade represents a 29.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Nicholas Marco Miller sold 69,774 shares of the firm's stock in a transaction dated 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 in the company, valued at approximately $10,451,634.40. The trade was a 28.48% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 186,822 shares of company stock worth $10,836,212 in the last quarter. 0.56% of the stock is owned by insiders.

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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