Goodlander Investment Management LLC Sells 420,000 Shares of Nextracker Inc. $NXT

Key Points

• Goodlander Investment Management LLC has reduced its stake in Nextracker Inc. by 80.8%, selling 420,000 shares and now holds 100,000 shares, which is approximately 3.6% of its portfolio.
• Several institutional investors significantly increased their holdings in Nextracker during the first quarter, with Northwestern Mutual Wealth Management Co. raising its stake by 703.7%.
• Nextracker's stock currently has a consensus rating of "Moderate Buy" with a target price of $65.00, while recent performance shows the stock trading between a 52-week low of $30.93 and a high of $70.14.

Goodlander Investment Management LLC decreased its position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 80.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 100,000 shares of the company's stock after selling 420,000 shares during the quarter. Nextracker makes up about 3.6% of Goodlander Investment Management LLC's portfolio, making the stock its 9th biggest holding. Goodlander Investment Management LLC owned approximately 0.07% of Nextracker worth $4,214,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of NXT. Northwestern Mutual Wealth Management Co. raised its holdings in Nextracker by 703.7% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company's stock valued at $28,000 after buying an additional 577 shares during the period. Summit Securities Group LLC raised its holdings in Nextracker by 796.0% in the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company's stock valued at $38,000 after buying 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 about $40,000. 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 valued at $51,000 after buying an additional 260 shares during the period. Finally, Virtus Fund Advisers LLC purchased a new stake in Nextracker in the 4th quarter valued at about $47,000. Institutional investors and hedge funds own 67.41% of the company's stock.

Nextracker Stock Performance

NXT stock opened at $67.26 on Friday. The company's 50 day moving average price is $61.31 and its 200 day moving average price is $52.35. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $70.14. The firm has a market capitalization of $9.95 billion, a price-to-earnings ratio of 18.33, a PEG ratio of 1.58 and a beta of 2.25.

Insider Activity

In related news, COO Nicholas Marco Miller sold 5,588 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $57.32, for a total transaction of $320,304.16. Following the sale, the chief operating officer directly owned 170,000 shares in the company, valued at approximately $9,744,400. This represents a 3.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William D. Watkins sold 10,000 shares of the company'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 transaction of $567,900.00. Following the sale, the director owned 7,666 shares in the company, valued at $435,352.14. The trade was a 56.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 103,261 shares of company stock valued at $6,181,028 over the last three months. 0.56% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on NXT. Wells Fargo & Company boosted their price objective on shares of Nextracker from $71.00 to $72.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. TD Cowen boosted their price objective on shares of Nextracker from $55.00 to $65.00 and gave the company a "hold" rating in a report on Wednesday, July 30th. Cowen restated a "hold" rating on shares of Nextracker in a report on Wednesday, July 30th. Piper Sandler restated an "overweight" rating on shares of Nextracker in a report on Thursday, May 15th. Finally, Barclays restated an "overweight" rating and issued a $69.00 price objective (up from $64.00) on shares of Nextracker in a report on Thursday, July 31st. One 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's stock. According to MarketBeat.com, Nextracker has a consensus rating of "Moderate Buy" and a consensus target price of $65.00.

Nextracker Company 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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