Handelsbanken Fonder AB Sells 151,541 Shares of Nextracker Inc. (NASDAQ:NXT)

Handelsbanken Fonder AB trimmed its position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 6.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,126,676 shares of the company's stock after selling 151,541 shares during the quarter. Handelsbanken Fonder AB owned approximately 1.46% of Nextracker worth $89,618,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in the business. SG Americas Securities LLC grew its stake in shares of Nextracker by 204.3% in the first quarter. SG Americas Securities LLC now owns 33,845 shares of the company's stock worth $1,426,000 after acquiring an additional 22,721 shares during the last quarter. GAMMA Investing LLC grew its position in Nextracker by 189.8% during the 1st quarter. GAMMA Investing LLC now owns 2,736 shares of the company's stock worth $115,000 after acquiring an additional 1,792 shares during the last quarter. Harbor Capital Advisors Inc. increased its position in Nextracker by 100.6% in the 1st quarter. Harbor Capital Advisors Inc. now owns 194,132 shares of the company's stock valued at $8,181,000 after acquiring an additional 97,340 shares in the last quarter. Farther Finance Advisors LLC increased its stake in shares of Nextracker by 819.5% in the 1st quarter. Farther Finance Advisors LLC now owns 1,554 shares of the company's stock valued at $67,000 after buying an additional 1,385 shares during the period. Finally, UMB Bank n.a. raised its stake in shares of Nextracker by 127.2% during the first quarter. UMB Bank n.a. now owns 1,504 shares of the company's stock worth $63,000 after buying an additional 842 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Nextracker Trading Up 2.2%

Shares of NXT stock traded up $1.29 during trading hours on Friday, hitting $60.71. 1,622,768 shares of the company's stock traded hands, compared to its average volume of 2,809,090. The stock has a market cap of $8.88 billion, a PE ratio of 15.45 and a beta of 2.39. The stock's 50 day simple moving average is $49.25 and its 200 day simple moving average is $44.59. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $63.19.

Insider Buying and Selling

In other Nextracker news, CAO David P. Bennett sold 9,801 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $539,055.00. Following the transaction, the chief accounting officer now owns 124,615 shares in the company, valued at approximately $6,853,825. This represents a 7.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Howard Wenger sold 6,066 shares of the company's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total transaction of $333,630.00. Following the transaction, the president now owns 219,389 shares in the company, valued at approximately $12,066,395. The trade was a 2.69% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 199,672 shares of company stock valued at $11,510,536 in the last three months. Insiders own 0.27% of the company's stock.

Analyst Ratings Changes

Several research analysts recently weighed in on NXT shares. Wall Street Zen raised shares of Nextracker from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Fox Advisors lowered Nextracker from an "overweight" rating to an "equal weight" rating in a research report on Thursday, May 15th. Guggenheim cut shares of Nextracker from a "buy" rating to a "neutral" rating in a research report on Wednesday, May 14th. Royal Bank of Canada started coverage on Nextracker in a report on Monday, March 17th. They issued an "outperform" rating and a $55.00 price objective for the company. Finally, Mizuho raised their target price on shares of Nextracker from $60.00 to $67.00 and gave the company an "outperform" rating in a research note on Monday, June 2nd. Five analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Nextracker currently has an average rating of "Moderate Buy" and an average target price of $60.33.

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.