IFP Advisors Inc Raises Position in Nextracker Inc. (NASDAQ:NXT)

Key Points

• IFP Advisors Inc increased its stake in Nextracker Inc by 135.4% during the 1st quarter, now owning 7,777 shares valued at approximately $328,000.
• Several institutional investors, including Shell Asset Management and Signaturefd LLC, have also raised their stakes in Nextracker, contributing to a total of 67.41% institutional ownership of the company's stock.
• Wall Street analysts have mixed ratings on Nextracker, with six ratings as hold, seventeen as buy, and two as strong buy, alongside a consensus price target of $62.05.

IFP Advisors Inc grew its position in Nextracker Inc. (NASDAQ:NXT - Free Report) by 135.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,777 shares of the company's stock after acquiring an additional 4,473 shares during the period. IFP Advisors Inc's holdings in Nextracker were worth $328,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Shell Asset Management Co. increased its holdings in shares of Nextracker by 0.4% in the fourth quarter. Shell Asset Management Co. now owns 57,329 shares of the company's stock valued at $2,094,000 after purchasing an additional 228 shares during the last quarter. Signaturefd LLC raised its holdings in Nextracker by 10.2% in the 1st quarter. Signaturefd LLC now owns 2,583 shares of the company's stock valued at $109,000 after acquiring an additional 239 shares during the period. Trust Investment Advisors lifted its position in Nextracker by 2.8% during the first quarter. Trust Investment Advisors now owns 9,609 shares of the company's stock worth $405,000 after acquiring an additional 258 shares during the last quarter. Fifth Third Bancorp grew 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 in the last quarter. Finally, Trium Capital LLP raised its stake in Nextracker by 4.0% in the 1st quarter. Trium Capital LLP now owns 7,969 shares of the company's stock worth $336,000 after purchasing an additional 303 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Cowen reaffirmed a "hold" rating on shares of Nextracker in a report on Wednesday. Susquehanna lifted their target price on Nextracker from $66.00 to $76.00 and gave the company a "positive" rating in a research report on Monday, July 21st. Roth Capital reissued a "buy" rating and issued a $80.00 target price (up previously from $70.00) on shares of Nextracker in a report on Tuesday. Bank of America raised their price target on shares of Nextracker from $66.00 to $69.00 and gave the company a "buy" rating in a research note on Wednesday. Finally, Piper Sandler reiterated an "overweight" rating on shares of Nextracker in a research report on Thursday, May 15th. Eight analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $63.29.

Insider Buying and Selling

In related news, COO Nicholas Marco Miller sold 69,774 shares of the business's stock in a transaction dated Thursday, June 12th. The shares were 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 of the company's stock, valued at approximately $10,451,634.40. The trade was a 28.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total transaction of $333,630.00. Following the completion of the transaction, the president owned 219,389 shares of the company's stock, valued at $12,066,395. This represents a 2.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 210,476 shares of company stock valued at $12,169,880 in the last 90 days. Insiders own 0.56% of the company's stock.

Nextracker Stock Down 9.3%

NASDAQ:NXT traded down $6.02 during trading hours on Wednesday, reaching $58.88. The company had a trading volume of 8,071,072 shares, compared to its average volume of 2,250,965. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $67.87. The business's 50-day simple moving average is $59.89 and its two-hundred day simple moving average is $49.88. The firm has a market cap of $8.61 billion, a price-to-earnings ratio of 16.04, a P/E/G ratio of 1.59 and a beta of 2.25.

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.