Corebridge Financial Inc. Cuts Stock Holdings in Nextracker Inc. $NXT

Key Points

• Corebridge Financial Inc. has reduced its stake in Nextracker Inc. by 2.1%, selling 4,815 shares and maintaining ownership of approximately 0.16% of the company.
• Institutional investors collectively own 67.41% of Nextracker, with Wellington Management Group significantly increasing its stake by 56.5% in the last quarter.
• Analysts have upgraded Nextracker's stock ratings recently, with Guggenheim moving it to a buy rating and setting a price target of $74.00.

Corebridge Financial Inc. reduced its position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 2.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 228,427 shares of the company's stock after selling 4,815 shares during the quarter. Corebridge Financial Inc. owned 0.16% of Nextracker worth $9,626,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of NXT. Mariner LLC lifted its stake in Nextracker by 4.3% in the 4th quarter. Mariner LLC now owns 11,328 shares of the company's stock valued at $414,000 after buying an additional 469 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Nextracker by 33.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,916,233 shares of the company's stock worth $70,005,000 after buying an additional 483,483 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in shares of Nextracker by 210.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 13,047 shares of the company's stock worth $477,000 after purchasing an additional 8,847 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Nextracker by 6.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 328,640 shares of the company's stock worth $12,006,000 after purchasing an additional 19,399 shares during the period. Finally, Integrated Wealth Concepts LLC boosted its position in shares of Nextracker by 14.7% during the 4th quarter. Integrated Wealth Concepts LLC now owns 7,949 shares of the company's stock worth $290,000 after purchasing an additional 1,019 shares during the period. 67.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Bank of America raised their price target on shares of Nextracker from $66.00 to $69.00 and gave the company a "buy" rating in a research report on Wednesday, July 30th. Guggenheim upgraded shares of Nextracker from a "neutral" rating to a "buy" rating and set a $74.00 target price for the company in a research note on Monday, August 18th. Zacks Research upgraded shares of Nextracker to a "hold" rating in a research note on Tuesday, August 12th. Truist Financial boosted their target price 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. Finally, TD Cowen boosted their target price on shares of Nextracker from $55.00 to $65.00 and gave the stock 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 issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $65.00.

Insider Buying and Selling at Nextracker

In other news, 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 completion of the sale, the director directly owned 7,666 shares of the company's stock, valued at approximately $435,352.14. This represents a 56.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction of $320,304.16. Following the transaction, the chief operating officer directly owned 170,000 shares of the company's stock, valued at $9,744,400. This represents a 3.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 103,261 shares of company stock valued at $6,181,028 over the last ninety days. 0.56% of the stock is currently owned by corporate insiders.

Nextracker Price Performance

Shares of NASDAQ:NXT traded down $0.85 on Monday, reaching $67.26. The company's stock had a trading volume of 1,399,160 shares, compared to its average volume of 2,472,304. The stock's 50-day moving average is $61.31 and its two-hundred day moving average is $52.45. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $70.14. The stock has a market capitalization of $9.95 billion, a P/E ratio of 18.33, a PEG ratio of 1.56 and a beta of 2.26.

Nextracker 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.