Nextracker Inc. $NXT Shares Sold by Invesco Ltd.

Key Points

• Invesco Ltd. has reduced its stake in Nextracker Inc. by 8.2%, selling 317,019 shares during the 1st quarter, now owning 2.44% of the company.
• Several hedge funds have recently increased their positions in Nextracker, with notable growth from Sterling Capital Management, which raised its stake by 448.9%.
• Nextracker's stock experienced a 12.2% increase, trading at $60.58, with analysts maintaining a consensus target price of $64.37 and a rating of “Moderate Buy.”

Invesco Ltd. cut its position in Nextracker Inc. (NASDAQ:NXT - Free Report) by 8.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,557,856 shares of the company's stock after selling 317,019 shares during the period. Invesco Ltd. owned 2.44% of Nextracker worth $149,928,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of NXT. New York State Teachers Retirement System lifted its stake in shares of Nextracker by 18.2% in the 1st quarter. New York State Teachers Retirement System now owns 125,005 shares of the company's stock worth $5,268,000 after acquiring an additional 19,247 shares during the period. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Nextracker during the first quarter worth about $210,000. Allspring Global Investments Holdings LLC grew its holdings in Nextracker by 51.3% in the first 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 during the period. GAMMA Investing LLC grew its holdings in Nextracker by 189.8% in the first 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 during the period. Finally, KBC Group NV grew its holdings in Nextracker by 719.8% in the first 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 during the period. Institutional investors and hedge funds own 67.41% of the company's stock.

Nextracker Stock Performance

Shares of Nextracker stock traded up $1.4030 during trading hours on Tuesday, reaching $69.1030. The company's stock had a trading volume of 1,315,818 shares, compared to its average volume of 2,553,658. The company's 50 day simple moving average is $59.92 and its 200 day simple moving average is $51.17. Nextracker Inc. has a one year low of $30.93 and a one year high of $69.96. The stock has a market cap of $10.22 billion, a P/E ratio of 18.88, a price-to-earnings-growth ratio of 1.41 and a beta of 2.25.

Insider Activity

In related news, COO Nicholas Marco Miller sold 5,588 shares of the stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $57.32, for a total value of $320,304.16. Following the sale, the chief operating officer owned 170,000 shares of the company's stock, valued at $9,744,400. This trade represents a 3.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William D. Watkins sold 10,000 shares of the stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total transaction of $567,900.00. Following the completion of the sale, the director directly owned 7,666 shares in the company, valued at approximately $435,352.14. This trade represents a 56.61% decrease in their position. The disclosure for this sale can be found here. Insiders sold 184,136 shares of company stock worth $10,605,803 in the last 90 days. 0.56% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on NXT shares. UBS Group boosted their price objective on shares of Nextracker from $71.00 to $75.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Zacks Research upgraded shares of Nextracker to a "hold" rating in a research note on Tuesday, August 12th. Robert W. Baird boosted their price objective on shares of Nextracker from $67.00 to $76.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Fox Advisors downgraded shares of Nextracker from an "overweight" rating to an "equal weight" rating in a research note on Thursday, May 15th. Finally, Guggenheim upgraded shares of Nextracker from a "neutral" rating to a "buy" rating and set a $74.00 price objective for the company in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $65.00.

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.