Clark Estates Inc. NY Sells 22,382 Shares of Nextracker Inc. (NASDAQ:NXT)

Key Points

• Clark Estates Inc. NY sold 22,382 shares of Nextracker Inc., reducing its stake by 27.6% and now holding 58,618 shares valued at approximately $2.47 million.
• Several institutional investors, including Fifth Third Bancorp and Signaturefd LLC, increased their stakes in Nextracker during the recent quarter.
• Analysts have recently upgraded their price targets for Nextracker, with Wells Fargo setting a new target at $71.00, indicating strong investor confidence.

Clark Estates Inc. NY lowered its position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 27.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 58,618 shares of the company's stock after selling 22,382 shares during the period. Nextracker accounts for approximately 0.5% of Clark Estates Inc. NY's portfolio, making the stock its 27th largest position. Clark Estates Inc. NY's holdings in Nextracker were worth $2,470,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Shell Asset Management Co. raised its stake in Nextracker by 0.4% during the 4th quarter. Shell Asset Management Co. now owns 57,329 shares of the company's stock valued at $2,094,000 after acquiring an additional 228 shares during the last quarter. Signaturefd LLC boosted its holdings in shares of Nextracker by 10.2% in the 1st quarter. Signaturefd LLC now owns 2,583 shares of the company's stock valued at $109,000 after purchasing an additional 239 shares during the last quarter. Trust Investment Advisors lifted its holdings in shares of Nextracker by 2.8% during the 1st quarter. Trust Investment Advisors now owns 9,609 shares of the company's stock valued at $405,000 after acquiring an additional 258 shares in the last quarter. Fifth Third Bancorp increased its position in shares of Nextracker by 27.5% in 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 during the last quarter. Finally, Trium Capital LLP grew its position in shares of Nextracker by 4.0% during the 1st quarter. Trium Capital LLP now owns 7,969 shares of the company's stock valued at $336,000 after buying an additional 303 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company's stock.

Insider Buying and Selling at Nextracker

In related news, CAO David P. Bennett sold 9,801 shares of the firm's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total value of $539,055.00. Following the transaction, the chief accounting officer directly owned 124,615 shares in the company, valued at approximately $6,853,825. This trade represents a 7.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, President Howard Wenger sold 6,066 shares of the firm's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total transaction of $333,630.00. Following the completion of the transaction, the president owned 219,389 shares in the company, valued at $12,066,395. The trade was a 2.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 210,476 shares of company stock worth $12,169,880. Company insiders own 0.56% of the company's stock.

Nextracker Stock Down 2.9%

Shares of NXT traded down $1.69 during mid-day trading on Friday, hitting $56.57. 2,175,333 shares of the company's stock were exchanged, compared to its average volume of 2,436,135. The firm has a fifty day moving average of $59.93 and a two-hundred day moving average of $50.00. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $67.87. The stock has a market cap of $8.27 billion, a price-to-earnings ratio of 15.41, a P/E/G ratio of 1.41 and a beta of 2.25.

Wall Street Analysts Forecast Growth

Several research firms have commented on NXT. Wall Street Zen cut shares of Nextracker from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 26th. Robert W. Baird upped their target price 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. TD Cowen upped their target price on shares of Nextracker from $55.00 to $65.00 and gave the stock a "hold" rating in a research report on Wednesday. Fox Advisors cut shares of Nextracker from an "overweight" rating to an "equal weight" rating in a research report on Thursday, May 15th. Finally, Northland Capmk cut shares of Nextracker from a "strong-buy" rating to a "hold" rating in a research report on Wednesday. Nine equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $63.95.

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.