Livforsakringsbolaget Skandia Omsesidigt Has $5.22 Million 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 raised its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 187.1% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 96,000 shares of the company's stock after acquiring an additional 62,566 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt owned about 0.07% of Nextracker worth $5,220,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. boosted its position in Nextracker by 703.7% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company's stock worth $28,000 after purchasing an additional 577 shares during the period. Summit Securities Group LLC boosted its position in Nextracker by 796.0% during the first quarter. Summit Securities Group LLC now owns 905 shares of the company's stock worth $38,000 after purchasing an additional 804 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in Nextracker during the first quarter worth approximately $40,000. Fifth Third Bancorp boosted its position in shares of Nextracker by 27.5% in the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock valued at $51,000 after acquiring an additional 260 shares during the period. Finally, Virtus Fund Advisers LLC bought a new stake in shares of Nextracker in the fourth quarter valued at approximately $47,000. Institutional investors own 67.41% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on NXT. Roth Capital reissued a "buy" rating and issued a $80.00 price objective (up from $70.00) on shares of Nextracker in a research report on Tuesday, July 29th. Barclays reissued an "overweight" rating and issued a $69.00 price objective (up from $64.00) on shares of Nextracker in a research report on Thursday, July 31st. Zacks Research raised Nextracker to a "hold" rating in a research report on Tuesday, August 12th. Northland Securities reissued a "market perform" rating on shares of Nextracker in a research report on Wednesday, July 30th. Finally, Bank of America upped their target price on Nextracker from $66.00 to $69.00 and gave the company a "buy" rating in a research note on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $65.84.

Insider Activity

In other news, CFO Charles D. Boynton sold 4,500 shares of Nextracker stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $67.21, for a total transaction of $302,445.00. Following the transaction, the chief financial officer owned 295,059 shares in the company, valued at $19,830,915.39. The trade was a 1.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Bruce Ledesma sold 6,980 shares of the business'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 value of $392,555.20. Following the completion of the sale, the insider owned 195,790 shares in the company, valued at $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. Insiders own 0.56% of the company's stock.

Nextracker Price Performance

Shares of NASDAQ:NXT traded up $0.87 during midday trading on Friday, reaching $71.35. The company's stock had a trading volume of 5,968,510 shares, compared to its average volume of 1,628,127. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $72.12. The company has a market capitalization of $10.56 billion, a P/E ratio of 19.44, a P/E/G ratio of 1.64 and a beta of 2.26. The business's fifty day simple moving average is $63.49 and its 200-day simple moving average is $54.62.

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.