Groupe la Francaise Has $3.41 Million Stake in Nextracker Inc. $NXT

Key Points

• Groupe la Francaise reduced its stake in Nextracker Inc. by 35.8%
• Several institutional investors, including New York State Teachers Retirement System, increased their holdings in Nextracker during Q1, highlighting a growing interest from financial institutions.
• Wall Street analysts largely view Nextracker positively, with a consensus target price of $65.00 and many rating it as a "Buy" or "Strong Buy".

Groupe la Francaise trimmed its holdings in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 35.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 79,639 shares of the company's stock after selling 44,358 shares during the period. Groupe la Francaise owned 0.05% of Nextracker worth $3,405,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. New York State Teachers Retirement System increased its holdings in Nextracker by 18.2% during the 1st quarter. New York State Teachers Retirement System now owns 125,005 shares of the company's stock valued at $5,268,000 after purchasing an additional 19,247 shares in the last quarter. Cambridge Investment Research Advisors Inc. acquired a new stake in Nextracker during the 1st quarter valued at $210,000. Allspring Global Investments Holdings LLC increased its holdings in Nextracker by 51.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 19,735 shares of the company's stock valued at $850,000 after purchasing an additional 6,693 shares in the last quarter. GAMMA Investing LLC increased its holdings in Nextracker by 189.8% during the 1st quarter. GAMMA Investing LLC now owns 2,736 shares of the company's stock valued at $115,000 after purchasing an additional 1,792 shares in the last quarter. Finally, KBC Group NV increased its holdings in Nextracker by 719.8% during the 1st quarter. KBC Group NV now owns 49,908 shares of the company's stock valued at $2,103,000 after purchasing an additional 43,820 shares in the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, COO Nicholas Marco Miller sold 69,774 shares of the firm's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $59.65, for a total value of $4,162,019.10. Following the transaction, the chief operating officer directly owned 175,216 shares in the company, valued at $10,451,634.40. This trade represents a 28.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Bruce Ledesma sold 83,561 shares of the firm's stock in a transaction on 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 in the company, valued at $10,907,460.90. This represents a 29.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 186,822 shares of company stock valued at $10,836,212 over the last 90 days. Company insiders own 0.56% of the company's stock.

Nextracker Stock Up 7.4%

NASDAQ:NXT opened at $68.77 on Friday. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $70.14. The firm has a market capitalization of $10.18 billion, a P/E ratio of 18.74, a P/E/G ratio of 1.60 and a beta of 2.25. The stock's fifty day simple moving average is $60.45 and its 200-day simple moving average is $51.65.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Wall Street Zen raised Nextracker from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 3rd. The Goldman Sachs Group lifted their target price on Nextracker from $61.00 to $68.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. UBS Group lifted their target price on Nextracker from $71.00 to $75.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Truist Financial lifted their target price on Nextracker from $49.00 to $65.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. Finally, Piper Sandler reissued an "overweight" rating on shares of Nextracker in a research note on Thursday, May 15th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $65.00.

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.

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