Envestnet Portfolio Solutions Inc. Makes New Investment in Nextracker Inc. $NXT

Key Points

• Envestnet Portfolio Solutions Inc. has made a new investment in Nextracker Inc., acquiring 11,253 shares valued at approximately $612,000 in the second quarter.
• Several hedge funds significantly increased their positions in Nextracker, with Northwestern Mutual Wealth Management Co. raising their holdings by 703.7% in the first quarter.
• Nextracker's stock has experienced a 2.0% increase, with analysts setting a consensus target price of $71.60 and a range of ratings from "Hold" to "Strong Buy."

Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 11,253 shares of the company's stock, valued at approximately $612,000.

Other hedge funds have also modified their holdings of the company. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Nextracker by 703.7% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company's stock valued at $28,000 after purchasing an additional 577 shares during the last quarter. Summit Securities Group LLC raised its holdings in Nextracker by 796.0% during the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company's stock worth $38,000 after buying an additional 804 shares during the period. Caitong International Asset Management Co. Ltd purchased a new stake in Nextracker during the first quarter valued at about $40,000. Farther Finance Advisors LLC boosted its holdings in shares of Nextracker by 819.5% in the first quarter. Farther Finance Advisors LLC now owns 1,554 shares of the company's stock worth $67,000 after buying an additional 1,385 shares during the period. Finally, Quarry LP increased its position in shares of Nextracker by 438.5% in the first quarter. Quarry LP now owns 1,917 shares of the company's stock worth $81,000 after acquiring an additional 1,561 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Nextracker Stock Up 2.0%

Nextracker stock opened at $88.82 on Tuesday. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $93.90. The company's fifty day simple moving average is $71.89 and its 200-day simple moving average is $60.12. The stock has a market cap of $13.14 billion, a P/E ratio of 24.20, a P/E/G ratio of 2.16 and a beta of 2.27.

Analysts Set New Price Targets

A number of research firms have recently issued reports on NXT. Robert W. Baird boosted their price target on shares of Nextracker from $67.00 to $76.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Weiss Ratings restated a "hold (c+)" rating on shares of Nextracker in a report on Wednesday, October 8th. Susquehanna raised their target price on Nextracker from $76.00 to $100.00 and gave the stock a "positive" rating in a research report on Monday, October 13th. Cowen reiterated a "hold" rating on shares of Nextracker in a report on Wednesday, July 30th. Finally, UBS Group upped their price target on Nextracker from $71.00 to $75.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $71.60.

Insider Transactions at Nextracker

In related news, Director William D. Watkins sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total value of $567,900.00. Following the completion of the sale, the director 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Bruce Ledesma sold 6,980 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $56.24, for a total transaction of $392,555.20. Following the transaction, the insider directly owned 195,790 shares in the company, valued at approximately $11,011,229.60. The trade was a 3.44% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,400 shares of company stock valued at $2,053,385. 0.56% of the stock is currently owned by company insiders.

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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