MetLife Investment Management LLC Decreases Stock Holdings in Nextracker Inc. $NXT

Key Points

• MetLife Investment Management LLC reduced its holdings in Nextracker Inc. by 2.9%, selling 4,863 shares and now owning approximately 0.11% of the company.
• Several institutional investors, including Wellington Management Group LLP and Balyasny Asset Management L.P., have increased their positions significantly, indicating growing confidence in Nextracker.
• Insider selling has occurred recently, with Director William D. Watkins and insider Bruce Ledesma reducing their shareholdings, which might indicate caution from management amid changing market dynamics.

MetLife Investment Management LLC decreased its holdings in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 2.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 161,249 shares of the company's stock after selling 4,863 shares during the period. MetLife Investment Management LLC owned about 0.11% of Nextracker worth $6,795,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in NXT. Wellington Management Group LLP lifted its position in shares of Nextracker by 56.5% during the 1st quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company's stock valued at $220,722,000 after buying an additional 1,890,445 shares in the last quarter. Encompass Capital Advisors LLC purchased a new position in Nextracker in the 4th quarter valued at $55,690,000. Nuveen LLC purchased a new position in Nextracker in the 1st quarter valued at $40,356,000. T. Rowe Price Investment Management Inc. purchased a new position in Nextracker in the 1st quarter valued at $38,699,000. Finally, Balyasny Asset Management L.P. lifted its holdings in Nextracker by 8,408.5% in the 4th quarter. Balyasny Asset Management L.P. now owns 837,067 shares of the company's stock valued at $30,578,000 after purchasing an additional 827,229 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Insiders Place Their Bets

In related news, Director William D. Watkins sold 10,000 shares of the firm's stock in a transaction dated 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 sale, the director directly owned 7,666 shares of the company's stock, valued at approximately $435,352.14. This trade represents a 56.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Bruce Ledesma sold 6,980 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $56.24, for a total value of $392,555.20. Following the sale, the insider directly owned 195,790 shares of the company's stock, valued at $11,011,229.60. The trade was a 3.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 103,261 shares of company stock valued at $6,181,028 over the last 90 days. Company insiders own 0.56% of the company's stock.

Analyst Upgrades and Downgrades

NXT has been the topic of a number of research reports. Zacks Research upgraded Nextracker to a "hold" rating in a report on Tuesday, August 12th. Piper Sandler restated an "overweight" rating on shares of Nextracker in a report on Thursday, May 15th. TD Cowen raised their price objective on Nextracker from $55.00 to $65.00 and gave the company a "hold" rating in a report on Wednesday, July 30th. The Goldman Sachs Group raised their price objective on Nextracker from $61.00 to $68.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Finally, BMO Capital Markets raised their price objective on Nextracker from $51.00 to $59.00 and gave the company a "market perform" rating in a report on Thursday, May 15th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $65.00.

Nextracker Trading Down 1.3%

Nextracker stock opened at $67.69 on Thursday. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $70.14. The stock has a market cap of $10.02 billion, a P/E ratio of 18.44, a PEG ratio of 1.59 and a beta of 2.25. The company has a 50-day moving average price of $60.94 and a 200 day moving average price of $52.05.

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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