KBC Group NV Acquires 43,820 Shares of Nextracker Inc. (NASDAQ:NXT)

KBC Group NV boosted its stake in Nextracker Inc. (NASDAQ:NXT - Free Report) by 719.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 49,908 shares of the company's stock after purchasing an additional 43,820 shares during the period. KBC Group NV's holdings in Nextracker were worth $2,103,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Nextracker by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 13,843,997 shares of the company's stock valued at $505,721,000 after purchasing an additional 243,635 shares in the last quarter. Invesco Ltd. grew its stake in shares of Nextracker by 52.2% during the fourth quarter. Invesco Ltd. now owns 3,874,875 shares of the company's stock valued at $141,549,000 after acquiring an additional 1,329,456 shares in the last quarter. Sachem Head Capital Management LP grew its stake in Nextracker by 4.3% during the 4th quarter. Sachem Head Capital Management LP now owns 2,977,500 shares of the company's stock valued at $108,768,000 after purchasing an additional 122,500 shares in the last quarter. Norges Bank acquired a new stake in shares of Nextracker during the fourth quarter worth approximately $106,166,000. Finally, Deutsche Bank AG grew its holdings in Nextracker by 12.8% during the 4th quarter. Deutsche Bank AG now owns 2,152,084 shares of the company's stock worth $78,616,000 after acquiring an additional 244,725 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on NXT. Susquehanna lifted their target price on Nextracker from $54.00 to $66.00 and gave the company a "positive" rating in a research note on Thursday, May 15th. Wall Street Zen upgraded Nextracker from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Barclays boosted their price target on Nextracker from $58.00 to $64.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. The Goldman Sachs Group upped their price target on shares of Nextracker from $61.00 to $68.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Finally, Roth Capital restated a "buy" rating and issued a $70.00 target price (up from $55.00) on shares of Nextracker in a research report on Thursday, May 15th. Five analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $60.33.

Insider Buying and Selling

In other news, COO Nicholas Marco Miller sold 69,774 shares of Nextracker stock in a transaction that occurred on 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 owned 175,216 shares of the company's stock, valued at $10,451,634.40. This trade represents a 28.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO David P. Bennett sold 9,801 shares of Nextracker stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total transaction of $539,055.00. Following the completion of the transaction, the chief accounting officer owned 124,615 shares in the company, valued at $6,853,825. This trade represents a 7.29% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 210,476 shares of company stock valued at $12,169,880 over the last 90 days. 0.56% of the stock is currently owned by insiders.

Nextracker Stock Up 0.2%

Shares of NXT traded up $0.14 during midday trading on Monday, reaching $66.45. 3,895,592 shares of the stock were exchanged, compared to its average volume of 2,684,161. The company has a market cap of $9.72 billion, a price-to-earnings ratio of 19.15, a P/E/G ratio of 1.71 and a beta of 2.25. The firm has a 50 day simple moving average of $55.51 and a 200-day simple moving average of $47.24. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $67.87.

Nextracker 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.