Cwm LLC Raises Holdings in Nextracker Inc. (NASDAQ:NXT)

Key Points

• Cwm LLC significantly increased its stake in Nextracker Inc. by 456.9% in Q1, now owning 5,497 shares valued at approximately $232,000.
• Analysts have mixed opinions on Nextracker, with TD Cowen raising the target price from $47.00 to $55.00 while others have downgraded their ratings, resulting in a consensus rating of "Moderate Buy".
• Insider transactions reveal that key executives sold a total of 210,476 shares valued at about $12 million in recent months, indicating a decrease in their holdings.

Cwm LLC boosted its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 456.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,497 shares of the company's stock after acquiring an additional 4,510 shares during the quarter. Cwm LLC's holdings in Nextracker were worth $232,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Shell Asset Management Co. raised its position 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 purchasing an additional 228 shares during the last quarter. Fifth Third Bancorp raised its position in Nextracker by 27.5% during the 1st quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock valued at $51,000 after purchasing an additional 260 shares during the last quarter. Trium Capital LLP raised its position in 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 purchasing an additional 303 shares during the last quarter. State of Michigan Retirement System raised its position in Nextracker by 1.2% during the 1st quarter. State of Michigan Retirement System now owns 34,400 shares of the company's stock valued at $1,450,000 after purchasing an additional 400 shares during the last quarter. Finally, Louisiana State Employees Retirement System raised its position in shares of Nextracker by 1.0% in the 1st quarter. Louisiana State Employees Retirement System now owns 40,300 shares of the company's stock worth $1,698,000 after acquiring an additional 400 shares in the last quarter. Institutional investors own 67.41% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on NXT shares. TD Cowen raised their target price on Nextracker from $47.00 to $55.00 and gave the company a "hold" rating in a research note on Thursday, May 15th. Piper Sandler restated an "overweight" rating on shares of Nextracker in a research note on Thursday, May 15th. Wall Street Zen cut Nextracker from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Guggenheim lowered Nextracker from a "buy" rating to a "neutral" rating in a research report on Wednesday, May 14th. Finally, Robert W. Baird raised their price objective on Nextracker from $67.00 to $76.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Six research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Nextracker has a consensus rating of "Moderate Buy" and an average price target of $62.05.

Nextracker Price Performance

NXT stock opened at $64.53 on Friday. The company has a market cap of $9.44 billion, a P/E ratio of 18.60, a price-to-earnings-growth ratio of 1.59 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 stock's fifty day moving average price is $59.61 and its 200-day moving average price is $49.50.

Insider Transactions at Nextracker

In other news, insider Bruce Ledesma sold 83,561 shares of the firm's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $55.71, for a total value of $4,655,183.31. Following the transaction, the insider directly owned 195,790 shares in the company, valued at $10,907,460.90. This trade represents a 29.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, COO Nicholas Marco Miller sold 69,774 shares of the firm's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $59.65, for a total value of $4,162,019.10. Following the completion of the transaction, the chief operating officer owned 175,216 shares in the company, valued at approximately $10,451,634.40. This trade represents a 28.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 210,476 shares of company stock valued at $12,169,880. Corporate insiders own 0.56% of the company's stock.

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.

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