Hsbc Holdings PLC Grows Stock Holdings in Nextracker Inc. $NXT

Key Points

• Hsbc Holdings PLC increased its stake in Nextracker Inc. by 323.7% during the first quarter, holding approximately 74,038 shares valued at around $3.12 million.
• Other hedge funds also significantly boosted their holdings, with Summit Securities Group LLC increasing its stake by 796.0%, and overall, hedge funds and institutional investors own 67.41% of Nextracker's stock.
• Nextracker's stock opened at $68.58, marking a 1.5% increase, with a market cap of $10.15 billion and a consensus target price of $65.00 from analysts.

Hsbc Holdings PLC increased its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 323.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 74,038 shares of the company's stock after buying an additional 56,564 shares during the period. Hsbc Holdings PLC owned 0.05% of Nextracker worth $3,118,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of NXT. Summit Securities Group LLC boosted 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 purchasing an additional 804 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in Nextracker in the 1st quarter valued at $40,000. Virtus Fund Advisers LLC bought a new position in Nextracker in the 4th quarter valued at $47,000. Fifth Third Bancorp boosted 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 purchasing an additional 260 shares during the period. Finally, UMB Bank n.a. boosted its holdings in Nextracker by 127.2% in the 1st quarter. UMB Bank n.a. now owns 1,504 shares of the company's stock valued at $63,000 after purchasing an additional 842 shares during the period. 67.41% of the stock is owned by institutional investors.

Insider Buying and Selling at Nextracker

In related news, insider Bruce Ledesma sold 6,980 shares of Nextracker stock in a transaction on Friday, August 8th. The shares were sold at an average price of $56.24, for a total value of $392,555.20. Following the transaction, the insider owned 195,790 shares in the company, valued at $11,011,229.60. This trade represents a 3.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Nicholas Marco Miller sold 69,774 shares of Nextracker stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $59.65, for a total transaction of $4,162,019.10. Following the completion of the transaction, the chief operating officer owned 175,216 shares in the company, valued at approximately $10,451,634.40. The trade was a 28.48% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 103,261 shares of company stock worth $6,181,028 in the last 90 days. 0.56% of the stock is owned by company insiders.

Analysts Set New Price Targets

NXT has been the subject of several analyst reports. Piper Sandler reissued an "overweight" rating on shares of Nextracker in a report on Thursday, May 15th. Roth Capital reaffirmed a "buy" rating and set a $80.00 price objective (up from $70.00) on shares of Nextracker in a report on Tuesday, July 29th. Barclays reaffirmed an "overweight" rating and set a $69.00 price objective (up from $64.00) on shares of Nextracker in a report on Thursday, July 31st. Wells Fargo & Company lifted their price objective on shares of Nextracker from $71.00 to $72.00 and gave the stock an "overweight" rating in a report on Wednesday, July 30th. Finally, Guggenheim raised shares of Nextracker from a "neutral" rating to a "buy" rating and set a $74.00 price objective for the company in a report on Monday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Nextracker currently has an average rating of "Moderate Buy" and a consensus price target of $65.00.

Nextracker Stock Performance

NASDAQ:NXT traded down $0.85 during trading hours on Friday, reaching $67.26. The company's stock had a trading volume of 1,399,160 shares, compared to its average volume of 2,513,438. The firm has a market capitalization of $9.95 billion, a price-to-earnings ratio of 17.88, a PEG ratio of 1.58 and a beta of 2.25. The firm has a 50-day simple moving average of $61.31 and a 200-day simple moving average of $52.35. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $70.14.

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.