Deutsche Bank AG Reduces Position in Nextracker Inc. (NASDAQ:NXT)

Key Points

• Deutsche Bank AG reduced its stake in Nextracker Inc. by 12.1%, selling 260,213 shares and holding a total of 1,891,871 shares valued at approximately $79.7 million.
• Other institutional investors, such as Fifth Third Bancorp and Signaturefd LLC, have recently increased their holdings in Nextracker, indicating a varied interest among hedge funds.
• Nextracker's stock has a current market cap of $8.32 billion, with a price-to-earnings ratio of 15.32 and has experienced a 52-week range between $30.93 and $67.87.

Deutsche Bank AG reduced its position in Nextracker Inc. (NASDAQ:NXT - Free Report) by 12.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,891,871 shares of the company's stock after selling 260,213 shares during the period. Deutsche Bank AG owned approximately 1.30% of Nextracker worth $79,723,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Shell Asset Management Co. raised its holdings in Nextracker by 0.4% in the 4th quarter. Shell Asset Management Co. now owns 57,329 shares of the company's stock worth $2,094,000 after purchasing an additional 228 shares during the period. Signaturefd LLC raised its holdings in Nextracker by 10.2% in the 1st quarter. Signaturefd LLC now owns 2,583 shares of the company's stock worth $109,000 after purchasing an additional 239 shares during the period. Trust Investment Advisors raised its holdings in Nextracker by 2.8% in the 1st quarter. Trust Investment Advisors now owns 9,609 shares of the company's stock worth $405,000 after purchasing an additional 258 shares during the period. Fifth Third Bancorp raised its holdings in 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 period. Finally, Trium Capital LLP raised its holdings in Nextracker by 4.0% in the 1st quarter. Trium Capital LLP now owns 7,969 shares of the company's stock worth $336,000 after purchasing an additional 303 shares during the period. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Barclays reaffirmed an "overweight" rating and issued a $69.00 target price (up from $64.00) on shares of Nextracker in a report on Thursday, July 31st. Northland Securities reissued a "market perform" rating on shares of Nextracker in a report on Wednesday, July 30th. Wall Street Zen raised Nextracker from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 3rd. Bank of America raised their price target on Nextracker from $66.00 to $69.00 and gave the company a "buy" rating in a report on Wednesday, July 30th. Finally, The Goldman Sachs Group raised their price target on Nextracker from $61.00 to $68.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Nine research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Nextracker has a consensus rating of "Moderate Buy" and a consensus price target of $64.37.

Insider Buying and Selling

In related news, President Howard Wenger sold 5,216 shares of Nextracker stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $65.00, for a total value of $339,040.00. Following the completion of the transaction, the president owned 419,959 shares in the company, valued at approximately $27,297,335. This trade represents a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Bruce Ledesma sold 83,561 shares of Nextracker stock in a transaction dated 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 completion of the transaction, the insider owned 195,790 shares of the company's stock, valued at approximately $10,907,460.90. This represents a 29.91% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 211,589 shares of company stock worth $12,257,650. Insiders own 0.56% of the company's stock.

Nextracker Stock Up 1.3%

NXT traded up $0.70 on Tuesday, hitting $54.50. The company had a trading volume of 2,570,050 shares, compared to its average volume of 2,266,472. The company has a market cap of $8.06 billion, a PE ratio of 14.85, a PEG ratio of 1.24 and a beta of 2.25. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $67.87. The business's fifty day simple moving average is $59.82 and its 200 day simple moving average is $50.76.

About Nextracker

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.