Charles Schwab Investment Management Inc. Decreases Stake in Nextracker Inc. (NASDAQ:NXT)

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in Nextracker Inc. by 0.7%, holding approximately 1,321,401 shares valued at about $55.7 million after selling 9,677 shares in Q1.
• In addition to Schwab, several institutional investors, including Sterling Capital Management and UMB Bank, significantly increased their positions in Nextracker, indicating strong interest from hedge funds which own 67.41% of the stock.
• Analysts are bullish on Nextracker, with multiple firms raising their price targets, leading to a consensus rating of "Moderate Buy" and a price target of $64.37.

Charles Schwab Investment Management Inc. reduced its position in Nextracker Inc. (NASDAQ:NXT - Free Report) by 0.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,321,401 shares of the company's stock after selling 9,677 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.91% of Nextracker worth $55,684,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sterling Capital Management LLC lifted its position in shares of Nextracker by 448.9% during the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock worth $47,000 after purchasing an additional 1,055 shares during the last quarter. Virtus Fund Advisers LLC bought a new position in shares of Nextracker during the fourth quarter worth about $47,000. Fifth Third Bancorp lifted its position in shares of Nextracker by 27.5% during the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock worth $51,000 after purchasing an additional 260 shares during the last quarter. UMB Bank n.a. lifted its position in shares of Nextracker by 127.2% during the first quarter. UMB Bank n.a. now owns 1,504 shares of the company's stock worth $63,000 after purchasing an additional 842 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its position in shares of Nextracker by 819.5% during the first quarter. Farther Finance Advisors LLC now owns 1,554 shares of the company's stock worth $67,000 after purchasing an additional 1,385 shares during the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Nextracker

In related news, insider Bruce Ledesma sold 6,980 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $56.24, for a total transaction of $392,555.20. Following the completion of the sale, the insider directly owned 195,790 shares in the company, valued at approximately $11,011,229.60. This trade represents a 3.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director William D. Watkins sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total transaction of $567,900.00. Following the sale, the director owned 7,666 shares of the company's stock, valued at $435,352.14. The trade was a 56.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 184,136 shares of company stock valued at $10,605,803. 0.56% of the stock is currently owned by corporate insiders.

Nextracker Stock Performance

Shares of NASDAQ:NXT opened at $60.58 on Friday. The stock has a market capitalization of $8.96 billion, a price-to-earnings ratio of 16.51, a PEG ratio of 1.26 and a beta of 2.25. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $67.87. The company has a 50 day moving average price of $59.75 and a 200 day moving average price of $51.03.

Analysts Set New Price Targets

NXT has been the topic of several research reports. UBS Group increased their price objective on shares of Nextracker from $71.00 to $75.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. 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 note on Monday, July 21st. Zacks Research upgraded shares of Nextracker to a "hold" rating in a research note on Tuesday. Wall Street Zen upgraded shares of Nextracker from a "buy" rating to a "strong-buy" rating in a research note on Sunday, August 3rd. Finally, Truist Financial increased their price objective on shares of Nextracker from $49.00 to $65.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. Ten equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $64.37.

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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