Livforsakringsbolaget Skandia Omsesidigt Has $5.22 Million Stock Position in Nextracker Inc. $NXT

Key Points

• Livforsakringsbolaget Skandia Omsesidigt increased its stake in Nextracker Inc. by 187.1% in Q2, owning 96,000 shares worth approximately $5.22 million.
• Several hedge funds have also shown increased interest in Nextracker, with KBC Group NV expanding its holdings by 719.8%.
• Analysts have raised price targets for Nextracker, with UBS Group setting a new target of $75.00 and an overall consensus target of $65.00 indicating positive market sentiment.

Livforsakringsbolaget Skandia Omsesidigt grew its position in Nextracker Inc. (NASDAQ:NXT - Free Report) by 187.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 96,000 shares of the company's stock after buying an additional 62,566 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt owned approximately 0.07% of Nextracker worth $5,220,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. New York State Teachers Retirement System boosted its holdings in shares of Nextracker by 18.2% in the first quarter. New York State Teachers Retirement System now owns 125,005 shares of the company's stock worth $5,268,000 after buying an additional 19,247 shares during the period. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Nextracker in the first quarter worth about $210,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Nextracker by 51.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 19,735 shares of the company's stock worth $850,000 after buying an additional 6,693 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Nextracker by 189.8% in the first quarter. GAMMA Investing LLC now owns 2,736 shares of the company's stock worth $115,000 after buying an additional 1,792 shares during the period. Finally, KBC Group NV boosted its holdings in shares of Nextracker by 719.8% in the first quarter. KBC Group NV now owns 49,908 shares of the company's stock worth $2,103,000 after buying an additional 43,820 shares during the period. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, 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 transaction, the president owned 414,256 shares of the company's stock, valued at approximately $28,997,920. This trade represents a 1.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bruce Ledesma sold 6,980 shares of the firm's 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 transaction, the insider directly owned 195,790 shares in the company, valued at approximately $11,011,229.60. The trade was a 3.44% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 37,987 shares of company stock valued at $2,321,454. 0.56% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

NXT has been the subject of several recent analyst reports. UBS Group raised their target price on shares of Nextracker from $71.00 to $75.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Guggenheim raised shares of Nextracker from a "neutral" rating to a "buy" rating and set a $74.00 price target for the company in a research report on Monday, August 18th. Northland Securities reissued a "market perform" rating on shares of Nextracker in a research report on Wednesday, July 30th. TD Cowen increased their price target on shares of Nextracker from $55.00 to $65.00 and gave the stock 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 report on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $65.00.

Nextracker Stock Performance

Shares of NXT opened at $67.64 on Tuesday. The firm has a market cap of $10.01 billion, a PE ratio of 18.43, a PEG ratio of 1.55 and a beta of 2.26. The firm's 50 day moving average price is $62.98 and its 200 day moving average price is $54.04. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $71.44.

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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