Fort Washington Investment Advisors Inc. OH Cuts Stock Position in Nextracker Inc. $NXT

Key Points

• Fort Washington Investment Advisors Inc. OH has reduced its stake in Nextracker Inc. by 9.6%, holding 332,809 shares valued at approximately $18.1 million after selling 35,251 shares recently.
• Analysts have mixed ratings on Nextracker, with a consensus average rating of "Moderate Buy" and a target price increase from various firms, including Wells Fargo raising it to $72.00.
• Insider trading activity includes the sale of shares by President Howard Wenger and another insider, reflecting a decrease in their respective positions in the company.

Fort Washington Investment Advisors Inc. OH trimmed its position in Nextracker Inc. (NASDAQ:NXT - Free Report) by 9.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 332,809 shares of the company's stock after selling 35,251 shares during the period. Fort Washington Investment Advisors Inc. OH owned approximately 0.23% of Nextracker worth $18,095,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of NXT. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Nextracker by 703.7% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company's stock valued at $28,000 after acquiring an additional 577 shares in the last quarter. Summit Securities Group LLC lifted its position in Nextracker by 796.0% in the first 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 stake in Nextracker in the 1st quarter valued at approximately $40,000. Fifth Third Bancorp increased its position in Nextracker by 27.5% during 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, UMB Bank n.a. raised its stake in shares of Nextracker by 127.2% during the 1st quarter. UMB Bank n.a. now owns 1,504 shares of the company's stock worth $63,000 after buying an additional 842 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Analyst Ratings Changes

NXT has been the topic of a number of analyst reports. Northland Securities restated a "market perform" rating on shares of Nextracker in a research note on Wednesday, July 30th. Wells Fargo & Company boosted their target price on shares of Nextracker from $71.00 to $72.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Northland Capmk downgraded shares of Nextracker from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. Wall Street Zen raised shares of Nextracker from a "buy" rating to a "strong-buy" rating in a report on Sunday. Finally, Robert W. Baird increased their target price on shares of Nextracker from $67.00 to $76.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, Nextracker presently has an average rating of "Moderate Buy" and a consensus target price of $65.84.

Insider Buying and Selling

In related news, President Howard Wenger sold 5,703 shares of Nextracker stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $70.00, for a total transaction of $399,210.00. Following the completion of the sale, the president owned 414,256 shares in the company, valued at approximately $28,997,920. This trade represents a 1.36% 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 6,980 shares of the business's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $56.24, for a total transaction of $392,555.20. Following the completion of the transaction, the insider directly owned 195,790 shares of the company's stock, valued at $11,011,229.60. The trade was a 3.44% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,399 shares of company stock worth $2,001,150. 0.56% of the stock is currently owned by corporate insiders.

Nextracker Price Performance

Shares of NXT opened at $73.07 on Monday. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $74.48. The stock has a market cap of $10.81 billion, a price-to-earnings ratio of 19.91, a price-to-earnings-growth ratio of 1.70 and a beta of 2.26. The firm has a 50 day simple moving average of $64.63 and a 200-day simple moving average of $55.80.

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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