Credit Agricole S A Reduces Position in Nextracker Inc. $NXT

Key Points

• Credit Agricole S A reduced its stake in Nextracker Inc. by 17.1%, selling 18,260 shares and owning a total of 88,772 shares worth approximately $3.7 million at the end of the first quarter.
• Several institutional investors, including Raymond James and Sterling Capital Management, have recently increased their positions in Nextracker, indicating strong interest in the stock, with 67.41% of shares owned by institutional investors.
• Nextracker's stock has experienced significant price target increases from various analysts, with a consensus price target of $65.00 and a rating of "Moderate Buy" as several firms raise their projections amid positive market conditions.

Credit Agricole S A decreased its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 17.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 88,772 shares of the company's stock after selling 18,260 shares during the quarter. Credit Agricole S A owned approximately 0.06% of Nextracker worth $3,741,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Summit Securities Group LLC increased its position in Nextracker by 796.0% during the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company's stock valued at $38,000 after purchasing an additional 804 shares during the period. Caitong International Asset Management Co. Ltd purchased a new position in shares of Nextracker in the 1st quarter worth approximately $40,000. Sterling Capital Management LLC grew its position in shares of Nextracker by 448.9% in the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock worth $47,000 after buying an additional 1,055 shares during the last quarter. Virtus Fund Advisers LLC purchased a new position in shares of Nextracker in the 4th quarter worth approximately $47,000. Finally, Fifth Third Bancorp grew 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 buying an additional 260 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Analysts Set New Price Targets

NXT has been the topic of a number of analyst reports. Barclays reaffirmed an "overweight" rating and issued a $69.00 price objective (up previously from $64.00) on shares of Nextracker in a research report on Thursday, July 31st. Robert W. Baird lifted 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. Roth Capital reiterated a "buy" rating and issued a $80.00 target price (up from $70.00) on shares of Nextracker in a research note on Tuesday, July 29th. Bank of America lifted their target price on shares of Nextracker from $66.00 to $69.00 and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Finally, The Goldman Sachs Group lifted their target price on shares of Nextracker from $61.00 to $68.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $65.00.

Nextracker Stock Performance

Shares of NXT traded down $1.18 during trading hours on Monday, hitting $67.59. The stock had a trading volume of 1,801,540 shares, compared to its average volume of 2,991,975. The firm has a 50-day moving average price of $60.58 and a 200 day moving average price of $51.82. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $70.14. The firm has a market capitalization of $10.00 billion, a price-to-earnings ratio of 18.42, a PEG ratio of 1.60 and a beta of 2.25.

Insider Activity at Nextracker

In related news, insider Bruce Ledesma sold 6,980 shares of the business's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $56.24, for a total value of $392,555.20. Following the completion of the sale, the insider owned 195,790 shares of the company's stock, valued at approximately $11,011,229.60. The trade was a 3.44% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William D. Watkins sold 10,000 shares of the business's stock in a transaction 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 completion of the sale, the director directly owned 7,666 shares of the company's stock, 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. 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.