Martingale Asset Management L P Trims Holdings in Nextracker Inc. $NXT

Key Points

• Martingale Asset Management L P reduced its holdings in Nextracker Inc. by 13.2%, now owning 33,001 shares estimated at $1,391,000 after selling 5,001 shares in Q1.
• Other investors, including Summit Securities Group LLC and Fifth Third Bancorp, have significantly increased their positions in Nextracker, highlighting strong institutional interest.
• Nextracker's shares opened at $68.77, reflecting a market capitalization of $10.18 billion and recent analyst outlooks indicating a "Moderate Buy" with a consensus target price of $65.00.

Martingale Asset Management L P lowered its position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 13.2% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 33,001 shares of the company's stock after selling 5,001 shares during the quarter. Martingale Asset Management L P's holdings in Nextracker were worth $1,391,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of NXT. Summit Securities Group LLC raised its position in Nextracker by 796.0% during the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company's stock worth $38,000 after buying an additional 804 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Nextracker during the 1st quarter worth $40,000. Virtus Fund Advisers LLC purchased a new position in Nextracker during the 4th quarter worth $47,000. Fifth Third Bancorp raised its position in Nextracker by 27.5% during the 1st quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock worth $51,000 after buying an additional 260 shares during the last quarter. Finally, UMB Bank n.a. raised its position in Nextracker by 127.2% during the 1st quarter. UMB Bank n.a. now owns 1,504 shares of the company's stock worth $63,000 after buying an additional 842 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Nextracker Stock Up 7.4%

Shares of NXT opened at $68.77 on Friday. The company has a 50-day simple moving average of $60.45 and a 200-day simple moving average of $51.65. The company has a market capitalization of $10.18 billion, a PE ratio of 18.74, a P/E/G ratio of 1.60 and a beta of 2.25. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $70.14.

Insider Buying and Selling at Nextracker

In other Nextracker news, President Howard Wenger sold 5,703 shares of the firm's stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $70.00, for a total transaction of $399,210.00. Following the completion of the transaction, the president directly owned 414,256 shares in the company, valued at approximately $28,997,920. This trade represents a 1.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Nicholas Marco Miller sold 69,774 shares of the firm's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $59.65, for a total transaction 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 186,822 shares of company stock valued at $10,836,212. Insiders own 0.56% of the company's stock.

Analyst Ratings Changes

NXT has been the subject of a number of analyst reports. BMO Capital Markets upped their price objective on shares of Nextracker from $51.00 to $59.00 and gave the stock a "market perform" rating in a research report on Thursday, May 15th. Northland Capmk downgraded shares of Nextracker from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. The Goldman Sachs Group increased their price target on shares of Nextracker from $61.00 to $68.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Northland Securities reiterated a "market perform" rating on shares of Nextracker in a report on Wednesday, July 30th. Finally, Wall Street Zen upgraded shares of Nextracker from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 3rd. 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 company's stock. According to MarketBeat.com, Nextracker presently has an average rating of "Moderate Buy" and a consensus target price of $65.00.

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.

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