Lbp Am Sa Sells 17,839 Shares of Nextracker Inc. (NASDAQ:NXT)

Lbp Am Sa cut its holdings in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 34.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 34,520 shares of the company's stock after selling 17,839 shares during the quarter. Lbp Am Sa's holdings in Nextracker were worth $1,455,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. Fifth Third Bancorp lifted its holdings in shares of Nextracker by 27.5% in the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock worth $51,000 after buying an additional 260 shares in the last quarter. Sterling Capital Management LLC increased its holdings in Nextracker by 448.9% in the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock valued at $47,000 after acquiring an additional 1,055 shares during the last quarter. Virtus Fund Advisers LLC bought a new stake in Nextracker in the 4th quarter valued at $47,000. Millstone Evans Group LLC purchased a new stake in Nextracker in the 4th quarter worth $48,000. Finally, UMB Bank n.a. boosted its holdings in shares of Nextracker by 127.2% during 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 last quarter. Institutional investors own 67.41% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on NXT shares. Susquehanna boosted their target price on Nextracker from $54.00 to $66.00 and gave the stock a "positive" rating in a research report on Thursday, May 15th. Guggenheim cut Nextracker from a "buy" rating to a "neutral" rating in a report on Wednesday, May 14th. Robert W. Baird increased their target price on Nextracker from $67.00 to $76.00 and gave the company an "outperform" rating in a research report on Tuesday. Roth Capital restated a "buy" rating and issued a $70.00 price target (up previously from $55.00) on shares of Nextracker in a research report on Thursday, May 15th. Finally, Truist Financial increased their price objective on shares of Nextracker from $49.00 to $65.00 and gave the company an "overweight" rating in a research report on Thursday, May 15th. Five research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Nextracker currently has a consensus rating of "Moderate Buy" and a consensus price target of $61.67.

Nextracker Price Performance

Shares of NASDAQ:NXT opened at $62.62 on Friday. The firm has a market capitalization of $9.16 billion, a PE ratio of 18.05, a price-to-earnings-growth ratio of 1.65 and a beta of 2.25. The business has a 50 day simple moving average of $56.81 and a two-hundred day simple moving average of $47.65. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $67.87.

Insiders Place Their Bets

In other news, insider Bruce Ledesma sold 83,561 shares of the company's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $55.71, for a total value of $4,655,183.31. Following the transaction, the insider directly owned 195,790 shares in the company, valued at approximately $10,907,460.90. This represents a 29.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO David P. Bennett sold 9,801 shares of the firm's stock in a transaction dated 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 directly owned 124,615 shares in the company, valued at $6,853,825. This represents a 7.29% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 210,476 shares of company stock worth $12,169,880 in the last 90 days. 0.56% of the stock is owned by insiders.

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.

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