Maxi Investments CY Ltd Grows Stock Holdings in Nextracker Inc. (NASDAQ:NXT)

Key Points

• Maxi Investments CY Ltd increased its stake in Nextracker Inc. by 12.0%, owning 56,000 shares worth approximately $2.36 million as reported in a recent SEC filing.
• Insider sell transactions included Bruce Ledesma and COO Nicholas Marco Miller selling significant shares, decreasing their ownership by 29.91% and 28.48%, respectively.
• Several analysts have issued updated ratings for Nextracker, with a consensus rating of "Moderate Buy" and an average target price increase to $64.37.

Maxi Investments CY Ltd increased its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 12.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 56,000 shares of the company's stock after buying an additional 6,000 shares during the period. Maxi Investments CY Ltd's holdings in Nextracker were worth $2,360,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Fifth Third Bancorp boosted its holdings in Nextracker by 27.5% in the 1st quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock valued at $51,000 after purchasing an additional 260 shares during the period. Sterling Capital Management LLC boosted 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 purchasing an additional 1,055 shares during the period. Virtus Fund Advisers LLC bought a new position in Nextracker in the 4th quarter valued at $47,000. UMB Bank n.a. lifted 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 worth $63,000 after acquiring an additional 842 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its holdings in shares of Nextracker by 819.5% during the 1st quarter. Farther Finance Advisors LLC now owns 1,554 shares of the company's stock worth $67,000 after acquiring an additional 1,385 shares during the last quarter. 67.41% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on NXT shares. TD Cowen lifted their price objective on shares of Nextracker from $55.00 to $65.00 and gave the stock a "hold" rating in a report on Wednesday, July 30th. Fox Advisors downgraded shares of Nextracker from an "overweight" rating to an "equal weight" rating in a report on Thursday, May 15th. The Goldman Sachs Group lifted their price objective on shares of Nextracker from $61.00 to $68.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Mizuho set a $66.00 price objective on shares of Nextracker in a report on Wednesday, July 30th. Finally, Northland Capmk downgraded shares of Nextracker from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. Nine equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Nextracker presently has a consensus rating of "Moderate Buy" and an average target price of $64.37.

Insider Buying and Selling at Nextracker

In related news, CAO David P. Bennett sold 9,801 shares of the business's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total transaction of $539,055.00. Following the sale, the chief accounting officer owned 124,615 shares of the company's stock, valued at $6,853,825. The trade was a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William D. Watkins sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total transaction of $567,900.00. Following the completion of the transaction, the director owned 7,666 shares in the company, valued at approximately $435,352.14. This represents a 56.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 220,476 shares of company stock valued at $12,737,780 over the last three months. 0.56% of the stock is currently owned by corporate insiders.

Nextracker Price Performance

NASDAQ:NXT traded down $1.40 during mid-day trading on Wednesday, hitting $54.62. 1,610,981 shares of the company's stock were exchanged, compared to its average volume of 2,382,784. Nextracker Inc. has a one year low of $30.93 and a one year high of $67.87. The business has a fifty day moving average price of $59.95 and a 200 day moving average price of $50.31. The company has a market cap of $7.99 billion, a PE ratio of 14.88, a P/E/G ratio of 1.30 and a beta of 2.25.

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.