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DekaBank Deutsche Girozentrale Has $15.81 Million Stake in Nextracker Inc. (NASDAQ:NXT)

Nextracker logo with Energy background

DekaBank Deutsche Girozentrale boosted its stake in Nextracker Inc. (NASDAQ:NXT - Free Report) by 17.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 375,263 shares of the company's stock after purchasing an additional 55,000 shares during the quarter. DekaBank Deutsche Girozentrale owned about 0.26% of Nextracker worth $15,814,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of NXT. Sterling Capital Management LLC raised its stake in Nextracker by 448.9% in the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock valued at $47,000 after purchasing an additional 1,055 shares in the last quarter. Virtus Fund Advisers LLC acquired a new position in Nextracker in the fourth quarter valued at about $47,000. Millstone Evans Group LLC acquired a new position in Nextracker in the fourth quarter valued at about $48,000. Fifth Third Bancorp raised its stake in Nextracker by 27.5% in the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock valued at $51,000 after purchasing an additional 260 shares in the last quarter. Finally, UMB Bank n.a. raised its stake in 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 acquiring an additional 842 shares in the last quarter. Institutional investors and hedge funds own 67.41% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on NXT shares. Wells Fargo & Company boosted their target price on Nextracker from $69.00 to $71.00 and gave the stock an "overweight" rating in a research note on Monday, May 19th. Guggenheim downgraded Nextracker from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 14th. Robert W. Baird boosted their target price on Nextracker from $67.00 to $76.00 and gave the stock an "outperform" rating in a research note on Tuesday. Fox Advisors downgraded Nextracker from an "overweight" rating to an "equal weight" rating in a research note on Thursday, May 15th. Finally, Royal Bank Of Canada started coverage on Nextracker in a research note on Monday, March 17th. They set an "outperform" rating and a $55.00 target price for the company. Five analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $61.67.

Read Our Latest Report on Nextracker

Insider Activity

In other Nextracker news, CAO David P. Bennett sold 9,801 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total transaction of $539,055.00. Following the completion of the sale, the chief accounting officer owned 124,615 shares of the company's stock, valued at approximately $6,853,825. This represents a 7.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Bruce Ledesma sold 83,561 shares of the stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $55.71, for a total transaction of $4,655,183.31. Following the sale, the insider directly owned 195,790 shares of the company's stock, valued at $10,907,460.90. This represents a 29.91% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 210,476 shares of company stock worth $12,169,880. 0.56% of the stock is owned by company insiders.

Nextracker Trading Down 1.5%

NASDAQ:NXT traded down $0.92 on Friday, reaching $61.70. 2,196,117 shares of the stock traded hands, compared to its average volume of 2,675,457. The firm has a market capitalization of $9.02 billion, a price-to-earnings ratio of 17.78, a price-to-earnings-growth ratio of 1.58 and a beta of 2.25. The company's 50 day moving average is $57.20 and its 200-day moving average is $47.90. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $67.87.

About Nextracker

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Nextracker (NASDAQ:NXT)

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