IFP Advisors Inc Trims Position in Nextracker Inc. $NXT

Key Points

• IFP Advisors Inc has reduced its stake in Nextracker Inc. (NASDAQ:NXT) by 36.7%, owning 4,921 shares worth $270,000 after selling 2,856 shares in the second quarter.
• Several institutional investors have increased their holdings in Nextracker, with Mirae Asset Global Investments lifting its stake by 22.2% to 55,000 shares valued at $2,990,000.
• Nextracker received a buy rating from Deutsche Bank with a target price of $88.00, while JPMorgan Chase raised its price target from $77.00 to $92.00.

IFP Advisors Inc lowered its position in Nextracker Inc. (NASDAQ:NXT - Free Report) by 36.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,921 shares of the company's stock after selling 2,856 shares during the quarter. IFP Advisors Inc's holdings in Nextracker were worth $270,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. KLP Kapitalforvaltning AS raised its stake in Nextracker by 6.0% during the second quarter. KLP Kapitalforvaltning AS now owns 30,095 shares of the company's stock worth $1,636,000 after purchasing an additional 1,700 shares during the period. 111 Capital acquired a new stake in shares of Nextracker during the 2nd quarter worth approximately $550,000. Hilltop National Bank purchased a new stake in shares of Nextracker during the 2nd quarter valued at approximately $140,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Nextracker by 22.2% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 55,000 shares of the company's stock valued at $2,990,000 after acquiring an additional 10,000 shares during the last quarter. Finally, Union Bancaire Privee UBP SA grew its position in Nextracker by 39.9% in the second quarter. Union Bancaire Privee UBP SA now owns 8,766 shares of the company's stock worth $449,000 after acquiring an additional 2,500 shares during the period. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have commented on NXT. Deutsche Bank Aktiengesellschaft began coverage on Nextracker in a research report on Tuesday, September 30th. They issued a "buy" rating and a $88.00 target price on the stock. Wall Street Zen upgraded shares of Nextracker from a "buy" rating to a "strong-buy" rating in a report on Tuesday. JPMorgan Chase & Co. upped their target price on shares of Nextracker from $77.00 to $92.00 and gave the company an "overweight" rating in a research report on Thursday. TD Cowen lifted their price target on shares of Nextracker from $55.00 to $65.00 and gave the company a "hold" rating in a research report on Wednesday, July 30th. Finally, Mizuho set a $66.00 price target on shares of Nextracker in a research note on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Nextracker has an average rating of "Moderate Buy" and a consensus target price of $71.10.

Nextracker Price Performance

NASDAQ NXT opened at $87.58 on Friday. The company has a market cap of $12.96 billion, a P/E ratio of 23.86, a P/E/G ratio of 2.31 and a beta of 2.27. The stock has a 50-day moving average of $70.57 and a two-hundred day moving average of $59.22. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $93.90.

Insider Buying and Selling at Nextracker

In other Nextracker news, insider Bruce Ledesma sold 6,980 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $56.24, for a total transaction of $392,555.20. Following the sale, the insider directly owned 195,790 shares in the company, valued at $11,011,229.60. This represents a 3.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, President Howard Wenger sold 5,703 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $70.00, for a total transaction of $399,210.00. Following the completion of the transaction, the president directly owned 414,256 shares of the company's stock, valued at $28,997,920. This represents a 1.36% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 32,400 shares of company stock worth $2,053,385. 0.56% of the stock is owned by company insiders.

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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